Energy Vault Holdings Inc (NRGV) 2024 Q2 法說會逐字稿

Good day, and welcome to Energy Vault's Second Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

美好的一天，歡迎參加 Energy Vault 2024 年第二季財報電話會議。所有參與者將處於僅聽模式。【操作員說明】今天的示範結束後，將有機會提問。[操作員說明] 請注意此事件正在被記錄。

I would now like to turn the conference over to Michael Beer, Chief Financial Officer for Energy Vault. Please go ahead.

我現在想將會議交給 Energy Vault 財務長 Michael Beer。請繼續。

Thank you. Hello, and welcome to Energy Vault's second quarter 2024 financial results conference call. As a reminder, Energy Vault's second quarter earnings press release and presentation are available now on our investor website and we will be referring to the presentation during this call. A replay of this call will be available later today on the Investor Relations page of our website. This call is now being recorded. If you object in any way, please disconnect now.

謝謝。您好，歡迎參加 Energy Vault 2024 年第二季財務業績電話會議。謹此提醒，Energy Vault 第二季度收益新聞稿和簡報現已在我們的投資者網站上發布，我們將在本次電話會議期間參考該簡報。今天晚些時候，我們網站的投資者關係頁面將提供本次電話會議的重播。目前該通話正在錄音中。如果您以任何方式反對，請立即斷開連接。

Please note that Energy Vault's earnings release and this call contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are only estimates and may differ materially from the actual future events or results due to a variety of factors.

請注意，Energy Vault 的收益發布和本次電話會議包含前瞻性陳述，這些陳述存在風險和不確定性。這些前瞻性陳述僅是估計，可能由於多種因素而與實際的未來事件或結果有重大差異。

Please refer to our 10-Q filing for a list of factors that cause our results to differ from those anticipated in any forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements except as required by law.

請參閱我們的 10-Q 文件，以了解導致我們的結果與任何前瞻性聲明中預期的結果不同的因素清單。除法律要求外，我們不承擔公開更新或修改前瞻性聲明的義務。

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

此外，請注意，我們將展示和討論某些非 GAAP 資訊。請參閱我們的收益報告中提供的安全港免責聲明和非公認會計原則財務指標，以了解更多詳細信息，包括與可比公認會計原則指標的調節。

Joining me on the call today is Robert Piconi, our Chairman and Chief Executive Officer.

今天和我一起參加電話會議的是我們的董事長兼執行長羅伯特·皮科尼 (Robert Piconi)。

At this time, I'd like to hand the call over to Robert Piconi.

現在，我想把電話轉給羅伯特·皮科尼。

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

偉大的。謝謝你，麥克。我還想正式歡迎邁克爾·比爾 (Michael Beer) 接任我們前任首席財務官，獲得第一個季度收益。正如我們在上次財報電話會議上所宣布的那樣，他於四月加入了我們。歡迎，麥可。很高興你來到這裡。

We're also taking this call from Lugano, Switzerland from our International Headquarters here, where we conducted our Board meeting last week and our management meetings here this week.

我們也是從瑞士盧加諾的國際總部接到這個電話的，我們上週在這裡舉行了董事會會議，本週在這裡舉行了管理層會議。

During our inaugural Investor and Analyst Day last quarter in May at the New York Stock Exchange, where we updated investors on our vision, strategy and two year financial guidance, we outlined a bold plan with the following three strategic tenets. First, to address the largest and most attractive growth regions for energy storage, very critically addressing them in the business model that is most cash accretive, most profitable and the lowest risk for investors.

上個季度，我們在紐約證券交易所舉行了首屆投資者和分析師日活動，會上我們向投資者介紹了我們的願景、戰略和兩年財務指導，並概述了一項大膽的計劃，其中包括以下三個戰略原則。首先，為了解決最大和最具吸引力的儲能成長區域，非常關鍵地以對投資者來說最具現金增值、最有利可圖和最低風險的商業模式來解決這些問題。

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

只是為了強調第一點，舉個例子，我們如何應對儲存市場，例如，在中國、澳洲、美國，考慮到我剛才提到的三個因素，世界上最大的三個市場可能會有所不同，並且允許我們選擇許可使用費模式、建構和轉讓模式或建構擁有和營運模式。

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

其次，我們概述了一項提供更可預測和經常性收入流的計劃。顯然，特別重要的是，作為一家上市公司，作為純粹的整合商，我們將繼續遵守客戶的EPC 構建時間表，這些時間表可能會在獲得許可之前以三到六個月的增量進行，而其他外部因素可能會使我們面臨不穩定的情況在前兩年非常強勁的成長之後，我們今年在這裡經歷了幾個季度。

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

我們獨特的多技術和多業務模式的市場方法使我們能夠在一定程度上自由地調整我們的許可使用費、建設-轉讓和建設-運營的解決方案組合，以最好地優化我們未來的現金流。

Thirdly, offer the high growth and profitability potential within the energy storage segment. This really is about how we are optimizing our product mix and business model to drive the high unit economics in our sector, whether from our technology agnostic fit-for-purpose approach to the solutions we develop under the umbrella of our AI-enabled EMS platform, or from the ability to utilize the most attractive commercial structures and business model, including project bonding capacity in excess of $1 billion, we have multiple levers at our disposal that we're using to deliver growth at and above the market growth margins and unit economics we've outlined.

第三，儲能領域具有高成長和獲利潛力。這實際上是關於我們如何優化我們的產品組合和業務模式，以推動我們行業的高單位經濟效益，無論是從我們與技術無關的適合目的方法到我們在人工智慧支援的EMS 平台下開發的解決方案，或從利用最具吸引力的商業結構和商業模式的能力來看，包括超過10 億美元的專案擔保能力，我們擁有多種槓桿可供使用，我們可以利用這些槓桿來實現高於市場成長率和單位的成長我們已經概述了經濟學。

As we turn to our second quarter results, we demonstrated progress across all three dimensions of our strategy and in line with our latest 2024 guidance and ramping revenue later in the year due to the timing on new project starts and the then large concurrent 2025 deployments.

當我們轉向第二季度業績時，我們在戰略的所有三個方面都取得了進展，並且符合我們最新的2024 年指導方針，並且由於新項目啟動的時間和當時的2025 年大規模並發部署，今年晚些時候收入將不斷增加。

Firstly, relative to growth in the largest and most attractive regions, we announced newly booked deals, as noted in the press release, with two projects with ACEN in Australia, a large and important growth region with more coming, and uniquely as a region with the local industrial presence of investors like Korea Zinc and BHP, two of the largest mining companies in the world in their respective sectors.

首先，相對於最大和最具吸引力的地區的增長，正如新聞稿中所述，我們宣布了新預訂的交易，其中包括與澳大利亞ACEN 的兩個項目，澳大利亞是一個大型且重要的增長地區，未來還會有更多項目，並且作為一個具有獨特優勢的地區，韓國鋅業公司(Korea Zinc) 和必和必拓(BHP) 等投資者在當地的工業存在，這兩家公司是各自行業中世界上最大的兩家礦業公司。

I'll be announcing another new regional expansion for our gravity technology in just a few minutes that has not been previously announced. Secondly, relative to more predictable and recurring revenue streams, we have strong execution progress on the two projects that we will own and operate.

我將在幾分鐘內宣布我們的重力技術的另一項新的區域擴張，這是之前從未宣布過的。其次，相對於更可預測和經常性的收入流，我們將擁有和營運的兩個專案的執行進展強勁。

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

首先是位於加州卡利斯託加的美國最大的綠色儲氫項目，為加州最大的公用事業公司太平洋天然氣和電力公司提供，以及位於德克薩斯州斯奈德的Cross Trails 電池項目，我們選擇將這兩個項目保留在我們的資產負債表上考慮到經常性高利潤收入流的長期內部報酬率吸引力，這將隨著時間的推移平滑收入波動。

While these choices reduce revenue recognition this year in 2024, they will offer Energy Vault and investors additional high-margin contribution and revenue predictability going forward. As we're in the process of implementing project financing on these projects, we are expecting to return more than $40 million to the balance sheet in the Q4 of this year while increasing the IRRs on these projects in the process.

雖然這些選擇減少了今年 2024 年的收入確認，但它們將為 Energy Vault 和投資者提供額外的高利潤貢獻和未來的收入可預測性。由於我們正在對這些專案實施專案融資，我們預計今年第四季將向資產負債表返還超過 4,000 萬美元，同時提高這些專案的 IRR。

These projects are expected to be online in Q3 2024, within this quarter, and Q2 2025, respectively, and projected to add $8 million to $10 million in recurring EBITDA profit streams annually over the next 10-plus years.

這些項目預計將分別於 2024 年第三季（本季內）和 2025 年第二季上線，預計在未來 10 多年內每年增加 800 萬至 1,000 萬美元的經常性 EBITDA 利潤流。

And thirdly, relative to growth and profitability, we reported strong unit economics at 27.8% growth margins despite the lower revenue due to the mix of the projects, improving adjusted EBITDA up 12% year-over-year, which was also positively impacted due to lower cash operating expense, which was reduced by 23% over the prior year due to proactive measures taken by the company in Q4 2023 and continued vigilance and cost containment, operating efficiency, and continuing to tune our business model for product and solution realization.

第三，相對於成長和獲利能力，儘管專案組合導致收入較低，但我們的單位經濟效益仍強勁，成長率為 27.8%，調整後 EBITDA 同比成長 12%，這也受到了積極影響由於公司在2023 年第四季採取的積極措施以及持續的警覺和成本控制、營運效率以及持續調整產品和解決方案實現的業務模式，現金營運費用比前一年減少了23%。

I want to give a little more color on some of the commercial highlights from our release, and then we'll turn it back to Michael, our CFO, to review the detailed financials and get to some questions.

我想對我們發布的一些商業亮點進行更多介紹，然後我們將其轉回給我們的財務長邁克爾，以審查詳細的財務數據並回答一些問題。

Regarding the overall sales funnel, we ended the quarter with a solid contribution of new commercial opportunities, aided significantly by the prior second-half 2023 and early 2024 successful completion of large-scale battery storage projects at Nevada Energy, just outside of Las Vegas, Wellhead in Southern California, Jupiter Power in Texas, and the recently announced NRQ2 expansion into the Australian market with the two projects with ACEN totaling 400 megawatt-hour.

就整體銷售管道而言，我們在本季結束時對新的商業機會做出了堅實的貢獻，這在很大程度上得益於2023 年下半年和2024 年初內華達能源公司（位於拉斯維加斯郊外）成功完成的大型電池儲存項目，南加州的Wellhead、德克薩斯州的Jupiter Power 以及最近宣布的NRQ2 擴展到澳洲市場，這兩個項目均由ACEN 提供，總裝置容量為400 兆瓦時。

In line with our growing -- our global presence, we have also taken steps to deepen our leadership bench and our investment in our commercial teams, and thus very pleased to welcome Wes Fuller, as our new Global Head of Sales.

隨著我們不斷增長的全球影響力，我們也採取措施深化我們的領導力和對商業團隊的投資，因此非常高興歡迎 Wes Fuller 擔任我們新的全球銷售主管。

Wes has built a successful career, joining Energy Vault most recently from Powin, where he delivered on large growth initiatives in North America, building upon prior leadership roles of increasing responsibility at Sunfolding, Schneider Electric, and Siemens.

Wes 建立了成功的職業生涯，最近從 Powin 加入 Energy Vault，在此之前，他在 Sunfolding、施耐德電氣和西門子擔任領導職務，職責不斷增加，在北美實施了大型增長計劃。

I know I speak on behalf of our leadership and those employees that have had initial exposure with Wes, but it has been a pleasure to get to know him better as he has ramped up here the last month. He clearly brings a significant track record of delivering results in large-scale, dynamic, and high-growth environments, but perhaps more importantly for us, a cultural fit and alignment with our values, how we collaborate, and a shared passion to accelerate the world's clean energy transition.

我知道我代表我們的領導層和那些最初接觸過韋斯的員工發言，但很高興能更了解他，因為他上個月在這裡有所進步。他顯然在大規模、動態和高成長的環境中取得了出色的業績記錄，但也許對我們來說更重要的是，文化契合和與我們的價值觀、我們的合作方式以及加速發展的共同熱情保持一致。

Getting back to the numbers, in total, the company ended the quarter with a developed pipeline of $2.8 billion, of which over half is associated with projects being developed by either existing customers or strategic partners and investors, which obviously gives us a lot of confidence on conversion of that funnel into contract bookings.

回到數字上來，該公司本季末的開發管道總計達 28 億美元，其中一半以上與現有客戶或戰略合作夥伴和投資者正在開發的項目相關，這顯然給了我們很大的信心將該通路轉換為合約預訂。

This figure rose about $100 million from our Investor and Analyst Day in early May. Meanwhile, our backlog of $264 million now reflects the projects with ACEN in Australia, as well as new long-term service agreements at Nevada Energy, increasing roughly 17% since our Analyst Day.

與 5 月初的投資者和分析師日相比，這一數字增加了約 1 億美元。同時，我們的積壓訂單現已達到 2.64 億美元，反映出與澳洲 ACEN 的專案以及內華達能源公司新的長期服務協議，自我們的分析師日以來增加了約 17%。

While we expect a substantial portion of the project-related work to be recorded over the next 18 months, as we have seen, the actual percentage of completion accounting can create lumpiness from one quarter to the next.

雖然我們預計專案相關工作的很大一部分將在未來 18 個月內記錄，但正如我們所看到的，實際完成百分比會計可能會造成從一個季度到下一個季度的混亂。

As I highlighted earlier, with increased contribution from newly owned and operated assets, and a higher mix of software sales and long-term service agreements, we expect to improve this visibility while reducing volatility over the medium to long-term, the end result being a more profitable sales mix for the company.

正如我之前強調的那樣，隨著新擁有和經營的資產的貢獻增加，以及軟體銷售和長期服務協議的增加，我們預計將提高這種可見性，同時減少中長期的波動性，最終結果是為公司帶來更有利可圖的銷售組合。

From a balance sheet and liquidity perspective, we remain in great shape, as Michael will cover more in detail, with over $110 million in cash and no debt. And as mentioned earlier, looking at attractive project financing structures for our own projects, which will add cash back for a balance sheet while improving IRRs on these projects.

從資產負債表和流動性的角度來看，我們仍保持良好狀態，邁克爾將對此進行更詳細的介紹，我們擁有超過 1.1 億美元的現金且沒有債務。如同前面所提到的，為我們自己的專案尋找有吸引力的專案融資結構，這將為資產負債表增加現金返還，同時提高這些專案的內部報酬率。

From speaking recently to many of our investors, they have appreciated our stewardship of their investment and our management of our cost structure and cash in what remains a very dynamic and ever-changing market environment, and thus avoiding any cost-convertible debt or other dilutive financing structures, and we will continue to do so.

從最近與我們許多投資者的交談來看，他們讚賞我們在仍然充滿活力和不斷變化的市場環境中對他們的投資的管理以及我​​們對成本結構和現金的管理，從而避免了任何可成本轉換的債務或其他稀釋性債務。

While we expect capital markets, as well as energy storage trends will remain dynamic to the least, we remain highly encouraged by the structural and secular trends across the energy storage industry, particularly related to the massive uptick in pure power demand from generative AI and data centers, and thus downstream requirements for renewable energy storage and backup storage solutions.

雖然我們預期資本市場以及儲能趨勢至少將保持動態，但我們仍然對整個儲能產業的結構性和長期趨勢感到高度鼓舞，特別是與產生人工智慧和數據帶來的純電力需求大幅上升有關中心，以及下游對再生能源儲存和備用儲存解決方案的需求。

The demand now for economical 24/7 renewable solutions has been accelerated 5 to 10 years, in my opinion, as the world cannot meet the current and upcoming power demand renewably. That demand for 24/7 renewables is here today, yet no economical solutions to implement exist.

在我看來，現在對經濟的 24/7 再生能源解決方案的需求已經加速了 5 到 10 年，因為世界無法透過再生能源滿足當前和即將到來的電力需求。如今，對 24/7 再生能源的需求已經存在，但尚不存在經濟的解決方案可供實施。

This not only represents a tremendous opportunity, but is really core to our mission and founding of the company, but it is also an imperative, really a moral imperative for our planet and a massive inflection point for renewables and storage as the world seeks to turn back to all forms of power generation, fossil, small modular reactor, et cetera.

這不僅代表著一個巨大的機遇，而且是我們使命和公司創立的核心，而且對於我們的星球來說，這確實是一種道德要求，也是世界尋求轉變時可再生能源和存儲的一個巨大拐點。回到所有形式的發電、化石能源、小型模組化反應器等等。

Increasingly, as these new chips heat up the data centers, these same data centers will be heating up the world at an accelerated rate, enter, therefore, innovation in what Energy Vault and many companies like us are focusing on. It is our mission as a company and the passion of our people that will solve it through teamwork, innovation, courage, fortitude, and pure will and execution despite the obstacles thrown in front of us.

隨著這些新晶片越來越多地加熱資料中心，這些相同的資料中心將以更快的速度加熱世界，因此，創新成為 Energy Vault 和像我們這樣的許多公司所關注的焦點。我們作為一家公司的使命和員工的熱情將透過團隊合作、創新、勇氣、堅韌、純粹的意志和執行力來解決這個問題，儘管我們面前遇到了障礙。

As we look toward the balance of 2024 and 2025, we will continue to make progress on our core objectives, leveraging our unique technology and solution-based approach across all durations and targeted geographies to create real and sustainable competitive advantage in an otherwise highly commoditized space in conventional batteries. As demand for long and ultra-long duration storage continues to grow, Energy Vault is and will continue to be uniquely positioned to capture a growing market share.

展望2024 年和2025 年，我們將繼續在我們的核心目標上取得進展，在所有期限和目標地區利用我們獨特的技術和基於解決方案的方法，在高度商品化的領域創造真正和可持續的競爭優勢在傳統電池中。隨著對長期和超長期儲存的需求持續增長，Energy Vault 正在並將繼續處於獨特的地位，以佔領不斷增長的市場份額。

I would like to finish to touch upon what we announced yesterday and a new announcement and regional expansion with our gravity energy storage that has not yet been previously announced. As some of you may have seen, we announced yesterday with site and concession owner Carbosulcis, a new 100-megawatt hybrid gravity and lithium-ion energy storage project on the island of Sardinia at the location of the largest former operating coal plant and mining site in Italy and one of the largest bi-subterraneous coal reserve sites in Europe.

最後，我想談談我們昨天宣布的內容，以及之前尚未宣布的重力儲能的新公告和區域擴張。正如你們中的一些人可能已經看到的，我們昨天與場地和特許權所有者Carbosulcis 宣布，在撒丁島最大的前運營煤電廠和採礦場所在地建立一個新的100 兆瓦混合重力和鋰離子儲能項目位於義大利，是歐洲最大的雙層地下煤炭儲備地之一。

Beginning with a courageous vision of Francesco Lippi, CEO of Carbosulcis, to transform the coal site to a carbon-free technology hub, while preserving jobs for the local community. Energy Vault is entering now to accelerate its vision with a new hybrid energy storage system approach to address the unique topology, which includes 500-meter depth mining shafts.

Carbosulcis 執行長 Francesco Lippi 的大膽願景始於將煤炭基地轉變為無碳技術中心，同時為當地社區保留就業機會。Energy Vault 現在正在透過一種新的混合能源儲存系統方法來加速其願景，以解決包括 500 公尺深礦井在內的獨特拓撲結構。

This unique solution leverages Energy Vault's new modular pumped hydro gravity energy storage technology called the EV0, the zero, by the way, because we are returning to some of the original incarnations of our technology using water reservoirs.

這種獨特的解決方案利用了 Energy Vault 的新型模組化抽水重力儲能技術，稱為 EV0，順便說一下，即零，因為我們正在回歸使用水庫的技術的一些原始版本。

The first full commercial scale EV0 units will be delivered to the site in Sardinia in the next 60 days, and then installation, testing, commissioning, and operation will commence and be completed in 2025.

第一批完整商業規模的 EV0 機組將在未來 60 天內交付到撒丁島現場，然後安裝、測試、調試和營運將於 2025 年開始並完成。

The gravity system will be complemented by a lithium-ion battery array with all power charging, discharging, asset management, and economic dispatch orchestrated by Energy Vault's VaultOS Energy Management Software Platform, or EMS.

重力系統將得到鋰離子電池陣列的補充，所有充電、放電、資產管理和經濟調度均由 Energy Vault 的 VaultOS 能源管理軟體平台（EMS）協調。

This first-of-a-kind hybrid system represents a unique solution to a very specific and unique need to capture energy storage leveraging existing infrastructure, in this case, mine shafts, and gravity, which is the basis of 90% of all energy storage in the form of pumped hydroelectric dams today.

這種首創的混合系統代表了一種獨特的解決方案，可滿足利用現有基礎設施（在本例中為礦井和重力）捕獲能量儲存的非常具體和獨特的需求，重力是所有能量儲存的90 % 的基礎今天以抽水蓄能水壩的形式出現。

And finally, before I turn it back to Michael, it gives me great pleasure to announce that we are again expanding our regional presence with our first EVx gravity energy storage system in Brazil, with Brazil's state-owned oil and gas conglomerate Petrobras.

最後，在我回到邁克爾之前，我非常高興地宣布，我們將與巴西國有石油和天然氣集團 Petrobras 合作，再次擴大我們在巴西的第一個 EVx 重力儲能係統的區域業務。

Petrobras is committed to a clean energy transition in Brazil, and we are happy to support their efforts with our gravity energy storage systems to be co-located at one of their refining sites. We will be sharing more details on this exciting relationship and regional expansion in the coming months.

巴西國家石油公司致力於巴西的清潔能源轉型，我們很高興透過將我們的重力儲能係統部署在他們的煉油廠之一來支持他們的努力。我們將在未來幾個月分享有關這一令人興奮的關係和區域擴張的更多細節。

With that, I'll turn it back to Michael Beer, who will show more financial details for the quarter. Michael?

說到這裡，我將把它轉回邁克爾比爾，他將展示本季的更多財務細節。麥可？

Thanks, Rob. During the second quarter, the company reported revenue of $3.8 million, reflecting the successful completion of battery projects in the US, along with contribution from software and long-term service agreements. Consistent with our full year guidance, revenue was down versus prior year due to the timing of project and percentage of completion accounting.

謝謝，羅布。第二季度，該公司報告營收為 380 萬美元，反映出美國電池計畫的成功完成，以及軟體和長期服務協議的貢獻。與我們的全年指導一致，由於專案時間安排和完成會計百分比，收入較上年下降。

The company did announce a new battery storage project in Australia with ACEN during the period, but we expect most of that revenue to be recognized later this year and next, as part of our $264 million revenue backlog.

在此期間，該公司確實宣布了與 ACEN 在澳洲的新電池儲存項目，但我們預計大部分收入將在今年稍後和明年確認，作為我們 2.64 億美元積壓收入的一部分。

Including our new gravity license in Southern Africa with GESSOL, we expect to recognize later this year, along with one to two new battery storage projects expected to commence construction before year-end. We are reaffirming our full-year revenue guidance of $50 million to $100 million.

我們預計將在今年稍後獲得 GESSOL 在南部非洲的新重力許可證，以及一到兩個新電池儲存項目預計將在年底前開始建造。我們重申全年收入指引為 5,000 萬至 1 億美元。

Our gross margin was 27.8% for the second quarter, up from 9.8% a year ago, reflecting favorable revenue mix as projects were completed. Through the first-half, the gross margin is tracking at 27%, above the guided range of 15% to 25% for the full-year of 2024.

我們第二季的毛利率為 27.8%，高於去年同期的 9.8%，反映出專案完成後良好的收入組合。上半年，毛利率維持在 27%，高於 2024 年全年 15% 至 25% 的指導範圍。

From an adjusted EBITDA perspective, during the second quarter, our adjusted EBITDA was negative $15.8 million, which improved 12%, or $2.3 million year over year. Adjusted operating expenses declined to 23% in the quarter on a year-over-year basis, to $16.9 million.

從調整後 EBITDA 的角度來看，第二季調整後 EBITDA 為負 1,580 萬美元，年增 12%，即 230 萬美元。本季調整後營運費用年減 23%，至 1,690 萬美元。

GAAP results included a $1.7 million restructuring charge associated with reorganizational and realignment, as well as other cost-side measures discussed earlier this year and during the company's Investor and Analyst Day on May 9. Along with the $600 million (technical difficulty) impairment associated with the company's move to a corporate office in Westlake Village, California.

GAAP 業績包括與重組和調整相關的 170 萬美元重組費用，以及今年稍早和 5 月 9 日公司投資者和分析師日期間討論的其他成本方面措施。加上因公司搬遷至加州西湖村的公司辦公室而造成的 6 億美元（技術難度）減損。

As a result, the company expects adjusted OpEx to be reduced by $3 million to $4 million in the second half, or $6 to $8 million on an annualized basis, and be around $15 million per quarter in the second-half of 2024.

因此，該公司預計下半年調整後的營運支出將減少 300 萬至 400 萬美元，年化營運支出將減少 6 至 800 萬美元，2024 年下半年每季將減少約 1,500 萬美元。

The other key non-cash items added back in Q2 were $9.5 million of stock-based compensation expense and $1.7 million in net interest income. Management continues to expect adjusted EBITDA within the range of negative $45 million to negative $60 million for the full-year.

第二季增加的其他關鍵非現金項目包括 950 萬美元的股票補償費用和 170 萬美元的淨利息收入。管理層仍預計全年調整後 EBITDA 在負 4,500 萬美元至負 6,000 萬美元之間。

From a cash perspective, as of June 30, 2024, the company had $113 million in cash, cash equivalents, and restricted cash, leaving us well-positioned to continue our growth strategy and execute on our projects. Our primary uses of cash, our cash operating expenses and working capital needs associated with equipment purchases for our energy storage projects and expenditures for those projects we have chosen to own and operate, which will be largely offset by anticipated project finance and the monetization of tax credits.

從現金角度來看，截至 2024 年 6 月 30 日，公司擁有 1.13 億美元的現金、現金等價物和限制性現金，這使我們有能力繼續我們的成長策略並執行我們的專案。我們的現金主要用途、現金營運支出和與儲能項目的設備採購以及我們選擇擁有和運營的項目支出相關的營運資金需求，這將在很大程度上被預期的項目融資和稅收貨幣化所抵消學分。

Restricted cash remains very manageable at just $6.1 million, a slight increase from the prior quarter, reflecting cash back letters of credit for new project awards. But this is well below the $35.6 million at year-end 2023.

受限現金仍然非常易於管理，僅為 610 萬美元，比上一季略有增加，反映出新項目獎勵的現金回饋信用證。但這遠低於 2023 年底的 3,560 萬美元。

As Rob mentioned, we maintain bonding capacity in excess of $1 billion to facilitate additional growth projects as we desire. Management still expects our year-end cash balance to be within the range of $75 million to $125 million.

正如 Rob 所提到的，我們保持超過 10 億美元的黏合能力，以促進我們希望的更多成長項目。管理層仍預計我們的年終現金餘額將在 7,500 萬美元至 1.25 億美元之間。

With that, I'll hand the call back to Rob.

這樣，我會將電話轉回給 Rob。

Great. Thank you, Michael. Just in closing here, as I normally do, I want to start by thanking all of our employees in the company for their dedication to the mission and working through what remains a volatile, dynamic environment, both for energy storage, geopolitically, and with all the many distractions we have, their focus on our customers in the end and delivering for our customers.

偉大的。謝謝你，麥可。在此結束時，正如我通常所做的那樣，我首先要感謝公司所有員工對使命的奉獻精神，並在仍然不穩定、動態的環境中努力工作，無論是在能源儲存方面，還是在地緣政治方面，以及在所有方面我們有很多幹擾，他們最終專注於我們的客戶並為我們的客戶提供服務。

Also, official welcome, again, to Michael Beer and joining our leadership team, as well as Wes Fuller, most recently in his global sales role.

此外，再次正式歡迎邁克爾比爾 (Michael Beer) 加入我們的領導團隊，以及韋斯富勒 (Wes Fuller)，他最近擔任全球銷售職位。

With that, operator, we will turn it back to you and be ready to answer some questions.

接線員，我們會將其轉回給您並準備好回答一些問題。

We will now begin the question-and-answer session to ask a question. (Operator Instructions)

我們現在將開始問答環節來提出問題。（操作員說明）

Thomas Boyes, TD Cowen.

托馬斯·博伊斯，TD·考恩。

Appreciate you taking the questions. First one from me, just given the focus on owning and operating specific projects following the Investor Day, are there specific applications of your technology where you're more likely to own and operate?

感謝您提出問題。我的第一個問題是，鑑於投資者日之後的重點是擁有和經營特定項目，您的技術是否有您更有可能擁有和經營的特定應用？

When looking at kind of the gravity portfolio, you have an EVx system up and running in China. You just had announced the EVx system where you'll also be an owner and operator. You should be -- you kind of expect more attention for those systems and maybe an EVy than, say, additional EVx projects. How do you think about that split?

當考慮重力投資組合時，您會發現在中國有一個 EVx 系統正在運作。您剛剛發布了 EVx 系統，您也將成為該系統的所有者和運營商。你應該——你期望這些系統以及 EVy 比其他 EVx 項目得到更多關注。您如何看待這次分裂？

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

太好了，謝謝托馬斯，很高興聽到你的聲音。是的，不存在與擁有和營運相關的特定技術。我認為，如果你看看我們已經在資產負債表上開發的前兩個項目，即卡利斯託加項目，它是一個綠色氫的組合，因此與鋰離子的使用壽命超長，然後第二個是德州的純電池儲能。

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

因此，我們將根據專案的經濟性和適合我們的情況來考慮這一點。此外，專案融資也變得非常重要。這是金融市場中仍然相當強勁和有吸引力的垂直行業之一。

So we look at that and really not as specific to the technology, but more to the attractiveness of the project. So to be clear, you can expect that you may see combinations of gravity and lithium-ion, like we just announced for Sardinia, for example. And we announced that we're planning to own and operate that site. We've already announced the green hydrogen lithium-ion and the pure play lithium-ion.

因此，我們關注的並不是具體的技術，而是專案的吸引力。因此，需要明確的是，您可以預期您可能會看到重力和鋰離子的組合，例如我們剛剛宣布的撒丁島。我們宣布我們計劃擁有並經營該網站。我們已經發布了綠色氫鋰離子和純鋰離子電池。

So the main focus there is going to be across our portfolios. We evolve it in looking at some of the pure build and transfer models and looking at some of what we call EEQ projects, where we're just delivering equipment and not having the exposure on the EPC side, where we take risk on construction and some of the other supplier sides. So we're going to balance that and I think have a portfolio that can, we believe, optimize both our cash, cash returns as well as the longer-term profitability and fundamental unit economics of the business.

因此，主要關注點將是我們的投資組合。我們透過研究一些純粹的建造和轉移模型以及一些我們所謂的EEQ 專案來發展它，在這些專案中，我們只是交付設備，而沒有暴露在EPC 方面，在這些專案中，我們在施工和一些方面承擔風險。因此，我們將平衡這一點，我認為我們的投資組合可以優化我們的現金、現金回報以及業務的長期獲利能力和基本單位經濟效益。

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

欣賞它。這非常有幫助。然後對於後續行動，我只是希望我們能得到更多信息，也許是如東的性能更新以及 EDx 的性能情況，您可以分享的任何內容，例如往返效率或其他類型的性能指標讓我們知道該系統的運行情況。

Sure. Yes, we're just awaiting the final approval to operate fully to the grid. As we announced before, we're already charging and discharging to the grid, and there's been announcements locally in China that our partner did. The last ones we saw were June 19.

當然。是的，我們正在等待最終批准全面併網運營。正如我們之前宣布的那樣，我們已經在向電網充電和放電，並且我們的合作夥伴在中國本地也宣布了這一點。我們最後一次見到是在 6 月 19 日。

They hosted a media day where they demonstrated the project to a host of both local media and media from other provinces. So we are still just awaiting the final approval there locally on full charge and discharge for the asset. We actually have a team there even on the ground.

他們舉辦了媒體日活動，向當地媒體和其他省份的媒體展示了這個計畫。因此，我們仍在等待當地對該資產的完全充電和放電的最終批准。實際上，我們甚至在地面上也有一個團隊。

One of our technical teams and support teams are there with CNTY here as we speak, actually this week. So we're awaiting that and part of their visit there is to also take the initial performance measurements on a multi-site basis there. So we're expecting something shortly, Thomas, and we'll be announcing those performance metrics as we get that from the site.

事實上，就在我們說話的時候，我們的一個技術團隊和支援團隊就在本週，與 CNTY 在一起。因此，我們正在等待這一點，他們訪問的一部分也是在多站點的基礎上進行初步效能測量。因此，托馬斯，我們很快就會期待一些事情，當我們從網站上獲得這些性能指標時，我們將宣布這些指標。

Excellent. Thanks so much. Will hop back into the queue.

出色的。非常感謝。將跳回到佇列中。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

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

晚上好，我想就在那裡。所以，當我們考慮你們的兩年收入指導時，我首先想到幾件事，我有點——我看到你們在積壓工作中發布了一些項目公告，但是當我們—— - 當我們嘗試評估這一點並考慮您需要什麼獎項時，您能否談談機會的管道以及我們應該尋找什麼來增強對收入指導的信心下一個總計兩年期？

Sure. I think some of the milestones you should look for over the, let's say, the rest of the year since we're into about four, 4.5 months left are specific conversions of projects from that developed pipeline category into actual bookings.

當然。我認為你應該在今年剩餘的時間裡尋找一些里程碑，因為我們還剩下大約四、4.5個月，這些里程碑是專案從已開發的管道類別到實際預訂的具體轉換。

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

所以我認為這很重要。史蒂芬，你會記得，在投資者日，我們實際上強調了一些非常大的項目，但沒有命名。在某些情況下，我們尚未獲得批准指定客戶的名稱。

So I think you should look for conversion of some of those to awards and bookings that then would fill in what we've announced over the next -- our two-year revenue that we announced essentially, which was the $500 million to the $700 million. So obviously, from where we sit today and given the nature of some of the larger projects in our portfolio, you would need to see some of those convert here in the coming in the second half of the year, let's say.

因此，我認為您應該尋求將其中一些轉化為獎項和預訂，然後將其填寫在我們接下來宣布的內容中——我們基本上宣布的兩年收入，即 5 億美元到 7 億美元。顯然，從我們今天的立場來看，考慮到我們投資組合中一些較大項目的性質，你需要在今年下半年看到其中一些項目的轉換。

The other thing I reference, as I mentioned in my upfront portion, is that a lot of those deals in that developed pipeline are also with strategic investors or, in some cases, partner companies in the sense that they're -- people that are known to us.

正如我在前面部分提到的，我提到的另一件事是，在已開發的管道中，許多交易也是與戰略投資者或在某些情況下與合作夥伴公司進行的，因為他們是— —我們知道。

They aren't new customers. They may be even customers, as I mentioned earlier, that we've already done projects with or completed projects with. So that obviously gives us and gave us a high level of confidence to be able to project that two-year revenue.

他們不是新客戶。正如我之前提到的，他們甚至可能是我們已經合作過或完成專案的客戶。因此，這顯然給了我們很大的信心，讓我們能夠預測兩年的收入。

So I would say those markers are going to be important. I think some of the things we announced, and I'll give a little bit more color on that regionally. So I think Australia is going to continue to play a large role as we've announced the first project that's underway with ACEN. ACEN is quite a large player in Southeast Asia, and having the storage portion in part owner of one of the largest solar sites, 720 megawatts in Australia.

所以我想說這些標記將會很重要。我認為我們宣布的一些事情，我將在區域方面提供更多的色彩。因此，我認為澳洲將繼續發揮重要作用，因為我們已經宣布了與 ACEN 正在進行的第一個項目。ACEN 在東南亞是相當大的參與者，並擁有澳洲最大的太陽能站點之一（720 兆瓦）的部分儲存部分。

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

我想，正如我在發言中提到的，我們在澳洲、韓國鋅業和必和必拓擁有戰略投資者，他們顯然正在投資自己的一些綠色能源轉型以及他們已經公開的專案。

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

所以我想說其中一些，我會在未來三到四個月內尋找這些里程碑，你確實需要看到這些，對吧，因為為了讓我們轉換並達到我們預計的收入水平，你需要查看一些更大的項目公告。

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

明白了，好吧，現在這非常有幫助。然後另一個，很快，當你考慮建造和轉讓、擁有、運營等等時，你是不是——對於你真正想要擁有和運營的一些東西來說，完全是由客戶驅動的，因為長期回報和經常性收入？你如何平衡這一點？

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

順便說一句，這是一種平衡，但更多的是後者關於我們如何看待投資組合。當我們審視能源儲存生態系統中的利潤池時，從供應和設備方面一直到整合商方面，再到服務和軟體，還包括獨立的電力和電力所有權並重新提供給公用事業公司或最終用戶。

So when you look at that ecosystem, we've done a lot of work in looking at where those profit pools are. But as well, and as you well know, as a public company, if we were to just play, for example, which we don't today, we're a little more diversified than that, but if we were just to play in the integrator space, you're subject to the lumpiness that we see.

因此，當您查看該生態系統時，我們已經做了很多工作來了解這些利潤池在哪裡。但是，眾所周知，作為一家上市公司，如果我們只是想玩，例如，我們今天不這樣做，那麼我們會比這更加多元化，但如果我們只是想玩在積分器空間中，您會受到我們所看到的塊狀的影響。

And even in our large growth, the first two years, our first year, $148 million, our second year, $345 plus million, we had quarters that were very lumpy, and being no stranger to public companies, as you know, Stephen, it's tough to maintain that type of quarterly cadence.

即使在我們的大幅成長中，前兩年，第一年1.48 億美元，第二年3.45 億美元，我們的季度也非常不穩定，對上市公司來說並不陌生，正如你所知，史蒂芬，這是很難維持這種季度節奏。

And thus both for profitability, for cash. And as we look at attractiveness and diversity in our portfolio, we believe this is a strong strategic move for us to make for investors and from just a pure cash and return perspective, what we think over the mid to long-term, there's really not a public corollary to a portfolio like we've developed and including a strong portfolio as a storage IPP, where you've got long-term contracts, you have EBITDA streams of 75% profit plus.

因此，無論是為了獲利，還是為了現金。當我們審視我們投資組合的吸引力和多樣性時，我們相信這是我們為投資者做出的一項強有力的策略舉措，從純粹的現金和回報角度來看，我們對中長期的看法確實沒有這是我們開發的投資組合的公共推論，其中包括作為存儲 IPP 的強大投資組合，您擁有長期合同，您的 EBITDA 流可達 75% 以上的利潤。

And again, with assumptions in and around the type of project financing, we believe we can get. And when you have a player like us that has the team that's experienced in a way in terms of building projects, commissioning them, and understanding how to service them over time, you leverage that experience set into operating and delivering over time, and it gives you the ability to leverage and understand supply chain operation, where to take money out of the system, where to optimize costs, and no secret, lithium-ion batteries have come down in price so much.

再次，根據專案融資類型及其周圍的假設，我們相信我們可以得到。當您擁有像我們這樣的參與者，擁有在建立專案、調試專案以及了解如何隨著時間的推移為它們提供服務方面經驗豐富的團隊時，您可以利用這些經驗來隨著時間的推移進行運作和交付，並且它可以提供你有能力利用和了解供應鏈運作，從系統中哪裡取錢，在哪裡優化成本，眾所周知，鋰離子電池的價格已經下降了很多。

And all of a sudden, these other components, the balance of plant, become a larger percentage of project and we've got tremendous expertise, probably some of the best in the world in civil and structural engineering, the material science around looking at taking both costs out, but also optimizing construction sequencing, taking time out of the sequences it takes to actually build.

突然之間，這些其他組成部分，即工廠的平衡，在項目中佔據了更大的比例，我們擁有豐富的專業知識，可能是土木和結構工程、材料科學領域世界上最好的一些專業知識。兩者都節省了成本，而且還優化了建置順序，從而節省了實際建置序列所需的時間。

And therefore, the overall labor cost and provisioning of materials at sites. These are all things that when you get into margins, like we're talking about, which as we've reported here, even into the 15%, 20%, 25%, if we want to push those even higher, we really are pulling apart that cost equation. And we're taking out, in some sense, some of the profit pools that you would typically pay others to in moving to that own and operate model as well.

因此，總的勞動成本和現場材料的供應。這些都是當你進入利潤率時，就像我們正在談論的那樣，正如我們在這裡報道的那樣，甚至達到15%、20%、25%，如果我們想把這些利潤推得更高，我們真的是拆開這個成本方程式。從某種意義上說，我們正在剔除一些你通常會向其他人支付的利潤池，以轉向擁有和營運模式。

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

所以我認為，結束你的問題，後一部分，更多的是，更少的客戶驅動，因為我們確實有卡利斯託加、PG&E 的客戶，第一個是被設計為 PPA 的 RFP或收費類型的協議，因此這是客戶驅動的協議，但在早些時候，我們對該項目很感興趣，我們可以出售該項目。

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

我們有興趣並且繼續有興趣。然而，考慮到我們在這種商業模式中看到的回報，出於我提到的原因，我認為保留它對我們來說很有意義。

Great. That's a great color. Thank you.

偉大的。這是一個很棒的顏色。謝謝。

(Operator Instructions)

（操作員說明）

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯、圖伊兄弟。

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

你好。我有幾個問題。我想知道你是否可以提供一些觀點。現在，隨著有關義大利（前礦場）計畫的公告，就 EVx 系統的實施時間表而言，從該計畫啟動時的中國轉移到施耐德，現在轉移到該計畫在義大利。我只是想知道後續專案中哪些內容可能會進展得更快，以及是否有哪些內容可能會變慢，只是，我不知道，是供應鏈還是其他問題？

Yes. It's a great question, especially as you refer to the project in Sardinia, where, as I mentioned, we're actually going to have the full-scale EV0, which are essentially these special vessels that are made out of fabric.

是的。這是一個很好的問題，特別是當你提到撒丁島的項目時，正如我所提到的，我們實際上將擁有全尺寸的 EV0，它本質上是由織物製成的特殊船隻。

And we -- for a lot of competitive reasons and confidentiality, we haven't shared a lot with the market about it. I think sharing the fact that we're actually delivering full-scale fabric vessels that I'm referring to here on the call, since you asked for the first time, we are moving very quickly because in this case.

而我們——出於許多競爭原因和保密性，我們沒有與市場分享很多相關資訊。我想分享這樣一個事實，即我們實際上正在交付我在電話中提到的全尺寸織物容器，自從您第一次提出要求以來，我們正在迅速行動，因為在這種情況下。

If you look at this, what we're referring to as a modular pumped hydro system, we have IT around an ultra-low-cost way to hold liquid, in this case water, and all the other components in our modular pumped hydro system for Sardinia, where we're going deep into mine shafts, are from existing infrastructure that's utilized in pumped hydro.

如果你看一下這個，我們所說的模組化抽水蓄能係統，我們的IT 是圍繞著一種超低成本的方式來容納液體（在本例中是水）以及我們的模組化抽水蓄能係統中的所有其他組件對於撒丁島，我們要深入礦井，來自抽水蓄能利用的現有基礎設施。

So, penstocks, a turbine, so, these are things that have been used with pumped hydroelectric for 100 years. So, as a result, to your question on speed, and since we've done testing on this solution for the last 18 months, so this has all been done under the radar, we've been testing this new modular pumped hydro system and circulating it.

壓力水管、渦輪機等這些東西已經與抽水蓄能發電一起使用了 100 年。因此，對於你關於速度的問題，由於我們在過去 18 個月裡對此解決方案進行了測試，所以這一切都是在雷達下完成的，我們一直在測試這個新的模組化抽水蓄能係統，流傳它。

That's actually now been under accelerated life testing over 10-years of time. This is a system that's going to move very quickly, and we'll have applications not only going below ground. So, that is something new. That's a new segment that I think we haven't referred to really yet of the market. There's other sort of fledgling and early seed stage type of gravity companies that started to target that market.

事實上，它現在已經接受了超過 10 年的加速壽命測試。這是一個發展速度非常快的系統，我們的應用程式不僅會進入地下。所以，這是新事物。這是一個新的細分市場，我認為我們還沒有真正提到這個市場。還有其他類型的新興和早期種子階段類型的重力公司開始瞄準該市場。

We're doing it at scale now, and in addition, this same modular pumped hydro system can be utilized leveraging slopes and mountainsides. So, it was actually designed, and this is public. I'll reference it, but we received an award from ACWA Power, which is half owned by the public fund, the PIF, in Saudi Arabia.

我們現在正在大規模地進行這項工作，此外，同樣的模組化抽水蓄能係統可以利用斜坡和山坡。所以，它實際上是設計好的，而且是公開的。我會提到它，但我們獲得了 ACWA Power 的獎項，該公司的一半股份由沙烏地阿拉伯的公共基金 PIF 擁有。

So, they're a large Middle East EPC. They're also one of the largest operators of the desalination plants through the region, and they work in places in Africa. So, they awarded us, over 20 other companies, a technology award with this new EV0 concept, and now we're working in South Africa on the first site and implementation above ground.

所以，他們是一家大型中東 EPC。他們也是該地區最大的海水淡化廠運營商之一，並在非洲的一些地方開展工作。因此，他們向我們以及其他 20 多家公司授予了這項新 EV0 概念的技術獎，現在我們正在南非開展第一個站點和地面實施工作。

So, to close on your question, the EV0 and this technology and something that's been in development will move quite quickly, I think, relative to EVx, for example, that I think you're referencing, because that's a project that has been in the 18-month plus in the first large-scale system in China, and as I just announced, in Brazil, we're going to have a first system with the largest oil and gas player there.

因此，為了結束你的問題，我認為，相對於 EVx，我認為 EV0 和這項技術以及一直在開發的東西將發展得相當快，我認為你正在引用這一點，因為這是一個已經在中國第一個大型系統已持續18 個月以上，正如我剛剛宣布的那樣，在巴西，我們將擁有第一個系統，那裡有最大的石油和天然氣公司。

So, we've been working on various iterations of our gravity technology. That is one of them. Always great to talk about new products, not just with a product, but talk about it in the scope of customers, and I think the ACWA Power announcement that was done back in February and March that's public, as well as what we just announced today with Petrobras in Brazil, it's exciting.

因此，我們一直致力於重力技術的各種迭代。那就是其中之一。談論新產品總是很高興，不僅僅是產品，而是在客戶範圍內談論它，我認為 ACWA Power 在 2 月和 3 月發布的公告以及我們今天剛發布的公告都是公開的與巴西國家石油公司合作，這令人興奮。

They're new projects, and then I think Sardinia, with the new modular pumped hydro is going to be a nice reference point and proof point for the technology, as we announce within 2025.

它們是新項目，我認為撒丁島的新型模組化抽水蓄能將成為該技術的一個很好的參考點和證明點，正如我們在 2025 年宣布的那樣。

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

好的，太好了。然後——實際上，我回想起 EVx Energy Vault 解決方案的推出，以及當時提出的關於集成完整能源管理系統級功能的願景，而現在有了這些不同的變化，甚至在重力的部署上存儲，似乎軟體層將變得更加關鍵，我想我只是想知道，在這一點上，軟體的開發是否已經到了產品化的程度，其中它是一種可以評估或查看的獨立價值，還是需要將其更多地視為特定項目的定制，每個項目在如何實施方面都有些定制？

Sure. By the way, great question. So, first of all, it's absolutely productized. We've delivered and we are operating over a gigawatt hour. The project that we've ramped up since over a year ago, starting with Wellhead in June, was the first battery project there that we ramped up the software with, and it's been operating there for over a year there.

當然。順便說一句，很好的問題。所以，首先，它是絕對產品化的。我們已經交付並運行超過十億瓦時。我們從一年多前開始啟動的項目（從 6 月的 Wellhead 開始）是我們在那裡啟動軟體的第一個電池項目，並且已經在那裡運行了一年多。

We ramped up Nevada Energy and then Jupiter, so we got quickly to the gigawatt hour and about to make that 1.3 gigawatt hour as Calistoga will be orchestrated and operated across the green hydrogen solution with lithium-ion together, so that's a hybrid system.

我們增加了內華達能源公司的產能，然後是木星公司的產能，所以我們很快就達到了吉瓦時，並且即將達到1.3 吉瓦時，因為卡利斯託加將在綠色氫解決方案中與鋰離子一起協調和運行，所以這是一個混合系統。

By the way, just to share, the fuel cells just arrived today on the site in Calistoga, and I'm so excited about that. We have the large tank is arriving Friday, and so we're getting that project here all sewn up. But in any event, to the first part of your question, it's not only productized today, but it's been the last year, and that's been the basis of what's been operating these systems.

順便說一下，燃料電池今天剛抵達卡利斯託加現場，我對此感到非常興奮。我們的大坦克將於週五抵達，所以我們正在把這個項目全部縫合起來。但無論如何，對於你問題的第一部分，它不僅今天已經產品化，而且已經是去年的產品了，這也是作業系統的基礎。

And I'll also share before I get to the second part of your question that, if you were to ask any of our customers where we've deployed that first gigawatt hour about what they thought were some of the strengths about our performance and our execution, I think uniformly they would all reference the performance of that software and the commissioning speed that we were able to bring that up, and that's a reflection of the people that built that system, the experience set that we built, the talent of the team we built to bring that up, Akshay Ladwa and his team, Shaheen, who leads some of the software development, Brad Israel.

在回答您問題的第二部分之前，我還將分享一下，如果您詢問我們的任何客戶，我們在哪裡部署了第一個千兆瓦時，他們認為我們的性能和我們的優勢是什麼？方面，我認為他們都會一致地參考該軟體的性能以及我們能夠提高的調試速度，這反映了構建該系統的人員、我們構建的經驗集、以及我們的人才。 Akshay Ladwa 和他的團隊Shaheen，他領導了一些軟體開發工作，還有Brad Israel。

And I could go on with other names, but the people that have really built that up and built that up in a way that allowed it to operate immediately without any significant hiccups is really unprecedented. There wasn't a company that announced and delivered within 12-months a gigawatt hour ever at the very beginning in their first year, and we're building upon that.

我可以繼續使用其他名稱，但是真正建立了它並以允許它立即運行而沒有任何重大問題的方式建立起來的人們確實是前所未有的。從來沒有一家公司在第一年一開始就宣布並在 12 個月內交付了 1 吉瓦時的電力，我們正在以此為基礎。

Now, Calistoga coming online, we have these follow-on projects, not only in Australia, but some in the US and others now that are going to be coming up, and it is orchestrating across multiple technologies, and that's exciting.

現在，卡利斯託加上線了，我們有這些後續項目，不僅在澳大利亞，還有美國的一些項目和其他即將推出的項目，它正在協調多種技術，這令人興奮。

This same platform, by the way, can also orchestrate across generation technologies and not just renewable, so wind, solar, but any fossil-based, so it really brings that asset management component and a lot of the predictive analytics and a lot of the AI capability that gets into the economic dispatching capabilities.

順便說一句，這個平台還可以跨發電技術進行協調，而不僅僅是可再生能源，風能、太陽能，還有任何基於化石燃料的技術，所以它確實帶來了資產管理組件和大量的預測分析以及大量的AI能力進入經濟調度能力。

And then to the second part of your question, which is absolutely fair around is this something that could be sold standalone? Well, absolutely, since it's productized, and if you look at customer sets that are looking to optimize how they're going to manage the coexistence of generation, the coexistence of different storage technologies, so very interestingly, up to this point, unless there's a new company announcement today I haven't seen, we're the only energy storage company that's delivering on multiple duration, multiple technology today under a single platform, and it puts us in a position to solve problems and respond to RFPs with solutions that people weren't even contemplating, and I mention that because of Pacific Gas & Electric was expecting a natural gas solution to solve this problem for the replacing diesel gen in that in the town of Calistoga, and we responded with something that was actually sustainable.

然後是你問題的第二部分，這是絕對公平的，這是可以單獨出售的東西嗎？嗯，絕對是，因為它已經產品化了，如果你看看那些正在尋求優化如何管理發電共存、不同存儲技術共存的客戶群，那麼非常有趣的是，到目前為止，除非有今天我還沒有看到新公司的公告，我們是今天唯一一家在單一平台上提供多種持續時間、多種技術的能源儲存公司，它使我們能夠解決問題並透過解決方案響應RFP人們甚至沒有考慮過，我提到，因為太平洋天然氣和電力公司希望有一種天然氣解決方案來解決卡利斯託加鎮更換柴油發電機的問題，而我們以實際上可持續的方式做出了回應。

No one else did, and much lower cost than what they were looking at, and that capability is something that we want to leverage not only for new storage solutions, but you can imagine customer sets that have to manage this coexistence of storage, multiple storage technologies that they may be buying piecemeal because they're trying to solve different problems, different applications.

其他人沒有這樣做，而且成本比他們所期望的要低得多，而且我們不僅希望將這種功能用於新的存儲解決方案，而且您可以想像必須管理存儲、多個存儲的共存的客戶群他們可能會零碎地購買一些技術，因為他們試圖解決不同的問題、不同的應用程式。

There is no single bullet, or sorry, silver bullet in storage because the nature of what we're solving for is different by customer, by application, and use case, so there's always going to be different and optimal technologies to solve different problems, and I think uniquely we've got a lot of the capabilities to solve that.

儲存中沒有單一的子彈，或者抱歉，沒有銀彈，因為我們要解決的問題的性質因客戶、應用程式和用例而異，因此總會有不同的最佳技術來解決不同的問題，我認為我們有很多能力來解決這個問題。

So we are in discussions with customers who are looking at leveraging our software to help them solve their existing infrastructure needs. We do demonstrations. We have customer sets that allow us to visit their sites that are operating today from the ones we've delivered, and obviously there's no better way and proof point to a new customer than having them talk to an existing one and have them see things operating in real time.

因此，我們正在與希望利用我們的軟體來幫助他們解決現有基礎設施需求的客戶進行討論。我們進行示威活動。我們擁有客戶集，允許我們從我們已交付的網站訪問他們今天正在運行的網站，顯然，對於新客戶來說，沒有比讓他們與現有客戶交談並讓他們看到運行情況更好的方法和證據了實時。

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

需要澄清的是，如果您確實有一位客戶選擇或多或少獨立安裝該平台，那麼像這樣的客戶是否會非常願意宣布這一消息，而不是一些想要等待的大型工業客戶？

Yes, every customer's a little bit different in the timing of when they want to announce something. Some are comfortable with earlier announcements. Others want to wait until something's operating, and some of them just will not announce really anything except acknowledge that a system is operating, so it really just depends, but I think as we get into standalone software sales, you'll be hearing more about that, and I think those customers, depending on if it's a utility or IPP or -- in this case, there's a lot of industrial customers that are managing their own electrification or clean energy transition where they don't have the competence or the prior experience as managing electrons.

是的，每個客戶想要宣布某事的時間都略有不同。有些人對早期的公告感到滿意。其他人想等到某些東西運行起來，其中一些人除了承認系統正在運行之外不會宣布任何事情，所以這實際上只是取決於，但我認為當我們進入獨立軟體銷售時，你會聽到更多關於我認為這些客戶，取決於它是公用事業公司還是獨立發電廠，或者——在這種情況下，有很多工業客戶正在管理自己的電氣化或清潔能源轉型，但他們沒有能力或先驗知識管理電子的經驗。

I guess I'll say, because where they're buying infrastructure in renewable and then need to couple storage, they really need that across their asset base. So, I expect you'll see announcements about that, and we'll try to share as much as we can as we develop those solutions.

我想我會說，因為當他們購買再生能源基礎設施然後需要耦合儲存時，他們確實需要在整個資產基礎上實現這一點。因此，我希望您會看到有關此問題的公告，並且我們將在開發這些解決方案時盡可能多地分享。

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

問答環節到此結束。我想將會議轉回羅伯特·皮科尼 (Robert Piconi) 發表閉幕詞。

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

謝謝你，接線生。再次，我想感謝參加此次電話會議的所有人以及所有支持該公司的投資者，我們期待將來分享更多最新消息。非常感謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。