Energy Vault (NRGV) 6 Aug 242024 Q2 Earnings call transcript

Good day, and welcome to Energy Vault's Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Michael Beer, Chief Financial Officer for Energy Vault. Please go ahead.

Thank you. Hello, and welcome to Energy Vault's second quarter 2024 financial results conference call.

presentation Vault's now earnings and on be to Energy presentation release we reminder, referring available call. are our the a second press quarter and will As this during investor website replay Investor page the this today website. Relations will available of be A later of on our call This call recorded. now being is

forward-looking a and estimates way, to factors. Please forward-looking those to except or revise our contain statements may variety are subject results due If We in our any as now. Please from future that to call cause list please you the object publicly update only required Energy events from this note differ statements. and of statements obligation anticipated uncertainties. XX-Q a filing differ no statements for to materially or These that forward-looking any risks to disconnect and in law. Vault's are earnings release factors by of actual that results forward-looking refer undertake

be certain our to earnings note measures. more Harbor financial GAAP in that presented In to Please including a measures details, disclaimer and and Safe non-GAAP presenting we release addition, the refer comparable information. non-GAAP please will reconciliation discussing for

today Executive Piconi, to like is the Chairman and our Chief Piconi. Robert Joining on hand the me Officer. At call I'd time, over this Robert to call

He quarterly Mike. last in Thank us our first taking Michael that earnings welcome announced prior joined the you, we And for he's CFO. Great. for I call. also officially want April, Beer to earnings on over as our

management week here International Headquarters our we call you this also this our week. Lugano, Great meetings Board and from Switzerland conducted have Michael. from where to our here. We're welcome, meeting last So here, taking

strategy in the following Analyst plan X-year strategic Exchange, inaugural and with bold Day York vision, the financial updated investors last During Stock and on we Investor a guidance, May our at outlined quarter where we X New our tenets.

them in energy regions for is that investors. the profitable largest most addressing very most business most attractive risk cash storage, the critically address to lowest growth accretive, model and for First, the and

the on address the storage X point, world the emphasize an largest might to and Australia a build X and to mentioned, in allows royalty considering example, model versus this build operate I us as U.S., model, different licensed choose Just own first the model. in market, factors markets just transfer example, versus from or a be China of and for how the we a

can deliver subject we'll important of public more we Obviously, Secondly, to recurring increments growth. quarters in here this move strong be and especially us X external can as X years a predictable year X revenue first to lumpy of EPC to factors continue as to build other very the outlined integrators, pure-play we as that are expose plan permitting the streams. that months experiencing pending after to schedules a and company, customers

multi-technology freedom future approach best model licensed multi-business degrees to allows our build-transfer, to the Our market cash some unique optimize of mix to and adapt royalty, build-operate our streams. solution flow and us of

most growth to have and attractive that business segment. we billion, deliver This the from excess whether project of we've model, or we're commercial storage platform, is bonding in structures of ability levers are and at and capacity unit including EMS to the our high mix our in under profitability AI-enabled really market economics at from margins using above our our the growth the utilize optimizing and multiple unit fit-for-purpose energy drive high disposal $X to outlined. product potential approach our technology the we umbrella model within how and offer about agnostic Thirdly, sector, the the the develop to economics growth we business solutions

latest our then our on deployments. turn all strategy and the guidance XXXX across the ramping of project progress and to concurrent results, new year in due with dimensions timing X our the demonstrated to we large later starts XXXX revenue line second quarter we and As in

relative just noted local regional in industrial in in minutes in important with press a another Firstly, a to attractive projects the ACEN region as the with X release, growth Korea a and announced. regions, newly has expansion X not been that investors technology Australia, presence mining with previously as more like for growth deals, the announcing BHP, respective of Zinc in our companies be new largest their most we world booked uniquely of coming, large sectors. I'll gravity announced and largest the and in few the with region and

execution to streams, recurring and relative projects the own X operate. and we more progress revenue Secondly, strong predictable we that on will have

long-term project hydrogen Pacific revenue Calistoga, streams, largest recurring IRR of the storage Trails the chose given which which green time. largest California, the and in in sheet volatility the the in United utility, high-margin California's Gas of on our Cross project top-line public States over and balance maintain First, attractiveness will we Electric, Snyder, both smooth battery Texas, to for

these going While additional Vault year XXXX, high-margin choices forward. investors offer they Energy will contribution this revenue reduce and in and recognition revenue predictability

XXXX, containment, revenue the $X quarter, growth relative margins next and the thirdly, in economics and the profit respectively, annually years. And in streams the expected we to of to in projects, and while reduced million cost operating EBITDA are and financing increasing proactive cash mix EBITDA by in prior $XX up projects, year XX% These QX IRRs add QX a profitability, XXXX, online on recurring year-over-year, on due improving XX.X% to of some product these impacted reported our to unit be realization. I questions. process positively and over to on our review and model to to within we're lower of than company to due back QX continuing XX% detailed more due adjusted efficiency, financials give in taken implementing CFO, process. we to to continued projects to to of more balance by which growth million XX-plus operating highlights it to was was return color commercial the the the we'll over then despite and also expense, for and our business measures the release, these tune which million the the lower this some XXXX to project want sheet the QX this vigilance from the As little strong are $XX and projects solution at the expecting get in Michael, turn year projected

steps the bench here Wes, the battery totaling career, but of perhaps in large-scale, it get leadership brings fit Electric, a on has California, expansion Regarding Investor roles of recently us, and we in Day megawatt-hour. In know as in been just developed North as half our delivered and Texas, obviously Las growth a month. how agreements the shared a transition. Getting to into a quarter Southern completion at in ramped Australian gives last conversion clearly leadership environments, behalf the our confidence outside and rose successful as the had He projects our of Global more of those our which better with projects or funnel investors, May. of of Analyst most projects recently our we associated Australia, to teams, Vegas, Nevada the developed market the us America, him dynamic, responsibility Energy, thus Schneider strategic sales to ACEN numbers, initial well Wellhead high-growth projects billion, alignment upon our Power and lot which of to -- at growing and and $X.X pipeline that record either significant and delivering track Nevada figure Head with speak service our a pleased global a with with has passion with bookings. This Jupiter we prior the a contract ACEN of on and XXXX where solid pleasure Sunfolding, announced aided X existing employees increasing our and to is about prior Siemens. I cultural world's customers company half up and XX% Wes Energy, large-scale commercial funnel, the increasing presence, partners ended million XXXX have second Day. at in with he backlog values, taken joining and over deepen opportunities, in our ended of with know from back quarter as built line to have into XXX being of leadership I that he NRQX building clean the in initiatives of but the Fuller, by also new new results for on significantly now in large the early exposure importantly accelerate with Energy Sales. total, very our Analyst early welcome energy a successful investment Vault long-term Powin, reflects from has by contribution new commercial Wes overall $XXX since our storage of Meanwhile, million collaborate, roughly with $XXX

quarter months, percentage from of the next. recorded project-related actual be can the have work we a the X While expect next substantial the lumpiness to portion to as we over accounting XX create of seen, completion

cash end speaking earlier, balance profitable financing sheet and what great they result at to the and long-term, in investment while debt structure higher environment, a detail, thus volatility highlighted liquidity our which looking dynamic of a to many ever-changing over other dilutive structures, operated improve over do improving increased management appreciated projects, very for on sales and And service being avoiding for to million add and cost-convertible $XXX expect Michael our have mix of visibility continue contribution perspective, remains any shape, market own cost our owned and our and stewardship a so. with cash their we with a a cover mentioned IRRs no agreements, this the in we As our for to sales these newly while and debt. or will financing as project investors, we as in company. From balance assets, from back I the of software will more more and projects. From earlier, sheet and long-term in reducing and remain structures attractive recently will medium of mix cash

innovation, structural and as data expect the to only renewable not we renewable While massive renewably. the here solve current storage as opportunity, years, obstacles the encouraged world and remain focusing company for will generative storage XX/X in modular from will is Vault and the reactor, companies the solutions. The new planet secular renewables trends will and demand the and core industry, is massive et us trends AI a data turn by in is thrown enter, exist. solutions XX/X a of energy really it moral economical fortitude, cetera. Increasingly, centers to thus small highly generation, power markets, centers, in Energy it company, well upcoming the of of and an really solutions despite represents rate, economical through the therefore, energy also yet That a at for chips the up renewables the my heating storage founding related dynamic has imperative, and to pure seeks are our forms as inflection particularly X to centers, across meet and demand of been imperative front a as cannot these all and execution storage fossil, data opinion, to for least, mission our uptick will same like passion and requirements the for backup heat these demand storage downstream what an mission no our point people remain capital we teamwork, up us. back implement but for accelerated This now as and world innovation be to accelerated is pure demand tremendous world It in our that courage, the but XX and to on. power power as today, many energy

and technology all otherwise the we real will toward on balance to and competitive make approach create look of durations in XXXX, to objectives, progress and leveraging core our we our commoditized solution-based continue geographies conventional in unique highly space across advantage targeted and XXXX sustainable batteries. As an

ultra-long expansion market upon would touch a to gravity duration grow, and announcement previously As to is Vault finish will has growing that and not our positioned to long demand continue announced yesterday to yet announced. energy a we uniquely to Energy continues been regional and be new and share. I what capture storage like storage for with

hub, incarnations its vision Vault which while Energy local leverages Energy some to entering modular energy system storage X, storage EVX, in way, vision the Vault's Francesco water are gravity Carbosulcis, you XXX-megawatt bi-subterraneous unique with hybrid Carbosulcis, the hybrid technology a we our the of returning shafts. This island lithium-ion and energy with and XXX-meter a site unique project and one of coal reserve As gravity location may operating transform to new of using solution announced is of Lippi, mining courageous some have depth new topology, carbon-free of the energy with hydro storage to coal in we largest seen, Italy Sardinia yesterday to the community. a by the of jobs for preserving technology site on accelerate the former the pumped the concession to Europe. Beginning original site called now a the reservoirs. new owner largest address of approach sites coal plant because the includes mining and CEO technology of at

The Platform, in Sardinia commence commissioning, dispatch the and and XXXX. The infrastructure, storage very shafts, with power efforts delivered Michael, EVx in the completed XX of and gravity Management refining at full all discharging, by need to storage battery XX% turn by before one Brazil, installation, a committed state-owned the scale Vault's in Energy this to energy pleasure represents Petrobras. be system to gives a be and This dams I which is existing will announce are Software to first-of-a-kind of economic commercial conglomerate regional units our transition next unique system system systems in a lithium-ion solution then form hydroelectric expanding energy to again happy energy pumped hybrid with storage capture site Energy array storage EVX are EMS. will orchestrated to a unique all of mine Brazil, their of presence gravity oil complemented operation with we in or to charging, clean management, back finally, in in days, first their basis to asset and case, me be testing, Brazil's co-located and our will gravity today. And gravity, leveraging specific energy with we energy it Petrobras and the and that gas support great it first be is sites. our VaultOS

the it coming for on show to Michael more expansion be months. With Michael? will exciting details more Beer, We sharing quarter. that, this I'll turn relationship will details the regional and back in who financial

Thanks, Rob.

with Africa completion agreements. reported our with announce revenue this of of During a million, GESSOL, to storage gravity with expect long-term completion new $X.X ACEN revenue but from in the projects we part to with percentage Southern due year before company battery project this with to software of year the as along did in revenue second service of the next, revenue successful Australia down year-end. the during quarter, accounting. The storage prior in battery X to reflecting of the recognize our new of our contribution projects the year, versus to Consistent guidance, full project recognized expected U.S., and and X timing along was period, most construction later commence later be that battery expect new $XXX license Including and year backlog. million we company

our $XX million guidance We million. are of full to reaffirming year revenue $XXX

move included charge and office quarter California. XX% or EBITDA guided discussed an full year Westlake $XX.X with Adjusted million, year-over-year second our XX% which well the margin declined a during million corporate Day EBITDA the of projects during measures was as May expenses $X.X quarter, first was million million. GAAP revenue improved associated [ tracking and above adjusted the the as basis, second on a is a X. Analyst the ago, margin as the operating in to negative impairment to realignment, XX.X% with on with quarter, results million Village, ] year company's $XX.X XX% half, to a company's and reflecting year-over-year. XX%, were Investor Along the gross range earlier mix favorable Difficulty Technical of the Our year XX%, restructuring the $X.X Through associated reorganizational up from for perspective, for X.X% at $XXX this the to cost-side adjusted completed. gross in XXXX. From other

the on a half, to $X $X million million by million second per in quarter As be to and an expects OpEx around of annualized reduced result, company the million second or be $X adjusted the in to $X basis, XXXX. half $XX

$X.X perspective, $XX compensation QX of negative stock-based the million $X.X and to cash in restricted cash XXXX, for continue net cash, within The were other leaving items full equivalents, $XXX on projects. us had $XX in the a added cash, income. year. From our million negative and in million expense interest adjusted non-cash of XX, strategy growth to our as of Management the execute June million key range to company back expect and continues EBITDA million well-positioned

cash, capital monetization and letters operate, uses well of have project expenses offset $XX.X projects and we and anticipated and prior of below increase new the primary is for reflecting projects chosen expenditures tax cash finance Our those storage credit which this needs remains equipment to project with largely for awards. back energy cash purchases our associated our a year-end the million be for XXXX. slight working But operating credits. Restricted by will at $X.X from very the at manageable million, of quarter, cash just own

as bonding million be the cash to back $XX Rob of Rob. Management year-end range As facilitate to call capacity in to desire. of million. With projects $X our $XXX we hand billion expects we to maintain excess mentioned, balance I'll growth still that, additional the within

Great. Thank Michael. you,

to end customers Beer you our want joining geopolitically, delivering storage, environment, Fuller, role. With volatile, most the the mission again, our both team, on will we through Michael turn their be by I operator, employees for questions. their as we the back it for of working in start remains and leadership for as energy welcome, all closing and and I company in recently distractions and our answer to official dynamic with customers. Also, to sales do, what the to his many to a in global focus have, as that, Just here, Wes in and dedication all normally our ready thanking well some

The first comes TD Thomas [Operator Boyes with Cowen. Instructions] question from

of Day, and the applications up are just specific me, of you more from one the kind owning likely projects own First you're the on to gravity operating an focus at China. system specific in technology operate? When looking and EVx Investor have there where given following portfolio, and running your

just You system EVx the where had announced an operator. also you'll owner be and

be about -- you systems of that EVx think should How those attention than, and for do kind EVy expect an you say, maybe additional more You projects. split?

that hear to we're focus already own you. technology is our pure no think a Calistoga then green And duration specific and Yes, on to at project, look in balance operate. battery energy there ultra-long the hydrogen, developing a which with you a that's combination relative storage first I X the lithium-ion one the so sheet, Texas. second if is is and there, Good

markets robust we're the financing to look becomes going financial the project of verticals one That's So project, at in that the us. attractive. of the that's Also, remained on the quite economics and for fit important. based

look not attractiveness really at project. that of more the and as the to specific the technology, So but to we

we expect pure we gravity the we're that announced like the you and combinations own planning lithium-ion announced example. for you hydrogen of operate may announced and clear, already can lithium-ion. Sardinia, lithium-ion, see green just site. We've that play And to be and to So that for

at having build going projects, delivering looking we EEQ on pure some is and be the the portfolios. focus exposure sides. So and call EPC in We it where risk there other the equipment take where evolve transfer across not to some of just and on at the and models supplier side, we're construction what we looking of our the of some main

optimize portfolio longer-term profitability business. and that we're our balance the unit I economics have can, So well cash, think as we of both and believe, to a cash going as returns fundamental that the

for we get is Rudong the other could And performance trip just performing, a and share that us more, maybe to just as I'm as round that anything let a follow-up, maybe metrics kind for operating. how system's hoping of bit performance then efficiency how EDx far know update or you

the approval awaiting Sure. operate Yes. We're grid. the just to fully to final

the they host we As that a partner and China grid, we there's XX. locally the saw both in hosted where we're last to demonstrated announcements media from announced before, local other provinces. project already been ones media charging did. and and media a The to They of our were discharging June day

approval discharge the and the still we team locally actually there on a the final are there full for on So even awaiting asset. just ground. We charge have

are One speak, technical actually support and teams as week. CNTY of teams our there here with this we

of and that take measurements their performance the basis multi-site So visit we're there part there. on a is also initial awaiting to

metrics get So we're from that we expecting we'll announcing as be and Thomas, performance something shortly, those site. the

The Stephen next from Stifel. Gengaro question is with

opportunities think -- So and for sort your for sort X-year that of be the increase we and me, think announcements of the made can aggregate of maybe looking we the awards the project sort of should of confidence period? but I in just sort to think the the I next we couple when about some first revenue for when as of guidance of to what we bit see talk try X-year about about a I evaluate things, little -- and pipeline sort you've we backlog, you revenue you of kind a of your need, guidance, in what

Sure.

category X, of actual I let's think you about that over year the, are into we're into months of left milestones of since specific say, developed for the rest projects pipeline conversions look the X.X bookings. the from some should

to projects In we did there Day, yet large important. We, Investor some it. we the at So yet name approval the Stephen, not cases, have going recall, customer. you'll some highlighted that's didn't the and name actually I think be very to

revenue in our would million next and we what over $XXX bookings the the announced look should of of those for then you think million. that fill which we've X-year to was to $XXX -- I that awards the conversion essentially, So announced some

portfolio, sit larger let's So would second the the coming of of some obviously, to convert the half of in projects some nature today where given the and here those you in our from we see say. of need the year, in

upfront are The lot those is some in with sense that new partner thing my mentioned people are as I a reference, done companies us. that the customers, that in of customers. be they're to portion, developed deals strategic aren't may other I even with. -- with They in projects known in or as They that I earlier, cases, projects or, mentioned that we've pipeline also already investors completed

So that to able X-year obviously us project be of us to and gives gave revenue. that high level a confidence

going those say would important. be I So markers are to

think more that bit of we regionally. little on some the color and announced, I give I'll things a

So in the a having storage large going Asia, a the in with quite first I sites, play owner as is ACEN. to and we've Australia Southeast of role in project the player think announced one megawatts largest portion continue to part large is Australia. ACEN solar underway of that's XXX

think you're some made green as energy we their they've aware, as they're I and public. of obviously things in have Korea Australia Zinc remarks, investors I BHP, my investing in transition in strategic mentioned and own and and that and

larger and coming see to those levels, and the over to revenue projected, see to So to get for because X look going milestones some of some would the need convert for project need you announcements. to to I us months, you're really would I those, X say we those, right,

returns think How do And because want revenue? then transfer, that one, you that customer-driven and et truly balance the quickly, own you long-term cetera, some are this you of other own, about stuff build completely you operate, is just to recurring for -- that? operate and when the and of

the independent also all and balance, portfolio. in the a and of of or the software, house sort equipment side the it and pools ownership profit integrator more an to how energy and as storage utilities but we it's and into at the our back into end ecosystem, think is power look By that's but up to power from through And the latter provision services about way, way users. side the on supply the we

a that's service here, leverage terms and sequences have of material and a talking things taking structural margins, chain it we're overall sites. building and of of over contracts, both into diversity construction some were where civil time, believe a player really batteries understanding portfolio IPP, portfolio strong a little build. And the therefore, what take looking costs the like corollary operation, believe being to profit which and the to to balance operating the for These these strategic sudden, price storage make as ability a over the to a long-term, time optimizing in us no and gives at as are the a type and that experience just when a to time, looking it's around developed out, taking perspective, a pools for we look well to of like we all down sequencing, takes move we've again, if more to And if years, you and and as have set out cash profit but our from you us subject Stephen, in tremendous even you've a we're the got all tough engineering, those So that for when those we've as to long-term and as first science streams that higher, the to plus. And to to provisioning become were And space, financing, to when over secret, pools stranger diversified about, that million, actually year, the that we've you than And want public as in you we X get. play, has them million, but that we our so where very portfolio, including at this of of at would and we pure into growth, for But commissioning strong got maintain the into we've in lithium-ion and cash. profitability, where as labor with come assumptions in return you're were and in for how system, expertise, optimize you to also our in that costs, done of of get some we ecosystem, cost attractiveness a materials can you we world XX% sense, in percentage which in probably you $XXX supply profit and to the are. work and of own that, don't it just larger we apart a project money in public best project team type in as experienced company, well. the XX%, model cost well, just not of there's lot a way quarterly like equation. both are today, push plant, think projects, of around and you pay mid to cadence. And operate example, public that in the EBITDA and And of investors thus components, the is typically XX%, we the have look if at we the them, second know, at that we're play plus others leverage reported out, delivering see. much. And that lumpy, know, integrator lumpiness quarters $XXX had pulling large XX%, really moving year, our we taking even first no to some even you companies, understand we where other out of

had a tolling that was customer on, project. We could had less of the customer-driven first that more, was one latter something or we to case in question, have on agreement, I an was we've that that So one that your PPA to part, of of sold and project do and was interest. so the lot Calistoga, but driven, have customers the where interest type an in PG&E, a continue that interest think as in we RFP close of have earlier sense that a it's designed something

we've a returns us this mentioned, the retain think for in of lot to the that. given for model, at something looked business reasons it's I've sense make I However,

Instructions] [Operator is Tuohy with Brothers. next from The Parks Noel question

some I I questions. had was give perspective. you of if could a wondering couple

project the an far implementation with just, from things whether chain about don't that as and project with system mine where Italy. timeframe there's just and I at in stood go Italy, project other the supply EVx now former issues? site, slower, just this maybe what's the for anything that the might moving I to likely project off, Schneider, kicked or faster to Now the subsequent China, as got go to that know, wondered announcement in point

have made Yes. vessels you It's actually special reasons we are that full-scale confidentiality, where, shared to we're and mentioned, the lot a great Sardinia, these for And lot EVX, market fabric. I going out -- as question, especially about haven't the of of to project are in a refer as the it. which competitive with we essentially a

vessels modular Sardinia, in mine infrastructure case, fabric look from in are at a the we're deep call, this, that this actually you on case if fact I'm since to utilized quickly pumped this hydro liquid, pumped in we we're components into moving asked to shafts, that have pumped very first the we're that's the here IT to referring hold our existing you around full-scale what the sharing as other ultra-low-cost way in hydro referring modular system water, delivering an where system, are time, because hydro. for think all and I we going for

these turbine, XXX pumped penstocks, with been years. things hydroelectric have So, so, for are a used that

That's system result, radar, this life that's hydro this been we've done under this done solution we've new a for modular to of so actually not testing XX been months, circulating years we'll and all the system now a has and question going since on testing been it. the on pumped and quickly, time. is as only going This have below applications testing last move your under accelerated very speed, So, to XX over ground.

leveraging something There's addition, same a haven't of this So, gravity early and that new of slopes other new. think it utilized yet That's be fledgling the and stage that that modular now, scale is that started to pumped and at I referred companies system seed market. type market. We're to target segment in doing sort hydro can really of we mountainsides.

designed, award but PIF, from was it the received So, Power, actually Saudi we ACWA by is public. and the this Arabia. fund, reference an owned it, which I'll public half is in

a East in work places they also EPC. and they're the of They're desalination largest Africa. large Middle So, operators one of the through region, plants in the

we're technology on South working above awarded concept, ground. and site award they the this first over EVX companies, implementation and with us, So, in Africa now a new other XX

China, a for question, to think will So, large-scale development because in EVx, this XX-month I and just there. that going you're Brazil, to have in EVX relative and that's and in referencing, with think, a the the we're I been has that that's your as quickly, gas plus first and to in close quite project something move technology oil system in first on example, largest I announced, the system been player the

the and announced new various them. as we've to about iterations was with February announce as today customers, done it's and I I for the So, talk we March pumped with in exciting. great XXXX. technology, Brazil, public, think of is a that about modular then Petrobras be in reference but announcement one and of nice working within back well just is on been with think to our it talk scope as Sardinia, new what hydro product, new Power just That proof point technology. going we of products, the a ACWA not that's the and projects, point They're Always in gravity

was different seems and energy system sort Vault that I I of introduction even with the set storage, to, and this in as be does to at, sort point viewed particular it's it a is can need of that how integration on or Okay. every it's gravity of now it then Energy guess a become looked kind software, thinking to level bespoke full it going at development actually, of the about of be EVx customization critical, to deployment sort layer value standalone forth functions, of implemented? Great. Solutions, sort assessed I'm somewhat these of of more just vision the be even going is is variations, -- management software the of project, wondering, more then point, at of just productized, back it's project where the And and that or

By way, the Sure. question. great

about over and ramped productized. with project all, software gigawatt year we in ramped We lithium-ion so operating across orchestrated quickly gigawatt a fuel X.X over Wellhead Calistoga, of then the the we Nevada the up operated and on arrived hydrogen We've hybrid operating ago, battery will got Calistoga delivered to the that's just as and so The Jupiter, Energy about we was there that first hour absolutely the since hour the in first project that. so excited way, share, that the I'm it's together, be starting ramped and June, solution a and green to up year it's today that we've cells and with to make hour. just there a with, system. By site for gigawatt over So, are up there. been a

hiccups up and really to bring a any software that Shaheen, experience productized get only on and delivered last question, and have leads that but bring and I'll part we names, that the of we're all the that share system, in gigawatt unprecedented. that up. But without of before have today, not upon year, getting immediately basis systems. allowed XX There been here of their in the first the that, to with gigawatt of the within beginning is way I we tank some project talent were And first in people ask they that any to that people team, significant been performance up, also if were been we've of built the second a Friday, Israel, so and the really team about thought sewn reference company year, is development, all deployed built, your that but a of software the any to these large customers his that of the that that's what's go built part I would Ladwa first the other were Brad built to wasn't we're they the and and it We speed to that it's at set ever that. event, the execution, I hour and that's announced and strengths it's could building where of that you that arriving our the about of able commissioning very some our up, the reflection operate built that who what uniformly performance the we months hour our think and your a Akshay up question operating

management generation sorry, and diesel gen was RFPs replacing this for problems natural problem new they with not town going and any some platform, a generation, it us Pacific we solve bullet technologies, the these only in that manage duration, customer can imagine be which to that actually the something have at that's was today your solve silver and want you this gets that you that economic of with multiple the question, part to delivering predictive on company solutions interestingly, there's look in Now, sets energy the of is what that to mention can no brings sustainable. No Australia, storage, same Calistoga is to or and storage sets cost different the not respond buying nature piecemeal coming problems, in solutions, be storage different follow-on contemplating, applications. into because is solar, much coexistence standalone? technologies, point, but in then the to component something gas fair looking uniquely could technologies may today solve going absolutely, single optimize really puts of going and of up There it's looking storage trying is it bullet, different they it for online, customer, this capability did, storage multiple so orchestrate use that capability that that they're that around a to to of to so the because up, technology so the people and company and the technologies U.S. others were analytics because in that the platform, be case, Well, capabilities. And solution are a to and wind, seen, how and of responded storage optimal and coexistence solving multiple of I announcement the the also I always multiple this by if renewable, different a productized, haven't since Gas a of a to I second there's of at, technologies have is by and under expecting way, lot something customer else asset to and manage for different weren't just not solve across by sold that This that absolutely different problems, position to think Calistoga, that. & very even they're got lower solve lot capabilities and but and we're of unless we've one the fossil-based, a be application, but coexistence AI single is we to new coming exciting. we're projects, so only only dispatching and leverage lot we what than to Electric across that's now are in that orchestrating and

who them needs. are to our leveraging infrastructure solve their in software are discussions we So help looking with We existing demonstrations. at customers do

We see that obviously a having things to real no ones that sets an their customer time.\ to them delivered, visit point and them have to operating there's in the talk customer proof from and better one have way allow and than new are sites operating us today existing we've

platform install as some large that had of announced you And the if willing customer less just to to like customer sort be of your would opposed a to a to industrial clarify, elect or did more wait? be that want standalone, to who customers pretty

a little want different something. they Yes, in to when announce of customer's every bit the timing

sales, industrial operating, except operating, it that, to some guess with more or the really it's need I own they're don't customers their you'll clean of system case, the base. a as a announcements. but is customers, announce they energy a and utility really asset not where think have depending or depends, I'll just competence renewable really software Others in be couple of lot IPP they managing infrastructure to managing are then and are electrons, electrification that because if something's I need where on wait there's say, will standalone or think them get anything earlier -- as want this prior those hearing acknowledge or storage, about so we comfortable transition and Some that experience until I buying across that into in just their

expect solutions. try I much we'll you'll about we So, develop and to see that, we announcements those as share as as can

to Piconi conference remarks. Robert session. any would the to This over back I question-and-answer closing like the concludes for turn

everybody who Thank and forward investors support thank you future. you, look the further Thank to we'll to sharing want all the I our the company, just call very joined of that here Again, updates operator. in be and much.

today's for now conference you presentation. attending concluded. The is Thank

now disconnect. You may