Heliogen Inc (HLGN) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Heliogen Inc. Second Quarter 2023 Conference Call. As a reminder, today's call is being recorded. (Operator Instructions). I would now like to turn the call over to Louis Baltimore, Heliogen's Vice President of Strategic Finance and Investor Relations, for opening remarks and introductions.

早安，歡迎參加Heliogen公司2023年第二季財報電話會議。提醒各位，本次電話會議正在錄音。 （操作說明）現在，我將把電話會議交給Heliogen公司策略財務和投資者關係副總裁路易斯·巴爾的摩先生，請他致開幕詞並進行介紹。

Thank you, operator, and good morning to everyone. We're glad you could join us today for our second quarter 2023 conference call. With us on today's call are Christie Obiaya, Heliogen's Chief Executive Officer; and Sagar Kurada, our Chief Financial Officer.

謝謝接線員，大家早安。很高興各位今天能參加我們2023年第二季的電話會議。今天出席會議的有Heliogen執行長Christie Obiaya和財務長Sagar Kurada。

Heliogen issued its results yesterday afternoon in the press release that can be found on the Investors section of our website at heliogen.com. As a reminder, our comments on this call include forward-looking statements, which are subject to various risks and uncertainties. These statements include expectations and assumptions regarding the company's future operations and financial performance, including implementation of the company's strategic plan and growth initiatives, plans to prioritize sales of the company's industrial steam project and installation of commercial scale projects, expectations for scaling the company's concentrated solar thermal technology, discussions with potential customers and commercial contract progress.

Heliogen昨天下午在公司網站heliogen.com的投資者關係欄位發布了業績報告。在此提醒各位，我們在本次電話會議上的評論包含前瞻性陳述，這些陳述受多種風險和不確定因素的影響。這些陳述包括對公司未來營運和財務業績的預期和假設，例如公司戰略計劃和增長舉措的實施、優先銷售公司工業蒸汽項目和安裝商業規模項目的計劃、公司聚光太陽能熱發電技術規模化的預期、與潛在客戶的洽談以及商業合同的進展情況。

Actual results could differ materially from those contemplated in the forward-looking statements. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. Factors that could cause actual results to differ materially can be found in yesterday's press release and other documents filed with the SEC by the company from time to time.

實際結果可能與前瞻性陳述中設想的結果有重大差異。我們在本次電話會議上所做的任何前瞻性陳述均基於截至今日的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。可能導致實際結果出現重大差異的因素，請參閱昨日的新聞稿以及本公司不時向美國證券交易委員會提交的其他文件。

During this call, we may also refer to certain non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. More detailed information about these measures and a reconciliation to the most comparable U.S. GAAP measures is contained in the press release issued yesterday, which is available in the Investors section of our website and was furnished on Form 8-K with the SEC. A replay of this call will also be available on the Investors section of our company website this afternoon.

在本次電話會議中，我們可能會提及某些非公認會計準則（非GAAP）財務指標。這些非GAAP指標應作為補充訊息，而非替代或孤立地看待GAAP財務結果。有關這些指標的更詳細資訊以及與最接近的美國GAAP指標的調節表，請參閱昨日發布的新聞稿，該新聞稿可在我們網站的「投資者關係」欄位中查閱，並已透過8-K表格提交給美國證券交易委員會（SEC）。本次電話會議的錄音回放也將於今天下午在我們公司網站的「投資者關係」欄位中提供。

And with that, I'm pleased to turn the call over to Christie.

接下來，我很高興把電話交給克里斯蒂。

Thank you, Louis. Good morning to you all, and thank you for joining us. Let's start by turning to Page 4 in the presentation posted on the Investors section of Heliogen's website. This slide essentially captures Heliogen on a single page. I'd like to begin by reaffirming our core mission, which is that first slice highlighted in orange on the page.

謝謝路易斯。各位早安，感謝你們的參與。我們先來看看Heliogen網站投資者關係頁面上發布的簡報的第4頁。這一頁基本上概括了Heliogen的概況。我想先重申我們的核心使命，也就是頁面上以橘色高亮顯示的第一部分。

Heliogen is on a mission to help decarbonize industry and enable a sustainable low carbon future. We're positioned to do this through our unique combination of concentrated solar technology, thermal energy storage and artificial intelligence, which allow us to produce dispatchable green energy in the form of heat, power or hydrogen.

Heliogen 的使命是幫助工業脫碳，實現永續的低碳未來。我們憑藉著獨特的聚光太陽能技術、熱能儲存和人工智慧組合，能夠以熱能、電力或氫氣的形式生產可調度的綠色能源，從而實現這一目標。

Now over the next 5 minutes or so, I'm going to walk through slides, which essentially double-click on other slices from this opening page. Our product and value differentiators, our market focus and our offering.

接下來大約五分鐘，我將透過投影片進行解說，這些投影片其實是對首頁其他部分的展開。內容包括我們的產品和價值差異化優勢、我們的市場重點以及我們的產品/服務。

Turning to Slide 5. Here, I'll describe the needs we see in the market and how Heliogen's products can meet those needs. First, let's talk about heat, which includes steam. 30% of industrial heating applications require heat below 100 degrees Celsius, while another 27% can be met with heat between 100 and 400 degrees Celsius. In most cases, the on-site production of this heat is vital in order to minimize wasted heat that gets lost in transport to the point of use at the customer.

請翻到第五張投影片。在這裡，我將介紹我們所看到的市場需求，以及Heliogen的產品如何滿足這些需求。首先，我們來談談熱能，包括蒸氣。 30%的工業加熱應用需要低於攝氏100度的熱量，而另外27%的應用則需要100至400攝氏度之間的熱量。在大多數情況下，現場生產這種熱量至關重要，這樣可以最大限度地減少在輸送到客戶使用點的過程中損失的熱量。

We specialize in producing and delivering green heat because our energy starts as heat from the sun. Our first products will serve saturated and super-heated steam applications of up to 550 degrees Celsius. This capacity enables customers to avoid high fuel costs, enhancing both sustainability and financial viability. Longer term, we see huge potential for the high temperature heat products that are on our future product road map as we've already proven at our demonstration-scale facility that Heliogen's technology can generate temperatures in excess of 1,000 degrees Celsius.

我們專注於生產和輸送綠色熱能，因為我們的能源源自於太陽的熱能。我們的首批產品將用於溫度高達 550 攝氏度的飽和蒸汽和過熱蒸汽應用。這一產能能夠幫助客戶避免高昂的燃料成本，進而提升永續性和經濟效益。從長遠來看，我們看到了未來產品路線圖中高溫熱能產品的巨大潛力，因為我們已經在示範規模的工廠中證明，Heliogen 的技術能夠產生超過 1000 攝氏度的溫度。

High temperature applications are especially compelling because they can address industries like cement and steel, which are among the most significant contributors to carbon emissions specifically because their high temperature processes are currently served almost exclusively by burning fossil fuels.

高溫應用尤其引人注目，因為它們可以解決水泥和鋼鐵等行業的問題，而這些行業是碳排放的主要貢獻者之一，尤其因為它們的高溫製程目前幾乎完全依靠燃燒化石燃料來滿足需求。

On the power side, the need for on-demand electricity is ever present and tends to be much more universally understood as compared with heat. It's not a surprise to most that industrial and utility load serving assets often require continuous power. So a resilient economical grid independent solution with 4 and plus our duration is essential. And the market has finally started to incentivize this commercially for renewable sources of power.

在電力方面，按需用電的需求始終存在，與供熱相比，人們對此的理解也更為普遍。工業和公用事業負載設備通常需要持續供電，這對大多數人來說並不陌生。因此，具有4小時或以上持續時間的彈性、經濟且獨立於電網的解決方案至關重要。市場也終於開始在商業上激勵再生能源的此類解決方案。

Our power products will produce dispatchable electric power that is competitively priced inclusive of storage.

我們的電力產品將生產可調度的電力，價格具有競爭力，並包含儲能功能。

Turning to green fuel, with around 95% of all hydrogen currently produced with fossil fuels, the call for green hydrogen has intensified. Heliogen's ability to produce both green heat and green power makes us uniquely suited for harnessing the efficiencies of a solid oxide electrolyzer to produce green hydrogen, which can leverage both steam and power as essential energy inputs for splitting the water molecule.

鑑於目前約95%的氫氣仍由化石燃料生產，對綠色氫氣的需求日益迫切。 Heliogen公司能夠同時生產綠色熱能和綠色電力，這使其在利用固體氧化物電解槽的高效性能生產綠色氫氣方面具有得天獨厚的優勢。綠氫的生產可以利用蒸氣和電力作為分解水分子所需的關鍵能量輸入。

Now on the right side of the page, let's delve into the differentiators that set our products apart. Strategically, our solutions offer high capacity factors of up to 100%. Low energy storage costs, no reliance on rare earth minerals and greater than 85% recyclability. We are also well positioned to leverage regulatory incentives in the U.S. via the Inflation Reduction Act and many others abroad.

現在，讓我們在頁面右側深入了解我們產品的獨特優勢。從策略角度來看，我們的解決方案提供高達 100% 的容量係數，同時具備低儲能成本、無需依賴稀土礦物以及超過 85% 的可回收性等優勢。此外，我們還擁有得天獨厚的優勢，能夠充分利用美國《通貨膨脹抑制法案》以及其他許多國家的監管激勵措施。

Operationally, our AI-enabled closed-loop tracking for the Heliostat field, leads to over 30% more efficiency per square foot than traditional solar PV without the thermal runaway fire risk associated with battery storage solutions. Our products are designed to use widely available materials with a diverse supply chain for stability and scalability.

在運作方面，我們採用人工智慧驅動的定日鏡場閉環追蹤系統，每平方英尺的效率比傳統太陽能光電發電系統高出30%以上，且避免了電池儲能方案中常見的熱失控火災風險。我們的產品採用廣泛可用的材料，並擁​​有多元化的供應鏈，以確保穩定性和可擴展性。

Finally, the modularity of our systems [solves] for scale by enabling tailored solutions to serve behind the meter needs for both small and large customer applications. Modularity also enables easier permitting and maximizes the ability for us to reapply engineering work and lessons learned from project to project. By aligning our solutions to the critical needs of our customers and differentiating our offerings through strategic and operational innovation, we are building a robust platform for growth within a massive addressable market opportunity.

最後，我們系統的模組化設計透過提供客製化解決方案，滿足小型和大型客戶應用的表後需求，從而有效應對規模化挑戰。模組化設計也簡化了審批流程，並最大限度地提高了我們重複應用專案工程成果和經驗教訓的能力。透過使我們的解決方案與客戶的關鍵需求保持一致，並透過策略和營運創新實現產品差異化，我們正在建立一個強大的平台，以在巨大的潛在市場機會中實現成長。

Moving on to Page 6. We'll explore Heliogen's value proposition through the lens of the different industries our technology can serve. Our technology is applicable and customizable across diverse sectors. The Metals & Mining industry is responsible for nearly 4% of total final energy consumption globally. And given the prominent role that critical minerals play in the energy transition, it faces a pressing need to use more sustainable energy sources.

接下來請翻到第6頁。我們將從Heliogen技術可服務的不同產業角度來探討其價值主張。我們的技術適用於多個領域，並可根據不同行業進行客製化。金屬和採礦業佔全球最終能源消耗總量的近4%。鑑於關鍵礦物在能源轉型中扮演的重要角色，該產業迫切需要使用更永續的能源。

Heliogen is primed to replace aging fossil fuel energy production assets serving this market. Legacy renewable technologies have been an imperfect substitute to dispatchable fossil fuel energy sources. Our solutions for demand year-round can maximize the integration of renewables with low carbon electricity. We're prepared to fully integrate our concentrated solar power with solar PV and storage for optimal levelized cost of energy inclusive of storage. This integration offers a new standard that can be utilized by both utilities and industrial operators with on-site power generation.

Heliogen已做好準備，取代服務該市場的老舊化石燃料能源生產設施。傳統的再生能源技術一直無法完美取代可調度的化石燃料能源。我們針對全年需求提供的解決方案能夠最大限度地將再生能源與低碳電力整合。我們已準備好將聚光太陽能發電與光電發電和儲能係統全面整合，以實現包含儲能在內的最佳平準化能源成本。這種整合為公用事業公司和擁有現場發電設施的工業運營商樹立了新的標準。

We're working to forge solutions-oriented partnerships with other service providers and vendors, along with clients that have a need for decarbonization that Heliogen technology can solve. I strongly believe and all of the above strategy is necessary for the world to achieve its ambitious and growing net-zero goals. And the attributes I've outlined here show why Heliogen's technology can be an essential contributor to achieving these goals.

我們正努力與其他服務供應商和供應商，以及有脫碳需求且Heliogen技術能夠滿足這些需求的客戶，建立以解決方案為導向的合作關係。我堅信，上述所有策略對於世界實現其雄心勃勃且日益增長的淨零排放目標至關重要。我在此概述的各項優勢也表明，Heliogen的技術為何能為實現這些目標做出重要貢獻。

Let me now take the time to describe our commercial offering. Page 7 lays out how we operate today and provides a glimpse into our vision for the future. Today, we partner to develop and sell Turnkey projects, which deploy Heliogen's core technology. In this current model, we're not merely a provider, we're a partner. We plan, design and build projects, ensuring they are functional and ready to use.

現在，請容許我詳細介紹一下我們的商業服務。第 7 頁闡述了我們目前的營運模式，並展望了我們的未來願景。目前，我們與合作夥伴共同開發和銷售交鑰匙工程項目，這些項目均採用 Heliogen 的核心技術。在這種模式下，我們不僅是供應商，更是合作夥伴。我們負責專案的規劃、設計和建設，確保專案功能完善，隨時可用。

This Turnkey approach fosters efficiency and seamless integration with our customers' existing operations. We work closely with our customers to align our solutions to address their unique needs and pain points. Then upon serve operations, we can provide operations and maintenance support through a long-term service contract. In the future, we expect our business model to shift more towards a licensing approach, where we solve technology packages, which may include our Heliostat, our proprietary software and integration services. We expect to partner with third parties on project development and physical deployment, and this will help us amplify our reach and accelerate our market penetration.

這種交鑰匙解決方案能夠提高效率，並與客戶現有的營運體系無縫整合。我們與客戶緊密合作，調整解決方案以滿足他們獨特的業務需求和痛點。在完成營運後，我們可以透過長期服務合約提供營運和維護支援。未來，我們預期業務模式將更轉向授權授權模式，提供包含我們自主研發的定日鏡、軟體和整合服務等技術套件的解決方案。我們計劃與第三方合作進行專案開發和實際部署，這將有助於我們擴大業務範圍，加速市場滲透。

Now I'd like to share an update on our strategic priorities summarized on Page 8. We've made significant progress since our last business update.

現在我想和大家分享我們策略重點的最新進展，這些內容已總結在第 8 頁。自上次業務更新以來，我們取得了顯著進展。

Our first priority is to close sales contracts, and we've continued to make strides in expanding our commercial reach. We've signed an $11.2 million sustainable green hydrogen production offtake contract with the City of Lancaster, California.

我們的首要任務是達成銷售合同，並且我們一直在努力拓展商業版圖。我們已與加州蘭卡斯特市簽署了一份價值1,120萬美元的可持續綠色氫氣生產承購合約。

Let me now take the time to describe our commercial offering. Page 7 lays out how we operate today and provides a glimpse into our vision for the future. Today, we develop and sell Turnkey projects, which deploy Heliogen's core technology. This includes planning, designing and overseeing the installation of the projects to ensure that they are functional and ready to use. Taking on these roles helps us control our own destiny on our early commercial projects.

現在，請容許我詳細介紹一下我們的商業服務。第 7 頁闡述了我們目前的營運模式，並展望了我們的未來願景。目前，我們開發並銷售交鑰匙工程項目，這些項目均採用 Heliogen 的核心技術。這包括專案的規劃、設計和安裝監督，以確保專案功能齊全並可立即投入使用。承擔這些角色有助於我們在早期商業項目中掌控自身命運。

And we'll work closely with our customers to align our solutions to address their unique needs and pain points. Then upon start of operations, we can provide operations and maintenance support through a long-term service contract.

我們將與客戶緊密合作，調整解決方案以滿足他們的獨特需求和痛點。營運啟動後，我們將透過長期服務合約提供營運和維護支援。

In the future, we expect our business model to shift more toward a licensing approach, where we sell technology packages, which may include our Heliostats, our proprietary software and integration services. We expect to partner with third parties on project development and physical deployment under this business model. And this will help us amplify our reach and accelerate our market penetration.

未來，我們預計業務模式將更多地轉向授權授權模式，即銷售技術包，其中可能包括我們的定日鏡、專有軟體和整合服務。我們計劃在這種業務模式下與第三方合作進行專案開發和實際部署。這將有助於我們擴大業務範圍，加速市場滲透。

Now I'd like to share an update on our strategic priorities as summarized on Page 8 of the presentation. We've made significant progress since our last business update. Our first priority is to close sales contracts. In June we signed an $11.2 million sustainable green hydrogen offtake contract with the City of Lancaster, California. This represents not only a commercial milestone for Heliogen but a shared vision for a cleaner future with the city as our partner. Looking ahead our current prospects pipeline has grown to 825 megawatts with 700 megawatts added since our last conference call in May. This remarkable expansion reflects the progress our sales and commercial team have made and positions us for securing additional customer commitments.

現在我想和大家分享我們在簡報第8頁總結的策略重點的最新進展。自上次業務更新以來，我們取得了顯著進展。我們的首要任務是完成銷售合約。今年6月，我們與加州蘭卡斯特市簽署了一份價值1,120萬美元的永續綠色氫氣承購合約。這不僅是Heliogen公司商業發展的重要里程碑，也體現了我們與該市作為合作夥伴，共同致力於打造更清潔未來的願景。展望未來，我們目前的潛在項目儲備已成長至825兆瓦，自5月上次電話會議以來新增了700兆瓦。這一顯著成長體現了我們銷售和商務團隊的成就，也為我們爭取更多客戶承諾奠定了基礎。

Our second priority is to install our first commercial scale project, which will open up access to new prospective customers as well as continuing to help us evolve future generations of our products. This priority underscores our commitment to translating vision into tangible results.

我們的第二項重點工作是完成首個商業規模項目，這將為我們開拓新的潛在客戶群，並持續協助我們研發下一代產品。這項重點工作彰顯了我們致力於將願景轉化為實際成果的決心。

We're targeting groundbreaking by year-end, setting the stage for the construction of our pioneering green hydrogen project. We're executing on a well-calibrated plan to achieve mechanical completion by the end of 2024 and commence the first hydrogen production during the first quarter of 2025.

我們計劃在年底前破土動工，為我們開創性的綠氫能計畫建設奠定基礎。我們正在執行一項精心製定的計劃，力爭在2024年底前完成機械施工，並在2025年第一季開始生產第一批氫氣。

Over the upcoming 90 days, we'll be focused on our permitting and long lead equipment activities. Our third priority is to extend our liquidity runway in order to position for robust growth. The cost reductions that we actioned at the end of the first quarter are now being realized. And in parallel, the shelf registration that we filed earlier this year is now effective and preserves optionality for how we add growth capital to the balance sheet.

未來90天，我們將專注於許可證申請和長週期設備採購活動。我們的第三項優先事項是延長流動資金周轉期，為強勁成長做好準備。我們在第一季末實施的成本削減措施目前正在逐步落實。同時，我們今年稍早提交的暫擱註冊申請現已生效，為我們未來如何向資產負債表注入成長資本保留了更多選擇。

If you'll turn to Page 9, you'll see we have outlined our commercial pipeline on a page for the first time. What you see on the page is a summary of our sales and marketing activity. This is how our Chief Commercial Officer, Tom Doyle, and the commercial team now manage the pipeline internally. And going forward, we'll continue to status and share this with you as part of our business update on subsequent calls.

如果您翻到第9頁，您會看到我們首次在一頁紙上概述了我們的商業管道。您在頁面上看到的是我們銷售和行銷活動的概要。這就是我們的首席商務官湯姆·道爾和商務團隊目前在內部管理管道的方式。接下來，我們將繼續向您報告最新進展，並在後續的業務更新電話會議上與您分享。

There are 4 stages named at the top of the graphic, and we've defined those stages based on the status of engagement with each prospective customer. We only categorize an order as booked if we have a fully signed contract with the performance obligation under the sale. In terms of the big picture, we have a total of 825 megawatts across 22 potential customers. We've more than doubled the total number of potential customers in the pipeline.

圖表頂部標示了四個階段，我們根據與每位潛在客戶的互動狀態定義了這些階段。只有在簽訂了包含銷售履約義務的完整合約後，我們才會將訂單標記為已預訂。整體而言，我們目前有 22 位潛在客戶，總裝置容量為 825 兆瓦。潛在客戶總數增加了一倍以上。

In terms of megawatts, we've grown that number by over 6x with our focus not only on adding customers, but on prioritizing those who may have energy demands across multiple operating locations where Heliogen may be a fit. The average capacity per customer has increased.

就兆瓦而言，我們已將裝置容量提高了6倍以上，這得益於我們不僅致力於增加客戶，而且優先考慮那些在多個營運地點有能源需求的客戶，因為Heliogen的方案可能非常適合他們。每位客戶的平均裝置容量也有所提升。

Let me take a moment to explain the stages of the pipeline. Each stage is defined based on the progress of engagement with the customer. In the lead generation stage of our sales pipeline, we are discussing site-specific details of the customer. We're in discussion about their goals, their pain points, their technical wants, and we're conceptualizing the approach to integration. As those interactions progress, we'll receive more detailed information from the customer that we use to generate an indicative proposal that we then submit. We currently have 6 customers in this submitted proposal stage encompassing 34 megawatts.

讓我花點時間解釋一下銷售流程的各個階段。每個階段都根據與客戶的互動進度而定。在銷售流程的線索開發階段，我們會討論客戶的具體情況，包括他們的目標、痛點、技術需求，並構思整合方案。隨著互動的深入，我們會從客戶那裡獲得更詳細的信息，並據此產生初步方案，然後提交給客戶。目前，我們有6位客戶處於方案提交階段，總裝置容量為34兆瓦。

The next phase in the pipeline is the pre-final investment decision activity stage or the pre-FID stage. By this point, it will often be the case that we'll have a letter of intent or a memorandum of understanding in place that outlines mutual intent between Heliogen and the customer. We progress through the necessary steps to help the customer make a final decision. This may include activities such as engineering design work, providing the client with a detailed equipment layout and providing details on the scope, schedule and cost estimates. Where possible, we'll structure these as customer-funded activities. The duration of pre-FID work will depend upon the type of customer and the nature and size of customer commitment.

專案的下一階段是最終投資決策前階段，也稱為FID前階段。此時，我們通常會與客戶簽署一份意向書或諒解備忘錄，以明確雙方的合作意圖。我們將推進必要的步驟，幫助客戶做出最終決策。這些步驟可能包括工程設計工作、向客戶提供詳細的設備佈局圖以及提供專案範圍、進度和成本估算等資訊。在條件允許的情況下，我們會將這些工作安排為客戶出資。 FID前階段的工作時長取決於客戶類型以及客戶承諾的性質和規模。

For example, for some projects, the customer may need to take the decision to their Board of Directors for approval. After executing a final contract, we move into the execution phase of the project. We currently have 2 customers in this stage. That includes the Proximal green hydrogen contract as well as the Capella project with Woodside Energy, who continues to be an exceptionally strong partner for us. Projects in the booked order stage enter our revenue backlog.

例如，對於某些項目，客戶可能需要將決策提交給董事會批准。簽訂最終合約後，我們將進入專案執行階段。目前我們有兩家客戶處於此階段，其中包括Proximal綠色氫能專案以及與Woodside Energy合作的Capella專案。 Woodside Energy一直是我們非常強大的合作夥伴。已下單的項目將計入我們的收入儲備。

I mentioned last quarter that we augmented and reoriented our sales team to grow our pipeline, and the numbers on this page are a testament to those improvements. As we work to close additional contracts, we look forward to updating you on our progress in the coming quarters.

我上個季度提到過，我們擴充並調整了銷售團隊，以拓展銷售管道，本頁的數據正是這些改進的有力證明。我們將繼續努力促成更多合同，並期待在接下來的幾個季度向您報告進度。

Before we move on to the discussion of our backlog and financial results, I'd like to introduce Sagar Kurada, our new CFO and Head of Strategy and to express my deep appreciation to Kelly Rosser who graciously served as our interim CFO and has now returned to serving as our Chief Accounting Officer.

在我們繼續討論積壓訂單和財務表現之前，我想介紹一下我們的新任財務長兼策略主管 Sagar Kurada，並向 Kelly Rosser 表示衷心的感謝，她曾擔任我們的臨時財務官，現在已恢復擔任我們的首席會計官。

Sagar brings more than 2 decades of experience in industrial decarbonization and renewable energy, and he has a proven track record of developing and implementing financial growth strategies for disruptive companies in this space. Sagar, over to you.

薩加爾在工業脫碳和再生能源領域擁有超過20年的經驗，並且在為該領域的顛覆性公司製定和實施財務成長策略方面有著卓越的業績記錄。薩加爾，現在輪到你了。

Thanks, Christie. Good morning, everyone. Continuing our review of the second quarter business performance. Allow me to direct your attention to Page 10. As Christie mentioned on Page 9, we have today 7-megawatt and 3 projects in our contracted backlog, representing $75 million in anticipated sales. Our backlog has grown approximately $10 million since the first quarter earnings call.

謝謝克里斯蒂。大家早安。我們繼續回顧第二季度業務表現。請大家翻到第10頁。正如克里斯蒂在第9頁提到的，我們目前有7兆瓦的已簽約項目和3個已簽約項目，預計銷售額為7500萬美元。自第一季財報電話會議以來，我們的已簽約項目增加了約1000萬美元。

On June 6, 2023, we announced our green hydrogen contract, adding $11.2 million in backlog in the second quarter. This will be our first installed project. It will be in the City of Lancaster, California and will fuel their municipal fleet. We refer to this project as project Proxima. Proxima is expected to achieve mechanical completion at the end of 2024 with first production in the first quarter of 2025.

2023年6月6日，我們宣布了綠色氫能合同，第二季新增訂單金額1,120萬美元。這將是我們第一個已安裝項目，位於加州蘭卡斯特市，將為該市市政車隊提供燃料。我們將該專案稱為「Proxima」專案。 Proxima專案預計於2024年底完成機械施工，並於2025年第一季開始投產。

Additionally, at the end of second quarter, we have $63.5 million of backlog remaining on our original contract to develop a Turnkey green energy production facility sponsored by Woodside and partially funded by the Department of Energy. We refer to this as Project Capella.

此外，截至第二季末，我們與伍德賽德公司簽訂的交鑰匙綠色能源生產設施開發合約仍有6,350萬美元的未完成訂單，該合約由伍德賽德公司贊助，並由美國能源部部分資助。我們稱此項目為「卡佩拉計畫」。

Lastly, we have a partnership with Dimensional Energy for a remaining backlog of $0.5 million to develop sustainable aviation fuel. In the second quarter, we recognized $1.4 million of revenue, largely attributable to Project Capella for $1.1 million.

最後，我們與Dimensional Energy公司就剩餘的50萬美元訂單合作，共同開發永續航空燃料。第二季度，我們確認了140萬美元的收入，其中大部分來自Capella項目，該項目收入為110萬美元。

In addition to the $75 million, we have been selected to receive a $4.1 million award from the DOE that aims to reduce the carbon emissions associated with cement manufacturing by decarbonizing the heating of limestone. We also have a contract with NantG Power to provide up to $5 million in engineering services paving the way for them to purchase a commercial-scale calcination facility. These services include field testing, development of a technoeconomic model and design services.

除了7500萬美元的撥款外，我們還獲得了美國能源部410萬美元的資助，旨在透過石灰石加熱脫碳來減少水泥生產相關的碳排放。此外，我們還與NantG Power公司簽訂了一份合同，為其提供價值高達500萬美元的工程服務，為其購置商業規模的煅燒設施鋪平道路。這些服務包括現場測試、技術經濟模型開發和設計服務。

In the next 2 pages, I will talk you through the second quarter financials. Let me direct your attention to the right-hand side of Page 11. We earned $1.4 million in revenue in the second quarter on Capella. Over the lifetime of this contract, we will earn $80.6 million. We have thus far recognized $17.1 million, leaving a backlog of $63.5 million, which we expect to recognize through 2026 as we work to complete the project.

接下來的兩頁，我將詳細介紹第二季的財務狀況。請大家注意第11頁的右側。第二季度，我們從Capella計畫中獲得了140萬美元的收入。在該合約期間內，我們將獲得8060萬美元的收入。目前，我們已確認了1,710萬美元的收入，剩餘的6,350萬美元尚未確認，我們預計將在2026年之前隨著專案進展逐步確認這部分收入。

Moving to SG&A. We recorded $17.7 million on a GAAP basis. SG&A includes $3.3 million of noncash expenses, $1.4 million of unusual nonrecurring items and $0.9 million of project costs related to Proxima and other long-term projects.

接下來是銷售、一般及行政費用。我們根據美國通用會計準則（GAAP）確認了1770萬美元的銷售、一般及行政費用。該費用包括330萬美元的非現金支出、140萬美元的非經常性項目以及與Proxima和其他長期項目相關的90萬美元項目成本。

Adjusted for these items, we recorded $12.1 million in SG&A. This is a 14% reduction relative to the comparable cost in the fourth quarter of 2022.

剔除這些項目後，我們確認的銷售、管理及行政費用為1,210萬美元。與2022年第四季的相應費用相比，減少了14%。

We continue to manage our R&D efforts to focus on methodical product development to deliver on commitments to our existing and future customers in our pipeline.

我們將繼續管理研發工作，專注於有條不紊的產品開發，以履行對現有和未來客戶的承諾。

Moving on to Page 12. We ended the second quarter with $108 million in liquidity, including $44 million in cash and $64 million in investments. Year-to-date, we received $8.8 million in cash for projects underway and we expanded project development expenses of $8.5 million. We spent $21.8 million in SG&A year-to-date.

接下來是第12頁。第二季末，我們的流動資金為1.08億美元，其中包括4,400萬美元現金和6,400萬美元投資。年初至今，我們已收到在建工程現金880萬美元，專案開發支出增加850萬美元。年初至今，我們的銷售、管理及行政費用為2,180萬美元。

Adjusting for project costs and noncash items, SG&A expense was $25.8 million. This spend does include $3.2 million in unusual items and $1.5 million related to sales and marketing efforts to support our commercial engagement. As a reminder, the remaining of the contracted backlog for Project Capella from Woodside and the DOE for $63.5 million is not included in our liquidity on hand of $108 million. We expect our liquidity on hand to address both our project and working capital needs through the first half of 2024.

經調整工程成本及非現金項目後，銷售、管理及行政費用為2,580萬美元。該支出包含320萬美元的非經常性項目以及150萬美元的銷售和行銷費用，以支持我們的商業合作。需要注意的是，伍德賽德能源公司和美國能源部卡佩拉計畫剩餘的6,350萬美元合約款項不包含在我們1.08億美元的流動資金中。我們預計，目前的流動資金足以滿足我們到2024年上半年的專案資金和營運資金需求。

With that, let me hand it back to Christie for Page 13.

那麼，現在讓我把稿子交還給克里斯蒂，請她來寫第13頁。

Thank you, Sagar. Before we open it up for Q&A, I want to take a moment to reflect on the significant strides we've made. We have a contracted revenue backlog of over $75 million that serves as a springboard for our future growth. Our addition of 700 megawatts to our pipeline since May is a sign of the market demand and our aggressive progress toward capturing it.

謝謝薩加爾。在正式進入問答環節之前，我想先回顧一下我們所取得的顯著進展。我們目前已簽訂的合約收入超過7500萬美元，這為我們未來的成長奠定了堅實的基礎。自5月以來，我們新增了700兆瓦的專案儲備，這充分體現了市場需求以及我們為滿足這些需求所採取的積極行動。

Our first project installation is on track toward our goals of groundbreaking by year-end 2023 and mechanical completion by year-end 2024. Our fully operational world-class manufacturing facility in Long Beach, California represents our commitment to excellence in engineering, automation and robotics. None of this will be possible without our strong team who is bringing fresh energy to the challenge.

我們的首個專案安裝工作正按計畫進行，預計於2023年底破土動工，並於2024年底完成機械安裝。我們在加州長灘市擁有一座全面運作的世界級製造工廠，體現了我們對工程、自動化和機器人領域卓越品質的承諾。這一切都離不開我們強大的團隊，他們正以飽滿的熱情迎接挑戰。

All of our team's actions are aligned to the strategic priorities that I laid out at the beginning of the call. Heliogen's differentiated approach to clean energy is not just a response to market demand, but it's a reimagined way of advancing the energy transition and the progress that we've made over the past 3 months highlights the effectiveness of our strategy and also shines the light on our path ahead.

我們團隊的所有行動都與我在電話會議開始時提出的策略重點保持一致。 Heliogen 在清潔能源領域採取的差異化方法，不僅是對市場需求的回應，更是推動能源轉型的全新方式。過去三個月我們的進展凸顯了我們策略的有效性，也為我們未來的發展指明了方向。

So I want to thank you for your continued support of Heliogen and your belief in our mission. I'm pleased to now open the line to address any questions that you may have.

因此，我要感謝您一直以來對Heliogen的支持以及對我們使命的信任。現在我很高興開通熱線，解答您可能提出的任何問題。

(Operator Instructions) Our first question comes from the line of Rob Wertheimer with Melius Research.

（操作說明）我們的第一個問題來自 Melius Research 的 Rob Wertheimer。

I had one question on the product and then a couple on the pipeline funnel. You mentioned on Slide 6, fully integrated hybrid design. I'm not sure if I'm fully familiar, I wonder if you could expand on what that means just a little bit.

我有一個關於產品的問題，還有幾個關於銷售漏斗的問題。您在第六張投影片中提到了完全整合的混合設計。我不太確定我是否完全理解，能否請您詳細解釋它的意義？

Yes, Rob, absolutely. When we talk about hybrid design, there are actually exist projects in other parts of the world outside the U.S. that combine concentrated solar energy technology with Solar PV and what we can do uniquely is to bring Heliogen's elevation of concentrated solar technology through the artificial intelligence and our hardware innovations to uplevel that further. And for the benefit of combining these 2, the concentrated solar plus PV and storage is the fact that you can then leverage the low-cost solar PV in certain parts of the world during the daytime and use that time to then charge off the solar thermal energy storage during the day and then have that be dispatchable at night.

是的，羅布，完全正確。說到混合設計，實際上美國以外的世界其他地區已經有一些項目將聚光太陽能技術與光伏發電結合。而我們獨有的優勢在於，透過人工智慧和硬體創新，將Heliogen的聚光太陽能技術提升到一個新的水平。將聚光太陽能、光伏發電和儲能結合的好處在於，可以利用世界某些地區白天低成本的光伏發電，為太陽能熱儲能係統充電，然後在夜間將其釋放出來。

So we found a lot of interest in that solution. And (inaudible) could actually be a great fit for many customers looking for that consistent round-the-clock availability along with that low-cost energy.

所以我們發現很多人對這個方案很有興趣。而且（聽不清楚）對於許多既想要全天候穩定供電又想要低成本能源的客戶來說，這可能確實是個不錯的選擇。

That's interesting. Is that inbound interest -- I'm not sure if that was one of your strategic focuses, it seems a little bit new. And then just really, does that include concentrated solar energy gathering? Or is it more the heat storage you have -- that you would add into it?

這很有意思。這是你們的引進業務嗎？我不確定這是否是你們的戰略重點之一，感覺好像是新領域。還有，這是否包括聚光太陽能收集？還是說你們更多的是把現有的儲熱技術也加進去？

It's something that we've been exploring. And as we've been testing the market with it, we have found a lot of interest in that as a solution. And then in terms of the way that we combine the storage, we would have most of the storage is our concentrated solar thermal energy storage, and so it would be thermal with some potential for integration of either grid access or battery to the extent necessary. So if we were looking to firm it up to 100% firm power to meet a customer's need, that would be an option too.

我們一直在探索這個方向。在進行市場測試的過程中，我們發現市場對這種解決方案非常感興趣。至於儲能方式，我們主要採用聚光太陽能熱儲能，因此它將以熱能為主，並可根據需要整合併網或電池儲能。如果我們需要將電力供應穩定到100%以滿足客戶需求，這也是一個可行的方案。

So we're really focused on serving the customer, depending on their operational requirements. But again, most of the storage would be our CST thermal storage.

所以我們真正專注於根據客戶的營運需求提供服務。但再次強調，大部分儲能將來自我們的CST熱儲能係統。

Perfect. Okay. Great. I wanted to move to the commercial activity where it seems like the strategy you kind of put in place, Christie and the rest of you as you evolved seems to be paying off, by which I mean you've got the 34 megawatts and the 20 megawatts, which seem to be more in this (inaudible) kind of size frame so that downscaled smaller footprint.

完美。好的。太好了。我想談談商業活動，看起來你們（克里斯蒂和你們其他人）隨著發展而製定的策略似乎正在取得成效，我的意思是，你們有34兆瓦和20兆瓦的項目，它們似乎更符合這種（聽不清）規模框架，也就是縮小了佔地面積。

So a couple of questions there. Can you talk about on those projects in the 34 and the 20 buckets, which do seem to be a little bit smaller and more bite-sized, can you talk about the speed of permitting and complexity and proposals and so forth? I know this is all new, so I'm not sure you have metrics on how fast stuff can move to the pipeline, but is it fair to assume that the project complexity is lower than on the big mining or whatever the other ones are? And could you maybe talk about just how fast it could move if it does from one step in the bucket to the next to actually being completed [direction]?

我有幾個問題。關於34和20這兩個類別中的項目，它們看起來規模較小，更容易推進，您能否談談審批速度、複雜程度、提案流程等等？我知道這一切都是新的，所以我不確定您是否有衡量專案進入流程速度的指標，但我們是否可以合理地假設這些專案的複雜程度低於大型礦業專案或其他類似專案？您能否談談，如果專案按照類別進行，從一個步驟到下一個步驟，最終完成，整個流程需要多長時間？

Yes, Rob, absolutely. So it's quite a range that we see. You pointed out the 34 megawatts across 6 customers. And I would say that's true, your point that, in general, the smaller projects tend to be less complex than the potentially larger projects and we're pleased that we have been able to increase the average capacity per prospective customer in the pipeline. So that's a positive direction.

是的，羅布，沒錯。我們看到的項目範圍相當廣泛。你提到了6個客戶共34兆瓦的裝置容量。我同意你的觀點，一般來說，小型專案往往比潛在的大型專案更簡單，我們很高興能夠提高每個潛在客戶的平均裝置容量。這是一個正面的趨勢。

We find that there is a sweet spot, especially for power projects where to leverage the turbine efficiency, you really have to be in the 10s of megawatts range for that to make sense. And so in fact, the smaller projects that you see tend to more likely be actually heat or steam projects. So that's one context that I'll provide on your question.

我們發現，尤其是在電力專案中，要充分發揮渦輪機的效率，規模必須達到幾十兆瓦才有意義，因為只有達到這個規模才能真正發揮作用。所以實際上，你看到的那些規模較小的項目，往往更可能是供熱或蒸汽項目。以上就是我對你問題的一個補充說明。

And then in terms of timing, it really depends. I would say that for the really large projects, yes, you could be looking at something like 12 to 18 months in terms of what it takes to move a prospect through our sales pipeline, but for smaller projects and nimble customers, we're able to move as quickly as the customer would like. And so we look forward to advancing some of these projects to completion.

至於時間安排，這真的要視情況而定。對於真正的大型項目，從啟動到完成銷售流程，可能需要12到18個月的時間；但對於小型專案和行動靈活的客戶，我們能夠根據客戶的需求快速推進。因此，我們期待著推進這些項目直至完成。

And then I know you don't have metrics on how many fall out at different stages of the funnel yet because you're building the funnel so fast here. But do you have any comments on the work that goes into it or the customer commitment that goes into it or how you vet the customers to think about how much of the 34 and/or the 20 kind of are likely to come to fruition? I know that's maybe a hard question to answer numerically, but I wonder if you can give a background on it?

我知道你們目前還沒有關於不同階段客戶流失率的統計數據，因為你們的銷售漏斗搭建速度非常快。但是，對於這其中的工作量、客戶投入，以及你們如何篩選客戶，從而預測34個潛在客戶和/或20個潛在客戶中最終成交的可能性，你們有什麼看法嗎？我知道這個問題可能很難用數字來回答，但我很想知道你們能否介紹一下這方面的背景資訊？

Yes, certainly. So background on that is -- look, I think any capital project in the world of energy and capital projects, there are always going to be for every project that moves forward, some that fall by the wayside. And I think that's just the nature of the business because there's -- for every project that gets built, there are some that don't go forward. And those can be for reasons that are both outside our control and sometimes often outside the customer's control. And so for that reason, you will see that over the course of time, there will be net change to the pipeline where things are both added to the pipeline and they fall away from the pipeline, but I would consider that to be natural progressions of any sales process for the type of business that we're in rather than something that's specific to Heliogen.

是的，當然。背景是這樣的——你看，我認為在能源和資本項目領域，任何資本項目都會出現這種情況：每個推進的項目都會有一些中途夭折。我認為這是行業的本質，因為每個建成的項目都會有一些最終擱淺。而這些擱淺的原因可能既有我們無法控制的，有時也包括客戶無法控制的。因此，隨著時間的推移，你會看到專案儲備會發生淨變化，既有專案被納入儲備，也有專案被移除。但我認為這是我們所處行業任何銷售流程的自然發展過程，而不是Heliogen特有的現象。

And so in terms of the way that our pipeline is shaped going forward, I would look for, in general, the health of the pipeline to be moving more from lead generation to submitted proposals to pre-FID activities. That's the progression that we look forward to. And so it's not necessarily that we're only ever going to be adding to the pipeline.

因此，就我們未來的專案儲備結構而言，我總體上希望看到專案儲備的健康狀況從線索開發階段逐步過渡到提案提交階段，再到最終投資決策（FID）前期活動階段。這是我們所期待的發展方向。所以，我們並非只會不斷增加專案儲備。

And going to the second piece of your question, in terms of how we prioritize customers, for us, an ideal customer is someone who is worried about increasing cost and volatility of fossil fuels and looking for a different solution that provides that same consistency of availability with the greater certainty of not having carbon emissions and cost reduction. And so I think a global customer with a footprint requiring some combination of heat and power is definitely a priority for us in terms of how we look at our customer base.

關於您問題的第二個方面，在客戶優先排序方面，我們認為理想的客戶是那些擔憂化石燃料成本不斷上漲和波動性，並尋求其他解決方案的人。這些解決方案既能提供同樣穩定的能源供應，又能確保無碳排放並降低成本。因此，我認為，對於那些業務遍及全球、需要熱能和電力組合的客戶而言，這無疑是我們客戶群的優先考慮對象。

Okay. Perfect. And I'll ask one more and then I'll get back in line. But -- on the left end of the chart, the lead generation, obviously, a tremendous amount of progress there. You've been talking to folks for a long time. So could you give us the criteria or what changed or why we have such a [long] from what I assume are sort of intangible conversations to tangible. Maybe you could just give us a little bit of background on what the screen was to make it into the 825 bucket.

好的，完美。我再問一個問題，然後就回去排隊。不過——在圖表左側，也就是潛在客戶開發方面，顯然取得了巨大的進展。你們已經和客戶溝通很久了。那麼，能否告訴我們具體的標準，或者說是什麼改變了這一切，又是什麼原因導致我們從最初看似無形的對話，到最終達成實際成果，這個過程如此漫長？或許可以簡單介紹一下，進入825這個階段的篩選標準是什麼？

Yes. There's a number of screening criteria that we use. There are screening criteria that include both the nature of what the customer is looking to do in terms of -- are they needing some -- one or more of heat or power or fuel and then also aspects of the customer's physical sites. And so for example, if a customer is in the middle of an urban location, in middle of downtown and that's where they're making their -- whether it's a consumer good or what have you, that's not going to be a strong fit for many types of projects in the energy space because there's just a land requirement that's there.

是的。我們使用一系列篩選標準。這些標準包括客戶的需求性質——他們需要的是熱能、電力還是燃料——以及客戶的實際場地狀況。例如，如果客戶位於市中心，生產消費品或其他產品，那麼許多能源項目可能不太適合他們，因為這類項目對土地有一定要求。

But for example, we talk to customers who are in Chile in remote places serving mining companies and if you're in that kind of location and you need grid independence and certainty of cost where you're otherwise paying a high cost for diesel or otherwise importing fossil fuels to help fuel your energy requirements, that's something where Heliogen can provide truly a differentiated way to help them meet their energy consumption requirements.

例如，我們與智利偏遠地區為礦業公司服務的客戶交談，如果您身處那種地方，需要電網獨立性和成本確定性，否則您將支付高昂的柴油成本或進口化石燃料來滿足您的能源需求，那麼 Heliogen 可以提供一種真正差異化的方式來幫助他們滿足能源消耗需求。

But then you've been talking to folks, I assume for the past long while, what (inaudible) entry into the qualified lead backlog? I mean is your commercial outreach been more successful in some way that makes it into the slide, [if you see that.]

但是，我猜你過去很長一段時間都在和這些人溝通，那麼，合格的銷售線索儲備中出現了哪些（聽不清楚）新成員？我的意思是，你的商業推廣是否在某些方面取得了更大的成功，以至於體現在了幻燈片上（如果你看到了的話）。

Yes. Okay. So that's a great question. Many of the customers that are in the 825 are actually brand new since May. There are some that we've been talking to for a period of time. And the ones that are new, I think what we've been able to do is to really focus our offering more clearly, we came out to the market with our first available steam unit. And then with the power offering, which, as we talked about earlier, has the opportunity to combine both CST or CSP and Solar PV, that's another way of being able to meet customers' needs in a different way for power.

是的，好的。這是一個很好的問題。 825地區的許多客戶實際上是自五月以來新增的。當然，也有一些客戶我們已經洽談了一段時間。對於這些新客戶，我認為我們所做的就是更清晰地聚焦我們的產品和服務。我們推出了首款可用的蒸汽機組。此外，正如我們之前提到的，我們的電力產品可以將聚光太陽能熱發電（CST）或聚光太陽能發電（CSP）與太陽能光伏發電相結合，這是我們以另一種方式滿足客戶電力需求的途徑。

And so I think over the course of time, you're going to see that our pipeline will shift more towards power in the medium term because the market is -- the market demand is just so significant. And I think we have a unique way of meeting that demand.

所以我認為，隨著時間的推移，中期內我們的產品線將更多地轉向電力領域，因為市場需求非常強勁。而且我認為我們有獨特的方式來滿足這種需求。

Our next question comes from the line of Jeff Grampp with Alliance Global Partners.

我們的下一個問題來自 Alliance Global Partners 的 Jeff Grampp。

And first, I just want to commend you all for putting forth a lot more transparency and visibility on the pipeline. That's super helpful and exciting to see. Continuing on kind of that last comment, Christie. Just wanted to peel the onion back a bit more on the robust growth in the pipeline over the last several months. Is that purely attributable to a shift in the sales strategy? Is that for the derisking of the technology, a shift in kind of the offering? Is there a way to kind of -- I know it's probably hard to attribute discretely to each of those, but just looking for more detail on what's driving so much of that growth over the last few months.

首先，我要讚揚大家在專案流程方面提高了透明度和可見度。這非常有幫助，也令人振奮。接著剛才的評論，克里斯蒂，我想更深入地探討過去幾個月專案流程的強勁成長。這完全歸功於銷售策略的轉​​變嗎？是因為技術風險降低，還是因為產品組合的調整？有沒有辦法——我知道可能很難將每種因素單獨歸因，但我只是想了解更多關於過去幾個月推動如此大增長的因素的細節。

Yes, Jeff, thanks for the question. If I could boil it down to one word, I would say focus. It's about the sales team and our overall commercial effort being more focused on the type of customers that's a fit and on customers that are interested in moving quickly to capitalize on what's out there on both carbon reduction opportunity and from a financial perspective.

是的，傑夫，謝謝你的提問。如果非要用一個字來概括，我會說是「專注」。這意味著銷售團隊和我們整體的商業努力要更加專注於那些真正適合我們的客戶，以及那些有興趣迅速行動、抓住碳減排和財務機會的客戶。

And then it's really our team's effort in hitting the market with a more focused product offering as well and having that be consistent.

然後，我們團隊也付出了巨大的努力，以更專注的產品陣容打入市場，並保持產品的一致性。

Got it. That's very helpful. And within the current pipeline, the 825 megawatts, I'm curious if any of those currently include a PV component? And when you guys use that term kind of a hybrid project, should we think about that as integrating things including your AI and software on the PV side as well? Is that a little bit earlier stage of something to think about? Or yes, just hoping to get a little bit more detail on the PV component there.

明白了，這很有幫助。在目前的825兆瓦專案中，我想問其中是否有光電模組？你們提到的「混合計畫」是指將你們的人工智慧和軟體也整合到光伏發電部分嗎？這是目前需要考慮的早期階段嗎？或者，是的，我只是想了解更多關於光伏組件的細節。

Sure. In the 825 megawatts, there are prospects that we're having dialogue with on this hybrid approach. And so yes, that does include the hybrid offering. And in terms of the way that we integrate our AI and our novel hardware, both of those are focused on Heliogen's proprietary CST technology and so we haven't looked at, at this point, applying that to PV. This is just traditional commercially available PV off-the-shelf, easy to integrate and that sort of thing. There's not anything novel from a purely PV perspective. Really, the novelty is in Heliogen's core IP applied to our concentrated solar technology offering.

當然。在825兆瓦的專案中，我們正在與一些潛在客戶探討這種混合方案。所以，是的，這確實包括混合方案。至於我們如何整合人工智慧和新型硬件，這兩項技術都專注於Heliogen的專有CST技術，因此目前我們還沒有考慮將其應用於光伏發電。我們使用的是傳統的、市面上現成的、易於整合的光伏組件。從純粹的光電發電角度來看，並沒有什麼創新之處。真正的創新之處在於Heliogen的核心智慧財產權被應用於我們的聚光太陽能技術產品。

Okay. Great. And if I can just sneak one more in. What would you say are the main risks as it relates to the timing milestones on the Capella project? Is it purely just kind of sourcing long lead items, permitting kind of normal things of that nature? Kind of how would you characterize any risks or main milestones that you guys are looking to achieve over the next 12 to 16, 18 months?

好的，太好了。如果可以的話，我再問一個問題。您認為Capella專案在時間節點方面的主要風險是什麼？只是採購交貨週期長的物料，以及其他一些常見的問題嗎？您如何描述未來12到16個月，甚至18個月內需要達成的主要里程碑或風險？

Yes, Jeff, I think the ones that you called out, you hit the nail on the head. I think if some of those kind of traditional project milestones that often occur during the development phase. And then also, it's just an approach of how we're developing the development of the testing process. And so that particular project is just to remind folks and give context for folks who are tuning in for the first time, that project is a first demonstration of our next-generation storage technology. And so we're really excited to be partnering with our customer Woodside Energy on that project. And we have a whole program kind of parallel testing and risk reduction efforts on that technology. And over the course of time, we're going to be deploying those as we continue to develop the actual project site.

是的，傑夫，我覺得你提到的那些都說到重點了。我認為，如果說開發階段經常會出現一些傳統的專案里程碑，那麼這確實很重要。此外，這也體現了我們開發測試流程的方法。所以，我在這裡要特別提醒大家，並為那些第一次關注我們專案的人提供一些背景資訊：這個專案是我們下一代儲能技術的首次演示。我們非常高興能與客戶伍德賽德能源公司合作這個計畫。我們針對這項技術制定了一整套平行測試和風險降低方案。隨著時間的推移，我們將在專案現場持續開發的同時，逐步部署這些方案。

And so I think that as we proceed with these milestones, we're going to be completing our front-end engineering design study, which will produce an updated schedule and estimate and then move towards breaking ground sometime next year.

因此，我認為隨著我們推進這些里程碑，我們將完成前端工程設計研究，這將產生更新的進度計劃和估算，然後我們將在明年某個時候破土動工。

Our next question comes from the line of Jayden Williams with Siebert Williams and Shank.

我們的下一個問題來自 Jayden Williams 與 Siebert Williams 和 Shank 的連線。

Just a question about sort of that qualified lead backlog. Is there an ideal sort of cumulative power product capacity or number of customers you'd be targeting or asked a little differently, if all of those qualified leads wanted to sign deals tomorrow, what portion do you think you'd be able to support?

我有一個關於合格銷售線索積壓的問題。您是否有一個理想的累積產能目標或客戶數量目標？或者換句話說，如果所有這些合格銷售線索都想在明天簽約，您認為您能滿足多少需求？

Look, I think right now, our objective is to increase our focus on getting contracts in the door. We will -- we do have a fully entitled Heliostat production facility that can produce a lot more than where we are in terms of our contract and backlog today. So we are excited to reach that capacity. And the quick deployment of increased capacity is something that we would consider at that point.

我認為，目前我們的目標是更專注於拿下合約。我們確實擁有一座設施齊全的定日鏡生產廠，其產能遠超我們目前的合約量和積壓訂單量。因此，我們非常期待達到這個產能。屆時，我們會考慮迅速部署新增產能。

What I can say is that we would be -- we are today equipped to do more than what we have contracted and we want to first get to 100% of that. But to Christie's point, there is a lag time between generating the pipeline to getting it to contract and that -- within that lag time, we'll have a better answer for you on how that translates into reaching the complete entitlement.

我可以肯定的是，我們目前有能力完成比合約約定更多的工作，我們希望先實現100%的合約完成率。但正如克里斯蒂所指出的，從專案啟動到最終簽訂合約之間存在時間差——在這段時間裡，我們會更好地向您說明如何最終實現全部合約約定。

Our next question is a follow-up from Rob Wertheimer with Melius Research.

我們的下一個問題是來自 Melius Research 的 Rob Wertheimer 的後續問題。

Just a couple of small ones. The Hydrogen Proxima, what's the revenue recognition like on that project?

就幾個小問題。氫能Proxima項目，這個項目的收入確認方式是怎麼樣的？

Yes. On that project, Rob, revenue recognition would be once we have the asset in operation that we get paid $10 per kilogram of hydrogen produced. And so revenue would be recognized over the course of time once that contract is underway and the asset is generating hydrogen.

是的。羅布，關於那個項目，收入確認的時機是資產投入運作後，我們每生產一公斤氫氣就能收到10美元的款項。因此，一旦合約生效且資產開始生產氫氣，收入就會在一段時間內逐步確認。

Now if, for example, the project were to be acquired by an equity investor, then we would recognize that revenue -- that revenue recognition would be pulled forward and we could be recognizing at an earlier stage. So we do have inbound interest from parties interested in participating as an equity investor in that project. And so that's a possibility. But as currently structured, revenue recognition happens based on the offtake contract, which is once the hydrogen is being produced.

例如，如果該項目被股權投資者收購，那麼我們將提前確認收入——這部分收入的確認將提前，我們可以更早確認收入。目前確實有一些投資者對參與該專案股權投資表現出興趣。所以，這是一種可能性。但就目前而言，收入確認是基於承購合同，也就是在氫氣生產完成後才進行。

Perfect. And I know it's early to talk about gross margins on projects that you haven't fully brought in the backlog yet. But how are you thinking about pricing on this? I know you have a lot of manufacturing talent. I know you have a factory that can ramp up pretty far and your costs will come down over time. I -- anyway, how do you think about gross margin on early projects, whether you get people -- how do you think about gross margin on early projects?

太好了。我知道現在談論尚未完全納入訂單儲備的項目的毛利率還為時過早。但是，您是如何考慮定價的呢？我知道您擁有許多製造人才，也知道您的工廠產能可以迅速提升，而且隨著時間的推移，成本也會下降。總之，您是如何考慮早期專案的毛利率的？您是否會考慮人員配置？您是如何考慮早期專案的毛利率的？

Yes, of course. I love that you came back to that question 3 times over in the same time, Rob. But look, I think -- but we are intently focused on delivering gross margin. We believe that in the next couple of years as we ramp up our production and to the conversation we had earlier, get more contracts through the door within the forecasted period when over the next 3 years, we expect to get there. My view on gross margin is we have today a compelling product that can demand market pricing. And we are coming down the cost curve as we ramp up our manufacturing facility to entitlement, we'll be presenting more of that detail over the course of this year as we come back to you periodically.

當然可以。羅布，我很高興你在同一時間段內三次提到這個問題。不過，我認為──我們目前正全力以赴地提升毛利率。我們相信，隨著未來幾年產能的提升，以及我們之前討論過的，在未來三年內（我們預計）能夠獲得更多合同，我們將能夠實現這一目標。我認為，就毛利率而言，我們目前擁有極具競爭力的產品，可以以市場價格定價。隨著我們生產設施逐步達到產能標準，我們的成本也不斷下降。今年我們會定期向您報告更多細節。

But there are no projects that we would be considering in the long term that would not be yielding gross margin, both on a project basis and on an aggregate basis. Today, we are expanding our market share. So there is a level of flexibility we demonstrate on that in order to ensure that our technology is more present and prominent versus other incumbents. And for that reason, there is there's a fine balance between margin versus revenue, but we'll keep you posted as new contracts come through the door.

但從長遠來看，我們不會考慮任何無法帶來毛利率的項目，無論從單一項目還是整體來看都是如此。目前，我們正在擴大市場份額。因此，我們在這方面展現出一定的靈活性，以確保我們的技術比其他競爭對手更具優勢和影響力。正因如此，利潤率和收入之間需要保持微妙的平衡，但我們會隨時向您通報新合約的進度。

We have no more phone questions, but we do have one question submitted from the audience. How are you reaching out to potential customers to use this technology? Is your sales approach based on the potential of the technology or the vital importance that an alternative technology must be implemented sooner rather than later.

我們已收到所有電話提問，但收到一位現場觀眾的提問。您是如何聯絡潛在客戶，讓他們使用這項技術的？您的銷售策略是基於這項技術的潛力，還是基於盡快實施替代技術的迫切性？

Thank you, operator. We are -- to address that question, we are absolutely meeting and selling on the basis of necessity. We have found that industrial consumers of energy without exception, are driven by economics, and that includes both their operational requirements, and their own cost benefit assessment looking at the value of what our solutions can provide financially in terms of carbon reduction and they do look at both now and in the future.

謝謝接線生。關於您提出的問題，我們完全是基於實際需求開展業務和銷售的。我們發現，所有工業能源使用者都無一例外地受到經濟因素的驅動，這包括他們的營運需求，以及他們自身對成本效益的評估，即評估我們的解決方案在減少碳排放方面的經濟價值。他們既考慮當前，也考慮未來。

Now there may also be emotion involved. In fact, one of our customer executives told us that he's excited to work with our technology because he said, "I know that I owe it to my kids to help put the planet on a better path than it's been on." But ultimately, the way that we approach sales is to show how Heliogen can deliver dispatchable, high-capacity factor clean energy to help customers both meet their operational and their carbon reduction and financial objectives. And so that's -- hopefully, that addresses that question from the investor.

當然，其中也可能包含情感因素。事實上，我們的一位客戶高管告訴我們，他很高興能與我們的技術合作，因為他說：「我知道我有責任為我的孩子們盡一份力，讓地球走上一條比以往更好的道路。」但歸根結底，我們的銷售策略是向客戶展示Heliogen如何提供可調度、高容量係數的清潔能源，從而幫助他們實現財務營運、碳減排和財務目標。希望這能解答投資者的疑問。

With that, I understand that was the last question that we had coming in. And so I wanted to thank everyone, again for tuning in and for your support of Heliogen, and we look forward to the next business update for you all. Thank you.

由此看來，這是我們收到的最後一個問題了。再次感謝大家的收看和對Heliogen的支持，我們期待下次為大家帶來業務更新。謝謝。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

謝謝。今天的電話會議到此結束。您可以掛斷電話了。感謝您的參與，祝您有美好的一天。