T1 Energy Inc (FREY) 2024 Q2 法說會逐字稿

Hello, and welcome to FREYR Battery's Second Quarter 2024 Earnings Conference Call. With me today on the call are Daniel Barcelo, Chairman of FREYR's Board of Directors; our Co-Founder, Chief Executive Officer and Board Director, Tom-Einar Jensen; and Evan Calio, our Chief Financial Officer.

您好，歡迎參加 FREYR Battery 2024 年第二季財報電話會議。今天與我一起參加電話會議的是 FREYR 董事會主席 Daniel Barcelo；我們的共同創辦人、執行長兼董事會董事 Tom-Einar Jensen；以及我們的財務長 Evan Calio。

During today's call, management may make forward-looking statements about our business. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expectations. Most of these factors are outside FREYR's control and are difficult to predict.

在今天的電話會議中，管理階層可能會對我們的業務做出前瞻性陳述。這些前瞻性陳述涉及重大風險和不確定性，可能導致實際結果與預期有重大差異。其中大多數因素超出了 FREYR 的控制範圍，且難以預測。

Additional information about risk factors that could materially affect our business are available in FREYR's S-1 and Annual Report on Form 10-K filed with the Securities and Exchange Commission, which are available on the Investor Relations section of our website.

有關可能對我們業務產生重大影響的風險因素的更多信息，請參閱 FREYR 向美國證券交易委員會提交的 S-1 和 10-K 表格年度報告，這些信息可在我們網站的投資者關係部分找到。

With that, I'll turn the call over to Daniel.

這樣，我會將電話轉給丹尼爾。

Thank you, Jeff, and welcome, everyone, to our Q2 '24 earnings call. Since this is my first opportunity to address you as FREYR's Chairman of the Board, I'd like to spend a few moments highlighting the strengths of our outstanding management team, and emphasizing our commitment to generate value for our shareholders, customers, partners and employees around the world.

謝謝傑夫，歡迎大家參加我們的 24 年第二季財報電話會議。由於這是我第一次有機會以FREYR 董事會主席的身份向大家講話，因此我想花一些時間強調我們傑出管理團隊的優勢，並強調我們致力於為股東、客戶、合作夥伴和員工創造價值的承諾世界各地。

Our collective goal as FREYR's Board of Directors is to establish a profitable business as soon as possible. As Tom and Evan will detail shortly, the industry and the capital markets are evolving rapidly, and we must evolve with them. Our strategy has adapted to this challenging landscape, and the recent appointments to our Board and leadership team best position FREYR to build on the progress we have made, and to execute our strategy.

作為 FREYR 董事會，我們的集體目標是盡快建立盈利業務。正如湯姆和埃文稍後將詳細介紹的那樣，行業和資本市場正在迅速發展，我們必須與他們一起發展。我們的策略已經適應了這種充滿挑戰的形勢，最近對我們董事會和領導團隊的任命使 FREYR 能夠在我們已經取得的進展的基礎上再接再厲，並執行我們的策略。

FREYR's Board of Directors now includes our Co-Founder, Tore Ivar Slettemoen; Todd Kantor, the Managing Partner of Encompass Capital; David Manners, who has extensive experience in the US government; Peter Matrai, a co-founder and energy industry expert; Jessica Strine, a seasoned institutional investor, CEO and industry adviser; and Dan Steingart, professor of chemical metallurgy at Columbia University and the Chair of FREYR's Technical Advisory Board.

FREYR 的董事會現在包括我們的共同創辦人 Tore Ivar Slettemoen； Todd Kantor，Encompass Capital 執行合夥人； David Manners，在美國政府擁有豐富的經驗； Peter Matrai，共同創辦人、能源產業專家； Jessica Strine，一位經驗豐富的機構投資者、執行長兼產業顧問；以及哥倫比亞大學化學冶金教授兼 FREYR 技術顧問委員會主席 Dan Steingart。

We are fully aligned in support of Tom Jensen, our CEO; Evan Calio, our CFO, and the rest of our leadership team. And we have the utmost confidence in their abilities to lead this organization on an accelerated path to profitability.

我們完全一致支持我們的執行長 Tom Jensen； Evan Calio，我們的財務長，以及我們領導團隊的其他成員。我們對他們領導組織加速獲利的能力充滿信心。

Our focus for the remainder of 2024 is to advance our attractive business development opportunities. During his time, as our Executive Chair, Tom continued to spearhead our Global Business Development endeavors, so his return to the CEO role dovetails with FREYR's top priorities.

我們 2024 年剩餘時間的重點是推動有吸引力的業務發展機會。在擔任我們的執行主席期間，Tom 繼續領導我們的全球業務發展工作，因此他重返執行長職位與 FREYR 的首要任務相吻合。

We're also delighted to have Evan Calio on our team as CFO. Evan brings deep global energy sector, capital formation and deal-making expertise to FREYR, having previously run businesses at BTIG and Morgan Stanley, as well as having served as an attorney for the US Securities and Exchange Commission. Evan will be instrumental in our journey to create lasting shareholder value.

我們也很高興 Evan Calio 加入我們的團隊並擔任財務長。Evan 為 FREYR 帶來了深厚的全球能源領域、資本形成和交易專業知識，此前他曾在 BTIG 和摩根士丹利經營業務，並曾擔任美國證券交易委員會的律師。埃文將在我們創造持久股東價值的過程中發揮重要作用。

Before I turn the call over to Tom, I'd like to thank you, our shareholders, for the continued support, which is reflected by the passing of resolutions at our AGM in June. We are excited about the opportunities ahead for FREYR, particularly in the battery technology and energy storage space.

在我把電話轉給 Tom 之前，我要感謝我們的股東們一直以來的支持，這在我們 6 月的年度股東大會上通過的決議中得到了體現。我們對 FREYR 未來的機會感到興奮，特別是在電池技術和能源儲存領域。

And with that, I'll turn the call over to you, Tom.

湯姆，我會把電話轉給你。

Thank you, Daniel, and welcome, everyone, to our Q2 2024 earnings call, FREYR's 13th earnings call since we went public and my first earnings call since I came back into the CEO role.

謝謝 Daniel，歡迎大家參加我們的 2024 年第二季財報電話會議，這是 FREYR 自我們上市以來的第 13 次財報電話會議，也是我重新擔任執行長以來的第一次財報電話會議。

I'd like to start today's call on a personal note. As most of you know, I have been with FREYR from the start, and I care deeply about our people, our investors, our customers, our partners and our success. And although the capital markets have been chaotic lately, it is nothing we haven't seen before. You may recall that we raised the initial equity to go public on the New York Stock Exchange in early 2021 via virtual roadshows in the throes of the pandemic.

我想以個人談話開始今天的電話會議。正如你們大多數人所知，我從一開始就在 FREYR 工作，我非常關心我們的員工、投資者、客戶、合作夥伴和我們的成功。儘管最近資本市場很混亂，但這並不是我們以前從未見過的。您可能還記得，我們​​在疫情期間透過虛擬路演籌集了初始股本，並於 2021 年初在紐約證券交易所上市。

I am delighted to be 65 days into my second tenure as CEO of FREYR. While I know we have still a lot of work to do and that confidence in us has been challenged, I want to firmly state that I would not have stepped back in if I did not see that we can deliver stellar results and groundbreaking developments similar in relative impact for us as a company as when we went public back in 2021.

我很高興第二次擔任 FREYR 執行長 65 天。雖然我知道我們還有很多工作要做，而且對我們的信心受到了挑戰，但我想堅定地聲明，如果我沒有看到我們能夠取得類似的出色成果和突破性發展，我就不會退縮。與我們2021 年上市時相比，對我們公司的相對影響。

Back then, we had a conceptual ambition to become a battery company with a small team and a limited balance sheet. Now we are one of the few companies globally to have proven that we can produce functional batteries using next-generation equipment on the 24M SemiSolid platform.

當時，我們的概念野心是成為一家團隊規模較小、資產負債表有限的電池公司。現在，我們是全球少數幾家證明我們可以使用 24M SemiSolid 平台上的下一代設備生產功能性電池的公司之一。

We have a global partnership and customer network. We have a cash position of more than $200 million, with no debt on our balance sheet. We have strategic assets with which we can execute projects and unlock value. And we have an increasing number of highly-promising opportunities to establish a deeply profitable business.

我們擁有全球合作夥伴和客戶網路。我們的現金部位超過 2 億美元，資產負債表上沒有債務。我們擁有策略資產，可以用來執行專案並釋放價值。我們擁有越來越多極具前景的機會來建立可獲利的業務。

We have globally leading partners across the entire battery value chain, including our Energy Transition Acceleration Coalition partners, with added interest and participation from energy majors, hyperscalers and ultra-large tech caps, who see the critical role and vast potential that the battery industry represents, both in terms of decarbonization but also in terms of unlocking next-generation computational power in a sustainable manner.

我們在整個電池價值鏈上擁有全球領先的合作夥伴，包括我們的能源轉型加速聯盟合作夥伴，能源巨頭、超大規範企業和超大型科技巨頭也表現出更多的興趣和參與，他們看到了電池產業所代表的關鍵作用和巨大潛力，無論是在脫碳方面，還是在以可持續的方式釋放下一代運算能力方面。

We know, however, that our investors are eager for concrete news, and we recognize that your trust and support must be earned by delivering. So if you take one message from today's call, is that our revamped Board and management team, 65 days into working together, are acutely focused on execution. And this is what I'm doing, together with our excellent team, in a constantly changing and dynamic environment.

然而，我們知道，我們的投資者渴望獲得具體消息，並且我們認識到，必須透過交付來贏得您的信任和支持。因此，如果您從今天的電話會議中了解到一條訊息，那就是我們改組後的董事會和管理團隊在合作 65 天后，非常專注於執行。這就是我和我們優秀的團隊在不斷變化和動態的環境中所做的事情。

Since my return to the CEO role, I have begun to sense a familiar feeling from our formative days. I'm hearing many of the same messages from existing and emerging partners, and I see real momentum behind the scenes.

自從我重新擔任執行長以來，我開始感受到我們成長時期的熟悉感。我從現有和新興合作夥伴那裡聽到了許多相同的訊息，並且我看到了幕後的真正動力。

The key distinction is that FREYR is no longer merely a company with a vision to produce batteries. We have now proven to industry leaders that we possess the technical and operational acumen to justify a seat at the table. And we are capitalizing on that privilege. I am energized about the opportunity to serve as FREYR's CEO once again, and I'm excited about the road ahead.

關鍵的區別在於 FREYR 不再只是一家致力於生產電池的公司。現在，我們已經向產業領導者證明，我們擁有足夠的技術和營運智慧，足以在市場上佔有一席之地。我們正在利用這項特權。我對再次擔任 FREYR 執行長的機會感到充滿活力，並對未來的道路感到興奮。

Turning now to slide 4. We are leading with our conclusion by summarizing our value proposition to investors. As we saw in this morning's press release, our singular focus is to build a profitable business that generates first revenue and EBITDA as soon as next year.

現在轉到投影片 4。我們透過總結我們對投資者的價值主張來得出結論。正如我們在今天早上的新聞稿中看到的，我們的唯一重點是建立一個盈利的業務，最快在明年產生第一筆收入和 EBITDA。

We intend to achieve this by unlocking value from our real assets which include Giga Arctic, Giga America, the CQP, our land position in Finland, and our technology licensees. With publicly-traded battery startups deeply out of favor, our equity currently trades below cash, so there is meaningful hidden value to generate from our assets.

我們打算透過釋放我們的實體資產的價值來實現這一目標，這些資產包括 Giga Arctic、Giga America、CQP、我們在芬蘭的土地地位以及我們的技術被授權者。由於公開交易的電池新創公司嚴重失寵，我們的股權目前交易價格低於現金，因此我們的資產可以產生有意義的隱藏價值。

In the current financing and battery cell pricing environment, adaptability is key to success. As such, we have refocused our business development efforts on projects that are the quickest to market. The downstream module and pack opportunities we are advancing are financeable because of their relatively modest capital intensity and they offer highly attractive economic returns.

在當前的融資和電池定價環境中，適應性是成功的關鍵。因此，我們將業務開發工作重新集中在最快上市的項目上。我們正在推動的下游模組和包裝機會是可融資的，因為它們的資本密集度相對較低，並且提供極具吸引力的經濟回報。

We are finalizing commercial agreements and technical solutions with top-tier partners, and we will be announcing specifics on economics and time lines as soon as we are ready with value-accretive deals.

我們正在與頂級合作夥伴敲定商業協議和技術解決方案，一旦我們準備好增值交易，我們將立即宣布有關經濟和時間表的具體細節。

We are mindful of the challenges the battery industry is facing, and we prioritize solid value-accretive deals over speed, but we are now very close to the initial finishing line. So we'll ask for a bit more patience until we can announce specifics, but our plans include commissioning and startup of our production, revenue and EBITDA generation during 2025.

我們注意到電池產業面臨的挑戰，我們優先考慮穩定的增值交易而不是速度，但我們現在已經非常接近最初的終點線。因此，在宣布具體細節之前，我們需要多一點耐心，但我們的計劃包括在 2025 年調試和啟動生產、收入和 EBITDA。

Our strong balance sheet is another source of strength for FREYR. Although external project-level equity and debt are available for bankable projects today, our significant cash balance and debt-free balance sheet give us the flexibility to be patient while we prioritize capital formation that is tied to specific projects. And to provide additional flexibility, we are implementing additional measures that will extend FREYR's runway to approximately 36 months without assuming the addition of any new sources of funding.

我們強大的資產負債表是 FREYR 的另一個力量來源。儘管目前可融資項目可使用外部項目級股權和債務，但我們大量的現金餘額和無債務資產負債表使我們能夠靈活地保持耐心，同時優先考慮與特定項目相關的資本形成。為了提供額外的靈活性，我們正在實施額外的措施，將 FREYR 的運作期限延長至約 36 個月，而無需增加任何新的資金來源。

We're obviously also pursuing various sources of nondilutive funding linked to our increasing product portfolio, but we take nothing for granted and seek to control what we can, while pursuing additional opportunities to augment our ability to grow further.

顯然，我們也在尋求與我們不斷增加的產品組合相關的各種非稀釋性資金來源，但我們不認為任何事情是理所當然的，並尋求控制我們所能控制的，同時尋求額外的機會來增強我們進一步增長的能力。

Turning to our third point. For all the capital equipment intensity of the battery industry, it's human capital in the form of technical and operational talent that is the primary source of value creation and competitive differentiation. With our recent successes at the CQP on the 24M platform, we have demonstrated to our current and prospective partners that FREYR has world-class people who know how to find solutions to highly complex technical issues.

轉向我們的第三點。對於電池產業的所有資本設備密集度而言，以技術和營運人才形式存在的人力資本是價值創造和競爭差異化的主要來源。最近，我們在 24M 平台上的 CQP 上取得了成功，我們向當前和潛在的合作夥伴證明，FREYR 擁有世界一流的人才，他們知道如何為高度複雜的技術問題找到解決方案。

Under the leadership of our newly appointed Chief Operating Officer, Mike Brose; our Chief Technology Officer, Andreas Bentzen; and our EVP of Project Execution, Einar Kilde, we have developed deep subject matter expertise for a variety of battery value chain solutions, which continues to drive new opportunities.

在我們新任命的營運長 Mike Brose 的領導下；我們的技術長 Andreas Bentzen；和我們的專案執行執行副總裁 Einar Kilde 一起，我們為各種電池價值鏈解決方案開發了深厚的主題專業知識，這將繼續帶來新的機會。

And finally, if we lift ourselves out of the tyranny of the moment in these volatile capital markets environment, FREYR's story is still tied to secular growth trends that should ultimately resonate with investors. Battery solutions will increasingly be recognized as the key enabler of the energy transition, highlighted by the need to provide reliable, affordable, clean, dispatchable energy as the global power grids grow more reliant upon intermittent renewables amidst surging global electricity demand. FREYR is increasingly at the forefront of this energy revolution.

最後，如果我們在這些動盪的資本市場環境中擺脫當前的暴政，弗雷爾的故事仍然與長期成長趨勢息息相關，最終應該引起投資者的共鳴。電池解決方案將越來越被認為是能源轉型的關鍵推動者，隨著全球電力需求激增，全球電網越來越依賴間歇性再生能源，因此需要提供可靠、負擔得起、清潔、可調度的能源。FREYR 日益走在這場能源革命的最前線。

Turning now to slide 5. Let me update you on the pillars of FREYR 2.0 strategy that we have alluded to in previous calls. We are accelerating our conventional technology strategy and we expect to lead with downstream projects focused on module and pack production.

現在轉到投影片 5。讓我向您介紹我們在先前的電話會議中提到的 FREYR 2.0 策略支柱的最新情況。我們正在加速我們的傳統技術策略，並希望引領專注於模組和電池組生產的下游專案。

This approach is grounded in market fundamentals as follows. The economics of module and pack projects benefit from the surplus of battery cell capacity while finalizing end-user applications with local content requirements and battery management systems.

這種方法基於以下市場基本面。模組和電池組專案的經濟性受益於電池容量的過剩，同時根據本地內容要求和電池管理系統最終確定最終用戶應用。

Financing is available for these projects because they're far less capital-intensive than battery cell Giga factories. FREYR has already been working on downstream technology configurations to support cell production, so we can channel that momentum to manufacture purpose-built storage solutions for our customers. And the construction lead times for module and pack facilities are much shorter, enabling us to accelerate our path to market also given that we have building and infrastructure assets inside the company.

這些項目可以獲得融資，因為它們的資本密集度遠低於電池工廠。FREYR 已經致力於下游技術配置以支援電池生產，因此我們可以利用這一勢頭為客戶製造專用儲存解決方案。模組和電池組設施的建設週期要短得多，鑑於我們在公司內部擁有建築和基礎設施資產，這使我們能夠加快進入市場的速度。

The second pillar of our FREYR 2.0 strategy is our emphasis on financial discipline and our strong balance sheet. In today's challenging financing environment, cash is king. Accordingly, we have built-in flexibility in our operating model to adjust our cash burn rate to extend our runway to at least 36 months without raising any additional capital. In conjunction with this priority, we're also pursuing multiple options to generate value from our existing assets, including Giga Arctic.

我們 FREYR 2.0 策略的第二個支柱是我們對財務紀律和強大資產負債表的重視。在當今充滿挑戰的融資環境中，現金為王。因此，我們的營運模式具有內在的靈活性，可以調整我們的現金消耗率，將我們的跑道延長至至少 36 個月，而無需籌集任何額外資金。與這一優先事項相結合，我們還尋求多種選擇來從我們現有的資產（包括 Giga Arctic）中創造價值。

Our commercial efforts are also in high gear. We are simultaneously evaluating potential inorganic opportunities while we mature the FREYR 2.0 commercial pipeline of conventional technology projects. Our team is eager to share what we've been working on in the public domain. And as we move from confidential negotiations to formal commitments, we will communicate our progress accordingly to the market.

我們的商業努力也在緊鑼密鼓地進行。在成熟傳統技術專案的 FREYR 2.0 商業管道的同時，我們正在評估潛在的無機機會。我們的團隊渴望分享我們在公共領域所做的工作。當我們從保密談判轉向正式承諾時，我們將相應地向市場傳達我們的進展。

While we focus on accelerating FREYR's path to commercialization in the near term, we remain committed to establishing a long-term competitive moat around our unique position with 24M's SemiSolid technology.

雖然我們短期內專注於加速 FREYR 的商業化之路，但我們仍然致力於利用 24M 的 SemiSolid 技術圍繞我們的獨特地位建立長期競爭護城河。

The technical, milestones we have announced this year at the CQP have proven that we as a team can produce batteries on a novel technology platform. And those achievements are attracting attention from potential partners across the battery and adjacent industries.

我們今年在 CQP 上宣布的技術里程碑證明，我們作為一個團隊可以在新穎的技術平台上生產電池。這些成就吸引了電池及相關產業潛在合作夥伴的注意。

The battery industry's future rests on improving battery safety, increasing energy density, driving down raw material and conversion costs, and improving both electrochemical and electromechanical aspects of battery production.

電池產業的未來取決於提高電池安全性、提高能量密度、降低原材料和轉換成本以及改善電池生產的電化學和機電方面。

There are multiple additional opportunities around the 24M platform, which includes novel materials, LFP recycling options, improved cell designs and much safer separator solutions, which we believe ultimately could be a material part of a differentiated next-generation tech stack at ultra-low costs with all safety aspects under control.

24M 平台還有多種其他機會，其中包括新型材料、LFP 回收選項、改進的電池設計和更安全的隔膜解決方案，我們相信這些最終可能以超低成本成為差異化的下一代技術堆疊的材料部分所有安全方面都受到控制。

We will, in a resource-sensible way, continue the work with current and new partners to develop competitive battery solutions based on the 24M platform, gradually test and include additional aspects of the 24M portfolio, and explore complementary avenues to leverage the digital assets we have developed in-house in FREYR and at the CQP.

我們將以資源合理的方式，繼續與現有和新的合作夥伴合作，開發基於24M 平台的有競爭力的電池解決方案，逐步測試並納入24M 產品組合的其他方面，並探索互補途徑來利用我們的數位資產。

Turning to slide 6, let's spend a few minutes panning out to assess the big picture opportunity for FREYR. The data from numerous sources continue to support our view that we are in the early stages of a structural and exponential growth trend for batteries, which are the key facilitator of the energy transition.

轉向幻燈片 6，讓我們花幾分鐘來評估 FREYR 的整體機會。來自眾多來源的數據繼續支持我們的觀點，即我們正處於電池結構性和指數增長趨勢的早期階段，電池是能源轉型的關鍵推動者。

In FREYR's core end-markets, batteries are the solution for a structural dilemma across both the supply and demand spectrums for power. Furthermore, I want to underline that these secular growth trends are underpinned by learning curves, which will continue to drive down costs and accelerate deployment further.

在 FREYR 的核心終端市場中，電池是解決電力供應和需求範圍內結構性困境的解決方案。此外，我想強調的是，這些長期成長趨勢是由學習曲線支撐的，這將繼續降低成本並進一步加速部署。

Traditional estimators and conventional energy analysts still struggle to take on board the momentum in the transition as has been the case consistently for the last decades. In the end, however, these trends are driven by economics, and exponential growth will continue as we are in the early stages of the S curves as depicted in these charts.

傳統的估算者和傳統的能源分析師仍然難以接受轉型的勢頭，就像過去幾十年的情況一樣。然而，最終，這些趨勢是由經濟驅動的，指數成長將繼續，因為我們正處於這些圖表中所示的 S 曲線的早期階段。

While the economics drive global growth, policy has a role to play for temporary localized deployment. Allocation of capital will gravitate to the markets which benefit from temporary incentives, like the Inflation Reduction Act, which is one of the reasons why FREYR redomiciled to the US earlier this year and why we are accelerating our presence in the US energy transition.

在經濟推動全球成長的同時，政策也可以在臨時本地化部署中發揮作用。資本配置將傾向於受益於臨時激勵措施的市場，例如《通貨膨脹削減法案》，這也是 FREYR 今年稍早遷往美國的原因之一，也是我們加速參與美國能源轉型的原因之一。

Power grids worldwide are becoming more reliant on intermittent, renewable electricity sources through accelerating wind and, in particular, solar power generation deployment. These require battery backup in the form of battery energy storage system solutions to ensure dispatchable, affordable supply.

透過加速風能發電，特別是太陽能發電的部署，全球電網越來越依賴間歇性再生電力。這些需要電池儲能係統解決方案形式的備用電池，以確保可調度、負擔得起的供應。

Irrespective of the source of power generation, however, and the notion that increasing intermittent power supply drives demand for batteries, low-cost battery solutions are very useful in supporting grid reliability irrespective of the source of the power supply.

然而，無論發電來源為何，也無論間歇性供電的增加會推動對電池的需求，低成本電池解決方案在支援電網可靠性方面都非常有用，無論電源來源為何。

Demand for electricity already fluctuates daily and seasonally with weather and during each day with peaks and troughs in usage patterns. Batteries used in storage applications enhance reliability, reduce costs and support the ongoing deployment of new applications such as microgrids, electrified home heating and the uptake of electric vehicles. As learning curves continue to improve performance, safety and costs of batteries, everything that can be electrified will be electrified.

電力需求已經隨天氣而每日和季節性波動，每天的使用模式都有高峰和低谷。儲存應用中使用的電池可提高可靠性、降低成本並支援微電網、電氣化家庭暖氣和電動車等新應用的持續部署。隨著學習曲線不斷提高電池的性能、安全性和成本，一切可以電氣化的東西都將電氣化。

Decentralized and decarbonized renewable energy based microgrids, coupled with renewable energy based utility-scale solutions, will increasingly be deployed, incentivized and supported. FREYR is one of few companies with fundamental exposure to this secular trend on both sides of the Atlantic, and we have pedigree partnerships in existing and next-generation battery technology solutions, providing a unique exposure for investors to ride this continuing and accelerating energy transition wave.

基於分散和脫碳再生能源的微電網，加上基於再生能源的公用事業規模解決方案，將得到越來越多的部署、激勵和支持。FREYR 是大西洋兩岸為數不多的從根本上關注這一長期趨勢的公司之一，我們在現有和下一代電池技術解決方案方面擁有良好的合作夥伴關係，為投資者提供了獨特的機會，以駕馭這股持續且加速的能源轉型浪潮。

And now it is my great privilege to welcome Evan Calio to our team as FREYR's Chief Financial Officer. Evan was instrumental in FREYR's formation as a public company during his time at BTIG. So he knows our story. He understands our industry. And he has hit the ground running on several important initiatives during his first 65 days in his new role.

現在，我非常榮幸地歡迎 Evan Calio 加入我們的團隊，擔任 FREYR 的財務長。Evan 在 BTIG 任職期間，在 FREYR 成為上市公司的過程中發揮了重要作用。所以他知道我們的故事。他了解我們的行業。在擔任新職務的頭 65 天內，他已在多項重要措施上取得了進展。

Evan, you are heartily welcome to the team, over to you.

艾文，我們衷心歡迎你加入我們的團隊，交給你了。

Thank you. Thank you, Tom. Look, before I speak to slide 7, I'd also like to share just some personal observations on why I joined FREYR in June and be on this side of the mic for the first time.

謝謝。謝謝你，湯姆。看，在我講幻燈片 7 之前，我還想分享一些個人觀察，解釋我為什麼在 6 月加入 FREYR 並第一次站在麥克風的這一邊。

As some of you may know, I spent most of my career covering global energy markets as an investment banker, as an equity research analyst. And over that time, I've witnessed several cycles, worked with many companies across the value chain, in both traditional and renewable energy.

你們有些人可能知道，我職業生涯的大部分時間都以投資銀行家和股票研究分析師的身份研究全球能源市場。在那段時間裡，我見證了幾個週期，與整個價值鏈上的許多公司合作，無論是傳統能源還是再生能源。

I joined FREYR with eyes wide open, right? As Tom referenced, we worked together. We were lead adviser in the de-SPAC IPO and retained close contact as an adviser really throughout the FREYR organization since the IPO.

我加入FREYR時是睜大眼睛的，對吧？正如湯姆所提到的，我們一起工作。我們是 de-SPAC IPO 的首席顧問，並自 IPO 以來在整個 FREYR 組織中保持顧問的密切聯繫。

And while I appreciate the challenges of establishing a business as a publicly-traded company in volatile markets, I believe FREYR has the right senior people, leadership, the right people. I believe they're in the right sector, battery and its adjacencies. I think it's the right position, relative balance sheet strength and compelling and advanced projects. And the right time, now. Now is the right time.

雖然我理解在動盪的市場中建立上市公司所面臨的挑戰，但我相信 FREYR 擁有合適的高階人才、領導力和人才。我相信他們處於正確的行業，即電池及其周邊行業。我認為這是正確的定位、相對的資產負債表實力以及引人注目的先進項目。正確的時間，就是現在。現在正是時候。

On people, I'm excited to rejoin Tom and Peter Matrai, co-founders of FREYR. Opportunity to work again with Dan Barcelo, Todd Kantor, Jessica Strine, all whom I've known for over 20 years. And in my first 60 days, it only confirms my conviction on the organizational depth and focus. So we have an exceptional group of leaders, and they're dedicated to building something meaningful and long-lasting, and that's appealing to me.

在人方面，我很高興能重新加入 FREYR 共同創辦人 Tom 和 Peter Matrai 的行列。有機會再次與 Dan Barcelo、Todd Kantor、Jessica Strine 合作，他們都是我認識 20 多年的人。在我上任的前 60 天裡，這更證實了我對組織深度和重點的信念。因此，我們擁有一群傑出的領導者，致力於打造有意義且持久的事物，這對我來說很有吸引力。

On the sector, Tom covered it more eloquently than I might. Electrification is happening. Stationary storage market has long-term tailwinds. The market is young and dynamic, and it will involve consolidation. That excites me.

在這個領域，湯姆的闡述比我更雄辯。電氣化正在發生。固定儲存市場具有長期的推動力。該市場年輕且充滿活力，並且將涉及整合。這讓我很興奮。

On time, there's a saying in the energy business that's proven to be true throughout my career, that fortunes are made in a downturn. I'm betting this cyclical downturn for a secular growth industry will only add to that adage. And while the sector is out of favor, we are working diligently behind the scenes to find value-creating transactions, opportunities tied to our strategic capital, global network, technology footprint, to build a valuable business for our shareholders.

準時，能源產業有句話在我的職業生涯中被證明是正確的：財富是在低迷時期創造的。我敢打賭，長期成長產業的周期性衰退只會讓這句格言更加佐證。儘管該行業失寵，但我們正在幕後努力尋找創造價值的交易以及與我們的策略資本、全球網絡、技術足跡相關的機會，為我們的股東打造有價值的業務。

Tom and I have a standing call every weekday. 5:00 AM to 6:00 AM, we're in different time zones, and I wake up everyday excited for that. So I appreciate your trust in us, and I can assure you that I'm all in.

湯姆和我每個工作日都會進行長期通話。早上 5:00 到早上 6:00，我們處於不同的時區，我每天醒來都為此感到興奮。因此，我感謝您對我們的信任，我可以向您保證，我全力以赴。

So let me now just address -- I'll walk you through the financial overview, which is slide 7. And while I highlighted the value of cash in a cyclical trough, my job is to preserve and extend it, okay? And when capital is scarce, and expensive, as it is today, cash is king. Our debt-free balance sheet, our cash position, our relative competitive strengths, and we're determined to safeguard and fortify it.

現在讓我來談談—我將向您介紹幻燈片 7 中的財務概覽。雖然我強調了現金在週期性低谷中的價值，但我的工作是保存和擴展它，好嗎？當資本稀缺且昂貴時（就像今天一樣），現金就是王道。我們的無債務資產負債表、我們的現金狀況、我們的相對競爭優勢，我們決心維護和強化它。

Accordingly, as was referenced, we're implementing a cost control initiative to extend our cash liquidity runway to 36 months. And I expect to see those effects in the fourth quarter this year.

因此，正如所提到的，我們正在實施一項成本控制計劃，將我們的現金流動性跑道延長至 36 個月。我預計將在今年第四季看到這些影響。

With our focus on conventional technology strategy, we don't need to spend meaningful capital to advance our opportunities. So capital spending will decline until we have definitive agreements that catalyze both development and, hopefully, EBITDA, cash flow visibility. In the interim, we'll continue to reduce operating expense.

由於我們專注於傳統技術策略，因此我們不需要花費大量資金來擴大我們的機會。因此，資本支出將會下降，直到我們達成明確的協議來促進發展，並有望提高 EBITDA 和現金流可見度。在此期間，我們將繼續減少營運費用。

Regarding capital formation, which is my previous career on Wall Street, you should expect -- you shouldn't expect to see activity before we have concrete agreements in place tied to specific value-creating opportunities for our equity. We now have two of our five largest equity investors on the Board 10 days -- sort of similar, very similar start date to me. So our team will continue to be very thoughtful about value-enhancing capital formations.

關於資本形成，這是我之前在華爾街的職業生涯，你應該預料到——在我們就我們的股權的特定價值創造機會達成具體協議之前，你不應該指望看到任何活動。現在，我們五個最大的股權投資者中有兩個在董事會任職 10 天——與我的開始日期有點相似、非常相似。因此，我們的團隊將繼續對增值資本形成進行深思熟慮。

On the slide, total cash used in the quarter was $31 million, ending 2Q '24 at $222 million. This is higher quarter-over-quarter by $8 million over the first quarter. Yet adjusting for nonrecurring property deposits and FX, it was down $2 million. So largely in line quarter-to-quarter. Year-to-date, a $54 million cash use.

從幻燈片上看，該季度使用的現金總額為 3,100 萬美元，截至 2024 年第二季為 2.22 億美元。這比第一季環比增加了 800 萬美元。然而，在對非經常性財產存款和外匯進行調整後，這一數字下降了 200 萬美元。所以基本上每季都一致。年初至今，現金使用量為 5,400 萬美元。

This reflects 2Q activity at the CQP related to our successful cell production trials, and we expect these costs will continue into the third quarter. However, into the fourth quarter, and 2025, we expect to see the effects of cost and activity reduction that support our 36-month cash liquidity runway outlook.

這反映了與我們成功的電池生產試驗相關的 CQP 第二季活動，我們預計這些成本將持續到第三季。然而，進入第四季度和 2025 年，我們預計將看到成本和活動減少的影響，這將支持我們 36 個月現金流動性跑道的前景。

And that's it. With that, I'll turn it back, Tom, to you and look to close this out.

就是這樣。湯姆，我會把它轉回給你，並希望結束這件事。

Thank you, Evan. I also look forward to our early afternoon calls, your morning calls. That virtual coffee is a highlight of my day.

謝謝你，埃文。我也期待著我們下午早些時候的來電，以及您早上的來電。虛擬咖啡是我這一天的一大亮點。

Moving now to slide 8, we'll conclude with our key messages. Our team is moving forward decisively with our conventional strategy, which presents multiple paths to stand up a profitable business. Our collective goal is again to achieve first revenue and EBITDA as soon as 2025.

現在轉到投影片 8，我們將總結我們的關鍵資訊。我們的團隊正在按照傳統策略果斷地前進，該策略提供了多種途徑來建立獲利業務。我們的共同目標是盡快在 2025 年實現首次收入和 EBITDA。

As we've said earlier, we are continuing to progress cell production opportunities, but in the current state of the global capital markets and ahead of the US election, our downstream product opportunities clearly offer a faster path to market. And as importantly, the economic returns associated with module and pack production on either side of the Atlantic are highly attractive.

正如我們之前所說，我們正在繼續推動電池生產機會，但在全球資本市場的當前狀況和美國大選之前，我們的下游產品機會顯然提供了更快的市場路徑。同樣重要的是，大西洋兩岸的模組和電池組生產相關的經濟回報非常有吸引力。

These projects require a much smaller quantum of capital relative to cell production and the construction cycle times are considerably shorter. So we're excited about these opportunities. As we finalize the technology agreements we're working on, we look forward to sharing more details with the investment community in the near term.

相對於電池生產而言，這些項目所需的資本要少得多，而且施工週期也大大縮短。所以我們對這些機會感到興奮。隨著我們最終確定正在製定的技術協議，我們期待在短期內與投資界分享更多細節。

Evan and I discussed how valuable our cash position and balance sheet is, but I will underscore that point one more time. FREYR is in an early-stage secular growth industry that is currently out of favor, so maintaining ample dry powder to take advantage of strategic opportunities is a critical element of our plan.

埃文和我討論了我們的現金狀況和資產負債表的價值，但我會再次強調這一點。FREYR 處於早期長期成長產業，目前已失寵，因此保持充足的乾粉以利用策略機會是我們計劃的關鍵要素。

We have multiple opportunities to generate value from each of our real assets, but Giga Arctic provides some particularly interesting use cases given the scale and flexibility of what we already have on site. As we mature and finalize decisions, we'll be sure to update you accordingly.

我們有多種機會從每項實體資產中創造價值，但考慮到我們現場現有資產的規模和靈活性，Giga Arctic 提供了一些特別有趣的用例。當我們成熟並最終確定決定時，我們一定會向您通報最新情況。

Consolidation is beginning to happen in the renewable energy space. And given the essential role that batteries play across the value chain, our deal teams are very active. We understand that our investors want to hear more about what the opportunities are, and we are eager to share more about these potentially transformative deals as we get through confidential discussions.

再生能源領域開始出現整合。鑑於電池在整個價值鏈中發揮的重要作用，我們的交易團隊非常活躍。我們理解，我們的投資者希望更多地了解機會是什麼，並且在我們進行秘密討論時，我們渴望分享更多有關這些潛在變革性交易的資訊。

And finally, the achievements that Mike, Andreas, Einar and the entire team made at the CQP during the first half of 2024 by producing batteries on the 24M SemiSolid platform at industrial scale have attracted significant attention from new and existing strategic partners.

最後，Mike、Andreas、Einar 和整個團隊在 2024 年上半年的 CQP 上透過在 24M SemiSolid 平台上以工業規模生產電池所取得的成就引起了新舊戰略合作夥伴的高度關注。

We cannot control or predict when risk appetite in the capital markets will return, but by demonstrating our ability to produce functional battery cells with the SemiSolid technology, we have established a unique position. And we fully intend to build a long-term competitive moat around it. In the interim, FREYR's emerging digital platform, the CQP and Giga Arctic, is unveiling new potential commercial pathways and triggering discussions with forward-thinking partners.

我們無法控製或預測資本市場的風險偏好何時會回歸，但透過展示我們利用 SemiSolid 技術生產功能性電池的能力，我們已經建立了獨特的地位。我們完全打算圍繞它建立一條長期的競爭護城河。在此期間，FREYR 的新興數位平台 CQP 和 Giga Arctic 正在推出新的潛在商業途徑，並引發與前瞻性思維的合作夥伴的討論。

To the point Evan made earlier, the challenges facing the battery industry are yielding opportunity for the companies that manage capital prudently, adapt quickly and decisively to market conditions, and execute against the definitive but flexible plan with embedded optionality.

就埃文早些時候提出的觀點而言，電池行業面臨的挑戰正在為那些謹慎管理資本、快速果斷地適應市場條件、並根據嵌入式可選性執行明確但靈活的計劃的公司帶來機遇。

Our team's resolve is steadfast. We're focused on delivering during our strategy, and we are enormously grateful for your continued support.

我們團隊的決心是堅定的。我們專注於實施我們的策略，非常感謝您的持續支持。

And with that, I'll hand it back over to Jeff so we can take your questions. Thank you for your attention.

接下來，我會將其交還給傑夫，以便我們回答您的問題。感謝您的關注。

Krista, we're ready to open up the line for Q&A, please.

克麗斯塔，我們已準備好開通問答熱線。

(Operator Instructions)

（操作員說明）

Tyler DiMatteo with BTIG.

泰勒·迪馬特奧 (Tyler DiMatteo) 與 BTIG 合作。

Tom, I wanted to kind of start with, with you being back into the seat now, just what are some of the key takeaways that you have? And I guess really what I'm wondering is, how do you prioritize the various business opportunities that you're alluding to and kind of pursuing here? I'm just curious how you think about that.

湯姆，我想先談談您現在回到座位上的一些關鍵收穫是什麼？我想我真正想知道的是，您如何優先考慮您在這裡提到和追求的各種商業機會？我只是好奇你對此有何看法。

Yes. Tyler, so as we articulated during the call, our primary focus is to get into revenue and EBITDA generation as quickly as possible. And as you know, raising capital for cell manufacturing in the West is a challenging endeavor. We are, of course, pursuing multiple opportunities in this regard. But the surplus of battery production in Asia allows us to pursue less capital intensive but still cash accretive and value accretive opportunities in the module and pack space. So that is what we are targeting initially.

是的。泰勒，正如我們在電話會議中所闡明的那樣，我們的首要重點是盡快實現收入和 EBITDA 的生成。如您所知，為西方的電池製造籌集資金是一項具有挑戰性的工作。當然，我們正在這方面尋求多種機會。但亞洲電池產量的過剩使我們能夠在模組和電池組領域追求資本密集度較低但仍能實現現金增值和價值增值的機會。這就是我們最初的目標。

And then we are pursuing other opportunities also upstream, midstream and downstream. But the only way that we're going to sort of pursue that in a value-accretive way is when we can link it to relevant financing activity. So you should expect us to focus a lot on generating revenue in the not-so-distant future, coupled with EBITDA generation. And then we'll build up on that additional exposure into the value chain of batteries.

然後我們也在上游、中游和下游尋求其他機會。但我們要以增值方式實現這一目標的唯一方法是將其與相關融資活動聯繫起來。因此，您應該期望我們在不久的將來將重點放在創造收入以及 EBITDA 的產生上。然後我們將進一步涉足電池價值鏈。

The final thing I'll say is, given the challenging financing markets and -- challenging capital markets, I should say, over the last sort of 12 to 18 months, coupled with these tectonic shifts in the battery space that the IRA represents, but also the dramatic reduction in cell manufacturing costs and prices from China, I do think you will see a lot of opportunity for consolidation in the space.

我要說的最後一件事是，考慮到過去 12 到 18 個月充滿挑戰的融資市場和充滿挑戰的資本市場，再加上 IRA 所代表的電池領域的結構性轉變，但此外，中國電池製造成本和價格的大幅下降，我確實認為您會看到該領域有很多整合的機會。

So we are being approached by a broad variety of companies that are interested in discussing how combination opportunities create more value. We are quite selective in who we are discussing opportunities with in this regard. But we are, of course, open for dialogue. But principally, the focus is generate revenue and EBITDA as quickly as possible.

因此，各種各樣的公司正在與我們聯繫，他們有興趣討論合併機會如何創造更多價值。在這方面，我們對與誰討論機會非常有選擇性。但我們當然願意進行對話。但首要的是，重點是盡快產生收入和 EBITDA。

Okay. Great. No, very helpful. And then I wanted to just kind of come back to the CQP here. One of the slides, it was alluded to, we're going to continue to progress on self-production there as well. I guess, Tom, to date, what are some of the key learnings from having that facility up and running? And I guess the other thing I wanted to kind of get some color on was the new business cases for the CQP. Any color there?

好的。偉大的。不，非常有幫助。然後我想回到這裡的 CQP。有人提到其中一張投影片，我們也將繼續在那裡進行自我製作。湯姆，我想，到目前為止，從該設施的建立和運作中學到了哪些重要經驗？我想我想了解的另一件事是 CQP 的新業務案例。那裡有什麼顏色嗎？

So putting into operation a next-generation battery technology is not a trivial endeavor, I can say that. It's been quite a tall order. And the team at FREYR, an exceptional amount of capable people, including a lot of stakeholders and people from our partners, have been working day and night over the last -- well, essentially, since we made that investment decision back in August 2021, just really stand up a next-generation battery manufacturing technology.

因此，我可以說，將下一代電池技術投入運作並非易事。這是一個相當艱鉅的任務。FREYR 的團隊是一群非常有能力的人，包括許多利益相關者和來自我們合作夥伴的人員，自從我們在 2021 年 8 月做出投資決定以來，他們一直在夜以繼日地工作，剛剛真正站起來的下一代電池製造技術。

The fact that we have been able to both build it, direct it, commission it, and start operations of it, speaks heaps and bounds, in my opinion, of the team that's been able to take that to the scale that it is.

在我看來，我們能夠建造它、指導它、委託它並開始運作它，這一事實充分說明了我們的團隊能夠將其發展到現在的規模。

However, the tectonic shifts in the market and the requirement to both produce safer, higher energy density, longer cycle life and also lower cost batteries does require us to think through what additional elements we need to prove up in that system.

然而，市場的結構變化以及生產更安全、更高能量密度、更長循環壽命和更低成本電池的要求確實要求我們思考我們需要在該系統中證明哪些額外元素。

We have excellent working relationships with not only the 24M experts, but also the entire 24M ecosystem, as well as a number of additional companies around it. So we will be testing out a broad variety of solutions to ensure that we can generate a pathway and a road map to even better and even lower cost solutions for next-generation technology.

我們不僅與 24M 專家，而且與整個 24M 生態系統以及周圍的許多其他公司都擁有良好的工作關係。因此，我們將測試各種解決方案，以確保我們能夠為下一代技術提供更好、成本更低的解決方案的途徑和路線圖。

So the fact that we have an operating asset where we have proven that we can run and produce batteries will give us an opportunity to start implementing additional measures to become even more competitive as the market evolves moving forward.

因此，我們擁有已證明可以運作和生產電池的營運資產，這一事實將使我們有機會開始實施額外的措施，以便隨著市場的發展而變得更具競爭力。

We have no questions at this time. I will now turn the conference back over to the speakers for closing remarks.

目前我們沒有問題。現在我將把會議轉回由發言人致閉幕詞。

Thank you, Krista. Well, thank you, everyone, for your attention and your interest in FREYR. We look forward to seeing you out on the road. We have a number of events planned for the coming quarters. So we will talk to you all soon. Please don't hesitate to follow up with questions; we will be around to field them today and the remainder of next week.

謝謝你，克里斯塔。好的，謝謝大家對 FREYR 的關注與興趣。我們期待在路上見到您。我們計劃在未來幾季舉辦許多活動。所以我們很快就會和大家談談。如有問題請隨時跟進；我們將在今天和下週剩餘時間派出他們。

Thanks very much. This will conclude the call.

非常感謝。通話就此結束。