Energy Vault Holdings Inc (NRGV) 2024 Q3 法說會逐字稿

Greetings, and welcome to Energy Vault's third-quarter 2024 earnings call. (Operator Instructions)

您好，歡迎參加 Energy Vault 的 2024 年第三季財報電話會議。（操作員說明）

And as a reminder, this conference is being recorded. It is now my pleasure to introduce to you Michael Beer, Chief Financial Officer. Thank you, Michael. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興向您介紹財務長邁克爾·比爾。謝謝你，麥可。你可以開始了。

Thank you. Hello, and welcome to Energy Vault's third-quarter 2024 financial results conference call. As a reminder, Energy Vault's third-quarter earnings press release and presentation are available now on our investor website, and we'll be referring to the presentation during this call. A replay of this call will be available later today on the Investor Relations portion of our website.

謝謝。您好，歡迎參加 Energy Vault 2024 年第三季財務業績電話會議。提醒一下，Energy Vault 第三季財報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部分將提供本次電話會議的重播。

This call is now being recorded. If you object in any way, please disconnect now.

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 results, and they may vary due to a variety of factors. 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 statement. We undertake no obligation to publicly update or revise any forward-looking statements, except as required by law.

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，可能與未來的實際結果有重大差異，並且可能因多種因素而有所不同。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任何前瞻性聲明的義務。

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

今天與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)。現在，我想把電話轉給羅伯特·皮科尼。

Great. Thank you, Michael, and good afternoon and morning and evening to everybody here on the call. Thanks for joining.

偉大的。謝謝邁克爾，祝電話中的每個人下午好、早安、晚上好。感謝您的加入。

I'm going to break precedent a little bit and start with how I normally finish my calls on our quarterly earnings, and that's starting with our people. And one word comes to mind, resiliency, not a new word or concept working in the energy storage world for us and generally storage solutions and grid resiliency. But in this case, I would like to recognize is a word that applies to our people here at Energy Vault.

我將稍微打破先例，從我通常如何完成有關季度收益的電話會議開始，而這首先是從我們的員工開始。我想到了一個詞，“彈性”，這對我們來說並不是一個新詞或概念，在能源儲存領域以及一般的儲存解決方案和電網彈性中發揮作用。但在這種情況下，我想認識到這個詞適用於我們能源庫的員工。

In the last 90 days, in particular, we've seen tremendous change and volatility in the capital markets, in the geopolitical landscape, which continues to bring uncertainties, unprecedented energy demand to support what we see driven by data center expansions and the resurgence of interest in any clean or fossil power to meet it.

特別是在過去90 天裡，我們看到資本市場和地緣政治格局發生了巨大的變化和波動，這繼續帶來不確定性，前所未有的能源需求支撐著我們所看到的資料中心擴張和能源復甦所推動的趨勢。

We've seen a lot of the news on SMRs, even Microsoft taking its interest in the Three Mile Island nuclear plant, a gap in power that clearly needs to be closed in terms of an economical solution for 24/7 dispatchable renewable energy. So it seems this future has arrived a little earlier than planned, and it will take the most resilience of all of us and companies and leadership and courage and the people that make up the foundation here of Energy Vault that I'm so proud to work alongside.

我們已經看到了很多關於 SMR 的新聞，甚至微軟也對三哩島核電廠產生了興趣，顯然需要透過 24/7 可調度再生能源的經濟解決方案來彌補這一電力缺口。因此，這個未來似乎比計劃的要早一些到來，這需要我們所有人和公司的最大韌性、領導力、勇氣以及構成 Energy Vault 基礎的人們，我很自豪能在這裡工作旁邊。

We've just had the US elections complete last week, always can be polarizing in some cases, as we've seen in the last elections, but in particular, around our national commitment to renewable energy and to clean power and meeting that rising power demand, which I believe in any outcome of the election will still support a healthy clean energy transition, and it will prevail.

我們上週剛結束了美國大選，正如我們在上次選舉中看到的那樣，在某些情況下總是會出現兩極分化，但特別是圍繞我們對可再生能源和清潔能源的國家承諾以及滿足不斷崛起的力量我相信無論選舉結果如何，這種需求仍將支持健康的清潔能源轉型，而這種轉型將會佔上風。

Strong, tough, robust, flexible, these are all synonyms for resiliency. As I was writing some of my thoughts and comments, it actually came up in the spell check as synonyms. But really, these words represent the foundational core of my colleagues here at Energy Vault that I work with, and I'm humbled to support every day due to the impact that we can have and that we see starting with our local communities that make up the global communities that our teams touch every day.

堅強、堅韌、穩健、靈活，這些都是彈性的同義詞。當我寫下我的一些想法和評論時，它實際上作為同義詞出現在拼字檢查中。但實際上，這些話代表了與我一起工作的 Energy Vault 同事的基本核心，我很榮幸能夠每天提供支持，因為我們可以產生影響，並且我們看到從組成我們的當地社區開始我們的團隊每天接觸的全球社區。

I want to touch on a few examples from some recent travels on these themes and sticking with the theme of resiliency, I just spent the last few days late last week in the community of Calistoga, California, where what we call our CRC, our California Resiliency Center, has achieved mechanical completion and beginning soft commissioning activities of what's the largest hybrid green hydrogen energy storage system in the world.

我想談談最近關於這些主題的旅行中的一些例子，並堅持彈性主題，我上週晚些時候剛剛在加利福尼亞州卡利斯託加社區度過了最後幾天，我們稱之為我們的CRC ，我們的加州彈性中心已實現世界上最大的混合綠色氫能源儲存系統的機械完工並開始軟調試活動。

Craig Horn, who leads our advanced energy storage technology group, was there to host me along with Irwin Tanu, who's our Head of Commissioning and has been, by the way, to all of our initial sites in the United States for the first gigawatt hour across three projects that we turned over in 2023 and brought up in unprecedented timeframes.

克雷格·霍恩(Craig Horn) 是我們先進儲能技術團隊的負責人，他和歐文·塔努(Irwin Tanu) 在那裡接待了我，歐文·塔努(Irwin Tanu) 是我們的調試主管，順便說一句，我們在美國的所有初始站點都進行了第一個千兆瓦時的測試。

These timeframes, I would say, not by accident, but through an approach we have taken due to the experience of our software development and team, that experience that while new as a company at Energy Vault brings people with 15-plus years experience in energy storage during its infancy and its growth, in particular, the last five to seven years, also on a multi-technology battery storage integration experience.

我想說，這些時間框架不是偶然的，而是透過我們根據我們的軟體開發和團隊的經驗而採取的方法，這種經驗雖然是Energy Vault 的一家新公司，但為擁有15 年以上能源經驗的人們帶來了儲存在其起步階段及其成長過程中，特別是最近五到七年，也累積了多技術電池儲存整合的經驗。

And the ability to turn up these systems quickly and efficiently not by any luck, of course, but through cell-level monitoring, for example, to detect problems well before they're going to manifest themselves, even prebuilding digital twins of the site design and environment. So no stone is left unturned as we go from mechanical completion to system turnup.

當然，快速有效地啟動這些系統的能力並不是靠運氣，而是透過單元級監控，例如在問題出現之前就發現問題，甚至預先建立網站設計的數位孿生和環境。因此，從機械完工到系統啟動，我們不遺餘力。

This planning enhances all of our execution in the field that our customers uniformly would speak to. Very happy others supported the visit there, including interactions up in Calistoga with the local business owners and community advocates that are excited to have a sustainable solution to the noise and pollution from diesel generators that were part of their past now wheeled in every year for the fire season, for example, or to deal with what's called PSPS or public safety power shutdown events. But a healthy amount too of wait and see as I spent and interacted in the local community. Is it safe? Will it be noisy?

這項計劃增強了我們在客戶一致談論的領域的所有執行力。非常高興其他人支持了這次訪問，包括在卡利斯託加與當地企業主和社區倡導者互動，他們很高興能找到一個可持續的解決方案來解決柴油發電機的噪音和污染問題，這些問題是他們過去的一部分，現在每年都會推出例如，火災季節，或處理所謂的 PSPS 或公共安全斷電事件。但當我在當地社區度過並互動時，也進行了大量的觀望。安全嗎？會吵嗎？

And that 150-foot long tank filled with green hydrogen. In the end, we're very excited as is the local community there to bring up this system, be the first of a kind in a microgrid, first of a kind for green hydrogen energy storage and something that we'll be replicating. But it all starts here with the local communities and that impact.

還有那個 150 英尺長的儲罐，裡面裝滿了綠色氫氣。最後，我們和當地社區都非常興奮能夠推出這個系統，成為微電網中的第一個系統，第一個綠氫能源儲存系統，我們將複製它。但這一切都始於當地社區及其影響。

And as I reflect, in particular, on the last 12 to 18 months, Reid Gardner in Nevada was a large coal plant, one of the largest polluters in the state of Nevada and us delivering a 440-megawatt hour system there in an unprecedented timeframe from four months from taking control of the site. With a hybrid system delivered with Wellhead Electric in California to the local Stanton, Orange County, Southern California residential community, where our 4-hour 275-megawatt hour system allows the gas [speaker] plant to operate less frequently, reducing GHGs by up to 70% to 90%.

正如我所反映的，特別是在過去12 到18 個月裡，內華達州的里德加德納(Reid Gardner) 是一家大型燃煤電廠，是內華達州最大的污染者之一，而我們在前所未有的時間內在那裡提供了440 兆瓦時的系統自控制該地點四個月起。透過與加州 Wellhead Electric 一起向當地南加州橘郡斯坦頓住宅社區交付混合系統，我們的 4 小時 275 兆瓦時系統可降低天然氣 [揚聲器] 工廠的運作頻率，從而減少高達70% 到90 %。

Hal Dittmer, for those of you that might have heard the name, a real pioneer in the state of California and the community, 84 years old. I hope he doesn't mind me saying that, but would not put him past the age of 55 if you see him on the street.

哈爾·迪特默 (Hal Dittmer)，對於你們中可能聽說過這個名字的人來說，他是加州和社區的真正先驅，現年 84 歲。我希望他不介意我這麼說，但如果你在街上看到他，你不會認為他已經超過 55 歲了。

All about the impact here, and I would really be remiss with not spending a few minutes therefore on my recent visit to Australia and the team there regionally led by Luca Sadler on the commercial side, Aaron McCann on the execution side. We've talked about the Australian market and have made a few announcements here in the last couple of weeks, all of fairly large scale.

關於這裡的影響，如果我不花幾分鐘時間訪問我最近對澳大利亞的訪問，以及由商業方面的盧卡·薩德勒（Luca Sadler）和執行方面的亞倫·麥肯（Aaron McCann）領導的當地團隊，那我真的是失職了。我們討論了澳洲市場，並在過去幾週內發布了一些公告，規模都相當大。

And given the size and importance of that market, the coexistence of many of our strategic investors, including Korea Zinc, the largest nonferrous metals producer in the world and their wholly owned subsidiary, Ark Energy, BHP, one of the largest mining and iron ore companies in the world, just to name a few, all investing in their own clean energy transition.

鑑於該市場的規模和重要性，我們許多戰略投資者的共存，包括世界上最大的有色金屬生產商韓國鋅業及其全資子公司方舟能源、最大的採礦和鐵礦石之一必和必拓世界各地的公司（僅舉幾例）都在投資自己的清潔能源轉型。

But I was most fascinated by the local government support from the meetings in Melbourne, for example, with the Victorian Energy Minister, Liliana D'Ambrosio, Head of the State Electricity Grid or called the SEC, and the longest tenured energy minister in all the Australian states, a woman of great vision, great passion, focused on what needs to be achieved and ever cognizant of the how things are accomplished as more important necessarily than the final result that's achieved.

但最讓我著迷的是墨爾本會議上地方政府的支持，例如，與維多利亞州能源部長莉莉安娜·丹布羅西奧（Liliana D'Ambrosio）的支持，她是國家電網或稱為SEC 的負責人，也是所有國家中任期最長的能源部長。

We look forward to large partnerships and projects there and have built a tremendous pipeline well over the 5-gigawatt hour range now of projects that we'll be executing upon over the next 12 months in the coming years. While I was there, we announced the first of what we believe will be many project partnerships with Ross Warby and the team from EnerVest, the first 1-gigawatt hour project at Stoney Creek in New South Wales, for example.

我們期待在那裡建立大型合作夥伴關係和項目，並且已經建立了一個超過 5 吉瓦時範圍的龐大項目，我們將在未來幾年的未來 12 個月內執行這些項目。當我在那裡時，我們宣布了我們相信將與 Ross Warby 和 EnerVest 團隊建立的第一個專案合作夥伴關係，例如新南威爾斯州 Stoney Creek 的第一個 1 吉瓦時專案。

Excited about the potential given the development and the portfolio focus that we have as a core strategy and working earlier in the pipeline development with companies and people that bring the expertise to pinpoint the grid weak points and opportunities to support better grid resiliency.

我們對作為核心策略的開發和投資組合重點的潛力感到興奮，並在管道開發的早期與公司和人員合作，這些公司和人員帶來了專業知識，以查明電網的弱點和支持更好的電網彈性的機會。

Anyway, it was a great week. Much of our core leadership team was there in person. We did a lot of planning for the coming years for the Australian market, including immediate investments in doubling the size of that team in the very near term and tripling the size of our investment in Australia over the next year, given the opportunities we see and the projects that we have underway.

不管怎樣，這是美好的一周。我們的大部分核心領導團隊都親自出席了會議。鑑於我們看到的機會和機會，我們為未來幾年的澳洲市場做了很多規劃，包括立即投資，在短期內將團隊規模擴大一倍，並在明年將我們在澳洲的投資規模擴大兩倍。我們正在進行的項目。

Shifting a bit now to our results before turning it over to Michael, who will go over some of the details of the financials. Just very encouraged by what we've seen in the last three to four months and the progress, starting with probably one of our most important criteria and indicators of the future, which is our revenue backlog, which grew by over 33% in the quarter, supporting now as we look to the revenue ramp we have coming in 2025 plus.

現在先談談我們的結果，然後再交給邁克爾，他將討論一些財務細節。我們對過去三到四個月所看到的情況和進展感到非常鼓舞，首先可能是我們未來最重要的標準和指標之一，那就是我們的收入積壓，該季度增長了 33% 以上，現在就為我們展望2025 年以後的營收成長提供支援。

While Australia, of course, will play an important part, very happy to announce new projects in the United States. We recently announced the Gridmatic offtake agreement of our Texas site, a battery site that we'll be building, owning and operating. Fairly quick turnaround there will be COD in the second quarter of 2025, but also announced for the first time here on this call, a new project with Jupiter Power and always nice to be announcing additional projects with prior customers.

當然，澳洲將發揮重要作用，並非常高興地宣佈在美國的新計畫。我們最近宣布了德州工廠的 Gridmatic 承購協議，該工廠將由我們建造、擁有和營運。2025 年第二季將有 COD，並且在本次電話會議上首次宣布與 Jupiter Power 合作的新項目，並且很高興與先前的客戶宣布其他項目。

I think a great example of building the faith and the confidence and trust of customers that have built projects with us that we've delivered to and feel very good about what the team has earned there in delivering for the first project and now a second project with Jupiter.

我認為這是建立客戶信心、信心和信任的一個很好的例子，他們與我們一起構建了我們已經交付的項目，並且對團隊在交付第一個項目和現在的第二個項目中所獲得的收入感到非常滿意與木星。

I also feel great about our execution on our strategy to not only build and deploy these systems, but also to own and operate these storage assets. With the right development partnerships and the knowledge we have in designing, commissioning and maintaining these systems, that experience allows us to reduce the capital expenditure upfront through optimal design, allows us to reduce the operating expense it takes to operate these systems and to maintain them and at the end of the day, to ensure the availability of these systems and the uptime to ensure we're meeting customer needs, we're meeting the grid needs and meeting the needs of our expectations of our investors on the returns on these investments, which, of course, bring long-term revenue streams at very attractive margins.

我也對我們的策略執行感到非常滿意，我們不僅建構和部署這些系統，而且還擁有和營運這些儲存資產。憑藉正確的開發合作夥伴關係以及我們在設計、調試和維護這些系統方面所擁有的知識，這些經驗使我們能夠透過優化設計減少前期資本支出，使我們能夠減少營運和維護這些系統所需的營運費用歸根結底，為了確保這些系統的可用性和正常運行時間，以確保我們滿足客戶需求，我們滿足電網需求並滿足投資者對這些投資回報的預期需求，當然，這會以非常有吸引力的利潤率帶來長期收入流。

From a revenue perspective, this was clearly a transitional quarter as we get into our Q4 ramp now underway as we've previously guided, but now coming in Q4. But maintained the strong gross margins as we were finishing projects, gross margins achieved at 40% plus and on a year-to-date basis, 28%, which obviously bodes well for our finish for the year and our guidance of finishing the entire year at 15% to 20% unit economics and gross margins.

從收入角度來看，這顯然是一個過渡季度，因為我們正按照我們先前的指導進入第四季度的成長，但現在是在第四季度。但在我們完成專案時保持了強勁的毛利率，毛利率達到 40% 以上，年初至今達到 28%，這顯然預示著我們今年的完成情況和全年完成的指導單位經濟效益和毛利率為15%至20%。

Encouraged to continue to see our OpEx reduce both on a year-over-year basis, 13% and 7% reduced on a quarter-over-quarter basis. This reflects some of the changes we made in our technology and business model as we looked at our licensing models back at the first half of the year and the areas we're going to be investing in and therefore, adjustments we made to our organization and the team supporting that strategy.

令人鼓舞的是，我們的營運支出持續較去年同期下降，較上季下降 13% 和 7%。這反映了我們在技術和業務模式方面所做的一些變化，因為我們回顧了今年上半年的許可模式以及我們將要投資的領域，因此我們對我們的組織和支持該策略的團隊。

Michael will talk more about some of the project financing that we announced and kicked off working with Jefferies on some of our first wholly owned projects in the United States, specifically in California and also in Texas.

麥可將更多地談論我們宣布的一些項目融資，以及我們與傑富瑞在美國（特別是在加利福尼亞州和德克薩斯州）的一些首個全資項目的合作。

And while this reduced our revenue in terms of turning over projects and recognize revenue on the year, we've been very clear since we announced at our investor and analyst meetings in May of why that strategy is so fundamental to the intermediate to the long term and the growth and the interest of our shareholders in our long-term operating model. We believe this model will have a lot of dividends for the shareholders, but in particular, as we look into our planning as a company in the coming three to five years.

雖然這減少了我們在移交項目和確認當年收入方面的收入，但自從我們在 5 月份的投資者和分析師會議上宣布以來，我們一直非常清楚為什麼該策略對於中長期而言如此重要以及股東對我們長期營運模式的成長和利益。我們相信這種模式將為股東帶來許多紅利，特別是當我們考慮公司未來三到五年的規劃時。

We also have added more global assets for this new operating model, including what we are announcing in Australia, the development partnership we have with Enervest. But also we announced three months ago, the 100-megawatt system in Italy at their largest coal plant in Sardinia, Carbosulcis, where we'll be installing and have just installed the first EV Zero gravity system there and are beginning commissioning and has a future for an integrated hybrid site with the coexistence of our gravity with batteries to deliver 100 megawatts of power to the local community.

我們也為這種新的營運模式增加了更多的全球資產，包括我們在澳洲宣布的與 Enervest 的開發合作夥伴關係。而且我們三個月前也宣布，義大利撒丁島Carbosulcis 最大的燃煤電廠將安裝100 兆瓦系統，我們將在那裡安裝並剛剛在那裡安裝了第一個電動汽車零重力系統，並開始調試，並擁有未來建立一個綜合混合站點，重力與電池共存，為當地社區提供 100 兆瓦的電力。

I'd be remiss if I didn't mention a few of our innovation milestones as well. I already discussed about the green hydrogen system in Calistoga and where that is and what's going to be the first of a kind and turned over here in the next two to three months, but also applying our gravity with what we announced with Skidmore, Owings & Merrill and integrating gravity energy storage in the future of superstructures. And in particular, using our modular pumped hydro approach with gravity and integrating these in these structures where for the first time, we'll be able to have a carbon payback in very short periods in the building sector.

如果我沒有提到我們的一些創新里程碑，那就是我的失職。我已經討論過卡利斯託加的綠氫系統，它在哪裡，將是第一個此類系統，並在接下來的兩到三個月內移交給這裡，而且還應用了我們與Skidmore、 Owings & 宣布的重力Merrill 並將重力儲能整合到未來的上層建築中。特別是，使用我們的重力模組化抽水蓄能方法並將其整合到這些結構中，我們將首次能夠在建築領域的很短的時間內獲得碳回報。

There's some very interesting statistics. If you do study what creates most of our greenhouse gases, it may surprise you to know that almost 30% to 40% of the greenhouse gas emissions come from both the building and the operating of buildings. And because of that, we're very excited to work with Adam Semel, and the team, Bill Baker, Scott Duncan from Skidmore, Owings, Merrill and the work they're doing jointly with our team and our gravity technology expertise, combining that together.

有一些非常有趣的統計數據。如果您確實研究了大部分溫室氣體的產生原因，您可能會驚訝地發現，幾乎 30% 到 40% 的溫室氣體排放來自建築物和建築物的運作。正因為如此，我們非常高興能與 Adam Semel 以及來自 Skidmore、Owings、Merrill 的團隊、Bill Baker、Scott Duncan 以及他們與我們團隊共同開展的工作以及我們的重力技術專業知識相結合，一起。

And you'll be seeing more to come in the coming years as we look at the first projects for these superstructures across the world. I was also very excited to announce today is hopefully some of you have seen some of the performance data from our Rudong gravity energy storage system, 25-megawatt, 100-megawatt hour in China.

當我們關注世界各地這些上層建築的首批專案時，您將在未來幾年看到更多的內容。我今天也非常興奮地宣布，希望你們中的一些人已經看到了我們在中國的如東重力儲能係統（25兆瓦、100兆瓦時）的一些性能數據。

And with performance measures, as we previously guided in the 80% to 85% range on initial data on the round trip efficiency. This is massively significant, I think, for the world, and in particular, in the long-duration energy space, the first milestone achieved and one of the highest round trip efficiency measures in long-duration energy storage in the world.

就效能衡量而言，正如我們之前根據往返效率的初始數據所指導的那樣，範圍在 80% 到 85% 之間。我認為，這對世界來說具有重大意義，特別是在長期能源領域，這是實現的第一個里程碑，也是世界上長期能源儲存中往返效率最高的措施之一。

Very excited what that means, not only for China and the other 4-plus-gigawatt hours of projects that have already been announced there in China alone, but also what it means for some of the other regions where we've announced initial gravity projects and license agreements, for example, in the 16 states of South Africa and surrounding countries as well as in other regions of the world where we're beginning development in the Middle East and even right here in the United States, starting with our Snyder Development Center.

非常興奮這意味著什麼，不僅對中國和其他已經在中國宣布的超過 4 吉瓦時的項目，而且對我們已經宣布的初始重力項目的其他一些地區也意味著什麼和許可協議，例如，在南非的16 個州和周邊國家以及世界其他地區，我們正在中東甚至美國這裡開始開發，從我們的Snyder Development 開始中心。

Very excited about what these initial performance measurements are telling us about the role that gravity can and will play as part of many solutions and technologies for the clean energy transition.

這些初始性能測量結果告訴我們重力可以並且將會在清潔能源轉型的許多解決方案和技術中發揮的作用，對此我們感到非常興奮。

Finally, it was just announced last week and excited to recognize the team by what Time Magazine recognized as one of the best inventions in 2024. And really a tribute, I'd like to mention Bill Gross, who was really the founder of Energy Vault. I know myself and Andrea Pedretti carry the titles of Co-Founder of the company, but it really started with Bill Gross, his vision, his passion, his never give up attitude to look at different ways to solve unique problems in energy storage.

最後，上週剛宣布，我們很高興能夠透過《時代》雜誌評選的 2024 年最佳發明之一來表彰該團隊。真正值得讚揚的是，我想提一下比爾·格羅斯（Bill Gross），他確實是 Energy Vault 的創始人。我知道我自己和Andrea Pedretti 都擁有該公司聯合創始人的頭銜，但這實際上是從Bill Gross 開始的，他的願景、他的熱情和他永不放棄的態度，以不同的方式來解決能源儲存中的獨特問題。

Really appreciated the role that Bill has played both in my career in renewables as well as a Co-Founder, as the founder in Energy Vault here with our gravity energy storage technology, really just a tremendous motivation for our entire team. And I think these recognitions now that are coming as we begin to build out and people begin to see the some of the gravity energy storage take form on the planet and the recognition from Time Magazine is really a tribute to him, Andrea Pedretti.

非常感謝比爾在我的再生能源職業生涯中所扮演的角色以及聯合創始人，作為這裡的Energy Vault 的創始人，擁有我們的重力儲能技術，這對我們整個團隊來說確實是一個巨大的動力。我認為，隨著我們開始建設，人們開始看到地球上形成了一些重力能量儲存，這些認可正在到來，《時代》雜誌的認可實際上是對他安德烈亞·佩德雷蒂的致敬。

And now others that are carrying that on in different places and from different companies, Jose Andrade, for example, who is the Chair of all the civil engineering and structural studies at Caltech, who's been working with Energy Vault now for many years since actually the very beginning of the company. And people like Bill Baker. Bill Baker from Skidmore, Owings, Merrill is the Chief Architect of the Burj Khalifa building, currently the largest building in the world at over 800 meters tall.

現在，其他人也在不同的地方和不同的公司開展這項工作，例如 Jose Andrade，他是加州理工學院所有土木工程和結構研究的主席，自從實際上以來，他已經與 Energy Vault 合作多年了。公司成立之初。還有像比爾·貝克這樣的人。來自 Skidmore, Owings, Merrill 的 Bill Baker 是哈利法塔大樓的首席建築師，該大樓是目前世界上最大的建築，高 800 多公尺。

Really excited to work with Bill and his practicality as you look at structures and design, and he's working pretty much full time now with Energy Vault as we look at building structures and optimizing design for different structures across the world.

很高興能與 Bill 合作，他在結構和設計方面表現出實用性，現在他幾乎全職在 Energy Vault 工作，我們研究建築結構並優化世界各地不同結構的設計。

So a significant recognition to those individuals plus all the teams at Energy Vault that have been championing and developing our gravity energy storage technology, everything from the mechanical, the civil side, all the material science needed to avoid, for example, the production of concrete, all of these things have come together with the software that automates everything and makes it all cost-effective and economical. A big call out to all those folks for this recognition.

因此，對這些個人以及 Energy Vault 的所有團隊的重大認可，他們一直在倡導和開發我們的重力儲能技術，從機械、民用方面，到避免生產混凝土所需的所有材料科學，所有這些東西都與軟體結合在一起，使一切自動化，並使一切變得具有成本效益和經濟性。強烈呼籲所有這些人獲得這項認可。

And finally, before turning it back to Michael to go over some of the numbers, I'm very happy to be reaffirming our annual guidance here as we've done all year. We're tightening up that range a bit as we get into, obviously, this quarter, and now we're within 6.5 weeks of looking at the end of the year. So we see the shipments on their way.

最後，在交給邁克爾查看一些數字之前，我很高興能夠像我們全年所做的那樣在這裡重申我們的年度指導。顯然，進入本季後，我們會稍微收緊這個範圍，現在距離年底還有 6.5 週。所以我們看到貨物正在路上。

That's going to tie to the revenue recognition. Of course, a lot happening here in the last 6 weeks as we look at that, but feel very good about reaffirming that range and narrowing that a bit here as we look forward and look forward to a strong quarter of delivery. That's both on our recognition of some of our range guidance that we had given previously, but also in continuing to build our bookings cadence and building that revenue backlog as we look at a large revenue ramp into 2025 and beyond.

這將與收入確認掛鉤。當然，過去 6 週發生了很多事情，但我們對重申這一範圍並稍微縮小範圍感到非常高興，因為我們期待並期待強勁的季度交付。這既是因為我們對先前給予的一些範圍指導的認可，也是因為我們預計到 2025 年及以後收入將大幅增長，因此我們將繼續提高預訂節奏並建立收入積壓。

And with that, I'll turn it back over to Michael Beer.

有了這個，我會把它轉回給邁克爾比爾。

Thanks, Rob. As you noted, the company currently maintains a revenue backlog of $350 million, which increased 33% from the figure reported during our 2Q earnings results, reflecting an equipment contract with Jupiter for another 200-megawatt hour battery energy storage project and a 10-year offtake agreement with Gridmatic for the 57-megawatt 114-megawatt hour Cross Trails battery energy storage project in Snyder, Texas, the latter of which will remain on balance sheet as part of our build, own and operate strategy.

謝謝，羅布。正如您所指出的，該公司目前的積壓收入為3.5 億美元，比我們第二季度收益報告中報告的數字增長了33%，反映了與Jupiter 簽訂的另一個200 兆瓦時電池儲能項目的設備合約以及為期10 年的設備合約。擁有和營運策略的一部分保留在資產負債表上。

As part of the strategy discussed during our Investor and Analyst Day back in May, management expects to retain ownership of approximately $100 million in cash-generative storage assets such as Cross Trails and the Calistoga Resiliency Center, rather than generate legacy EPC and equipment-related revenue through the onetime sale of those projects this year.

作為5 月投資者和分析師日期間討論的策略的一部分，管理層預計將保留約1 億美元現金生成儲存資產的所有權，例如Cross Trails 和卡利斯託加彈性中心，而不是產生遺留的EPC和設備相關資產。

While this will impact near-term revenue in exchange for long-term value creation for our shareholders, we are encouraged by the pace of this transition over the past two quarters. With construction of two battery storage projects in Texas and Nevada now complete and new projects ramping in the fourth quarter, the company reported minimal project revenue in 3Q and down notably year over year, with software and services contributing about $1.2 million in the period.

雖然這將影響短期收入，以換取為股東創造長期價值，但我們對過去兩季的這種轉變速度感到鼓舞。隨著德克薩斯州和內華達州的兩個電池儲存項目建設現已完成，第四季度新項目不斷增加，該公司第三季度的項目收入微乎其微，並且同比顯著下降，其中軟體和服務貢獻了約120 萬美元。

As noted previously, we continue to expect revenue this year to be back-end loaded due mainly to the timing of equipment deliveries for our new project in Texas and in support of the ACE projects in Australia. Excluding the projects on our balance sheet, we expect full-year revenue to be at the lower end of the guidance range with upside associated with the timing of revenue recognition from existing and potential license agreements within our Gravity business in Southern Africa and Brazil, respectively.

如前所述，我們繼續預計今年的收入將由後端加載，這主要是由於我們德克薩斯州新項目的設備交付時間以及對澳洲 ACE 項目的支持。不包括資產負債表上的項目，我們預計全年收入將處於指導範圍的下限，而上行空間則與我們分別在南部非洲和巴西的 Gravity 業務中的現有和潛在許可協議的收入確認時間相關。 。

Our gross margin was 40.3% for the third quarter, up from 4.2% a year ago, reflecting favorable revenue mix largely associated with software and services, albeit on a significantly lower base of revenue. Through nine months of the year, gross margin is tracking at 28.3%, above the guided range of 15% to 25% for the full year 2024.

我們第三季的毛利率為 40.3%，高於一年前的 4.2%，反映出良好的收入組合主要與軟體和服務相關，儘管收入基礎明顯較低。今年 9 個月，毛利率維持在 28.3%，高於 2024 年全年 15% 至 25% 的指導範圍。

However, given the anticipated back-end loaded mix of business in 4Q from equipment deliveries for our battery project in Texas, we expect the full-year gross margin to normalize towards the low end of the guidance range, pending the timing of revenue recognition from high-margin license agreements within our Gravity business.

然而，考慮到第四季度我們德克薩斯州電池項目設備交付的預期後端負載業務組合，我們預計全年毛利率將正常化至指導範圍的低端，等待收入確認的時間我們的重力業務中的高利潤許可協議。

Now on to adjusted OpEx and EBITDA. During the third quarter, our adjusted operating expense was $15.2 million, which improved 13% year over year and 7% sequentially quarter-over-quarter, reflecting the organizational realignment in the first half of 2024. 3Q adjusted EBITDA was negative $14.7 million, which improved 5% quarter over quarter, but weakened versus the year ago due to the timing of project completion and lower overall gross profit in the period. Other key noncash items added back in Q3 were $10.2 million for stock-based compensation expense, $1.9 million provision for credit losses, $800,000 for a change in the fair value of a derivative asset conversion option and $1.4 million in net interest income. Management continues to expect adjusted EBITDA within the range of negative $45 million and negative $60 million for the full year.

現在調整後的營運支出和 EBITDA。第三季度，我們調整後的營運費用為 1,520 萬美元，年增 13%，較上季成長 7%，反映了 2024 年上半年的組織調整。第三季調整後 EBITDA 為負 1,470 萬美元，季增 5%，但由於專案完成時間和期內整體毛利潤下降，較去年同期減弱。第三季增加的其他關鍵非現金項目包括 1,020 萬美元的股票補償費用、190 萬美元的信用損失撥備、80 萬美元的衍生性資產轉換選擇權公允價值變動以及 140 萬美元的淨利息收入。管理層仍預計全年調整後 EBITDA 將在負 4,500 萬美元至負 6,000 萬美元的範圍內。

On cash and project financings. As of September 30, 2024, the company had $78 million in cash, cash equivalents and restricted cash versus $113 million in total on June 30. Restricted cash increased to $26 million associated with a letter of credit for a project that has since received final completion.

關於現金和專案融資。截至 2024 年 9 月 30 日，該公司擁有 7,800 萬美元的現金、現金等價物和限制性現金，而 6 月 30 日的總額為 1.13 億美元。與已最終完工的項目的信用證相關的限制性現金增加至 2600 萬美元。

Our primary uses of cash are 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 likely be largely offset by anticipated project finance and monetization of tax credits. Year-to-date, use of cash from investing activities increased to $48.3 million, mainly from construction in progress associated with our build, own and operate strategy.

我們的現金主要用途是現金營運支出和與我們的儲能項目的設備採購相關的營運資金需求以及我們選擇擁有和運營的項目的支出，這可能會在很大程度上被預期的項目融資和稅收抵減貨幣化所抵消。年初至今，投資活動所用現金增加至 4,830 萬美元，主要來自與我們的建設、擁有和營運策略相關的在建工程。

Management still expects our year-end cash balance to be within the range of $75 million to $125 million, depending upon the timing of those project financings, and the company maintains bonding capacity in excess of $1 billion to facilitate additional growth for projects both in the US and in Australia.

管理層仍預計我們的年終現金餘額將在 7500 萬美元至 1.25 億美元之間，具體取決於這些項目融資的時間，並且公司保持超過 10 億美元的擔保能力，以促進項目的進一步增長美國和澳大利亞。

With the project financings for Calistoga and Cross Trails now underway with Jefferies, we expect to bring $60 million to $80 million in cash back onto the balance sheet once completed, including the monetization of tax credits. We expect to return $30 million from the Calistoga project anticipated to close by year-end. Meanwhile, we expect to return another $40 million from the Cross Trails project over the next two quarters.

隨著傑富瑞(Jefferies) 目前正在進行卡利斯託加(Calistoga) 和Cross Trails 的專案融資，我們預計一旦完成，將為資產負債表帶來6,000 萬至8,000 萬美元的現金，包括稅收抵免的貨幣化。我們預計將從卡利斯託加項目中返還 3000 萬美元，該項目預計將於年底完成。同時，我們預計在未來兩季從 Cross Trails 專案中再返還 4,000 萬美元。

The company continues to execute on the build, own and operate strategy and has identified a strong development pipeline for storage asset ownership and infrastructure projects in the US and Australia totaling over 30-gigawatt hours.

該公司繼續執行建設、擁有和營運策略，並已在美國和澳洲確定了強大的儲存資產所有權和基礎設施項目開發管道，總裝置容量超過 30 吉瓦時。

We also see a host of advantages and synergies across our legacy business as we leverage our project management expertise, solutions-based approach and diversified storage product portfolio. While inherently more capital intensive than the EPC business, these accretive owned and operated projects enhance earnings visibility and our margin profile.

當我們利用我們的專案管理專業知識、基於解決方案的方法和多元化的儲存產品組合時，我們也看到了我們傳統業務的許多優勢和協同效應。雖然本質上比 EPC 業務資本密集度更高，但這些自有和經營的增值項目提高了盈利可見度和我們的利潤狀況。

Once completed, we expect these projects to deliver unlevered double-digit IRRs and project EBITDA margins in the 70% to 80% range, underpinned by long-term offtake agreements. We then look to optimize the capital structure of each project depending on the nature of the offtake agreement, available tax credits and use of project finance.

一旦完成，我們預計這些項目將在長期承購協議的支持下，實現無槓桿兩位數的 IRR，並預計 EBITDA 利潤率在 70% 至 80% 範圍內。然後，我們根據承購協議的性質、可用的稅收抵免和專案融資的用途，尋求優化每個專案的資本結構。

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

這樣，我會將電話轉回給 Rob。

Great. Thank you, Michael. I think one last thing I'll just emphasize there that you just went through. We've gotten some questions from investors asking to understand a bit how some of the own and operate projects will work and how the working capital flows, how the returns work. And Michael just walked through that.

偉大的。謝謝你，麥可。我想我要強調的最後一件事是你剛剛經歷過的。我們收到了投資者的一些問題，要求了解一些自有和運營的項目將如何運作、營運資金如何流動、回報如何運作。麥可剛剛經歷了這一切。

But just to highlight, these are projects and things as we look at building projects as well and understanding the dynamics of the CapEx and the OpEx for them. The returns on these projects that are our criteria for investing in them have been and will be and continue to be in this low double-digit unlevered operating range.

但要強調的是，這些都是我們在建立專案並了解其資本支出和營運支出動態時所涉及的項目和事物。這些項目的回報是我們投資的標準，過去、未來、將來都處於這個較低的兩位數無槓桿經營範圍內。

The EBITDA margins as they go forward then, especially as you add project financing as we announced with Jefferies just a few weeks back, something that is very attractive, we believe, for creating these long-term revenue and predictable streams for our investors. And also as we leverage our expertise, and this is the other, I think, fundamental point with the experience we have in our team in designing and optimizing, and you can read that as reducing the CapEx associated with getting these projects built.

未來的EBITDA 利潤率，特別是當你增加專案融資時，正如我們幾週前與Jefferies 宣布的那樣，我們相信，這對於為我們的投資者創造這些長期收入和可預測的收入來源非常有吸引力。而且，當我們利用我們的專業知識時，我認為這是我們團隊在設計和優化方面擁有的經驗的另一個基本點，您可以將其理解為減少與構建這些項目相關的資本支出。

We've built, I think, a strong reputation on the execution side. As you've seen since the very beginning of our company, we've always maintained positive unit economics, positive gross margins. That's not something that's common in our industry for those of you that follow energy storage, and I think it was one of the surprises as we came out and started to execute projects. So that is a strength that we will continue to leverage with the expertise with our team.

我認為，我們在執行方面已經建立了良好的聲譽。正如您所看到的，自我們公司成立以來，我們一直保持著積極的單位經濟效益和積極的毛利率。對於那些關注能源儲存的人來說，這在我們行業中並不常見，我認為這是我們出來並開始執行專案時的驚喜之一。因此，我們將繼續利用我們團隊的專業知識來利用這一優勢。

And then as it comes to the commissioning of these projects, bringing them up the experience and the way we've developed and designed our software platform, Shaheen Prakhar, who leads our EMS software development with his team brings a lot of experience, by the way, across industry, not only from some energy storage, but also from the aerospace industry and things that we do to ensure that when we do get to the field, we do not have surprises.

然後，在這些專案的調試方面，向他們介紹經驗以及我們開發和設計軟體平台的方式，領導我們的 EMS 軟體開發的 Shaheen Prakhar 和他的團隊帶來了很多經驗，方式，跨行業，不僅來自一些能源存儲，也來自航空航天業以及我們所做的事情，以確保當我們到達該領域時，我們不會感到驚訝。

I mentioned earlier on about creating digital twins in our own operating environment. Our cell level technology for monitoring systems, so important when it comes to safety and dealing with lithium-ion is a fundamental technology and things our customers have come to appreciate.

我之前提到在我們自己的操作環境中創建數位孿生。我們用於監控系統的電池級技術對於安全和鋰離子處理非常重要，是一項基礎技術，也是我們的客戶所欣賞的。

And as we look at, and as we have brought up our systems on our first projects, done it very, very quickly, rapidly from mechanical completion to the uptick here as we look to manage and get to full COD on these battery projects. It's something that we see as an opportunity and uniquely positioned to leverage, whether that be positioning and doing that work for some of our customer sets where we deliver some of our product innovation or other projects where we will invest and own and operate over time.

正如我們所看到的，當我們在第一個專案中引入我們的系統時，從機械完成到這裡的上升，我們做得非常非常快，因為我​​們希望管理這些電池專案並實現全面的 COD。我們認為這是一個機會，並且具有獨特的利用優勢，無論是為我們提供一些產品創新的一些客戶群定位並開展工作，還是我們將隨著時間的推移投資、擁有和運營的其他項目。

With that, again, I want to thank all the people at Energy Vault and thank all of our investors and all of our partners that have supported our company and as we've executed here just the last few years.

在此，我要再次感謝 Energy Vault 的所有人，感謝我們所有的投資者和所有支持我們公司的合作夥伴，感謝我們過去幾年在這裡執行的工作。

And with that, I'd like to turn it back to the operator for questions.

就這樣，我想把它轉回給接線生詢問問題。

(Operator Instructions) Justin Clare, ROTH Capital Partners.

（操作員指示）Justin Clare，羅斯資本合夥人。

So first, I just wanted to ask about the different ownership opportunities that you're looking at here. And I wanted to see if you could share how much capacity could you potentially be looking to add to your balance sheet in 2025 or 2026? Just trying to think of the volume and then also the capital that would be needed in order to finance these projects and how you're thinking about the funding sources.

首先，我只想問一下您在這裡看到的不同所有權機會。我想知道您是否可以分享您可能希望在 2025 年或 2026 年向資產負債表添加多少產能？只是想一下為這些項目提供資金所需的數量和資金，以及您如何考慮資金來源。

Thanks, Justin. So as we announced previously there with Jefferies, we're in the market and raising the funds associated with the attractive project opportunities. I think one of the things we see operating well in the market is the availability of capital for attractive and good returning high IRR projects. So we do not see really any shortages of capital there and also attractively priced capital given the market environment we see.

謝謝，賈斯汀。正如我們之前與 Jefferies 宣布的那樣，我們正在市場上籌集與有吸引力的專案機會相關的資金。我認為我們在市場上看到的運作良好的因素之一是具有吸引力且回報良好的高內部報酬率項目的資金可用性。因此，考慮到我們所看到的市場環境，我們實際上並沒有看到任何資本短缺，而且資本價格也具有吸引力。

And I would not restrict that only to the US market. I mentioned Australia a bit. And from our perspective, I think we've mentioned some of the multi-gigawatt hour and in particular, in Australia with some of the pipeline there and the types of projects we're looking at there that are all quite large.

我不會將其僅限於美國市場。我稍微提到了澳洲。從我們的角度來看，我認為我們已經提到了一些多吉瓦時的項目，特別是在澳大利亞，那裡有一些管道以及我們正在那裡尋找的項目類型都非常大。

We've announced a few that are in the multi-hundreds, including the last one we announced, which is a full gigawatt hour. So we don't see a shortage of opportunities to get capital deployed.

我們已經宣布了一些數百個的項目，包括我們宣布的最後一個，這是一個完整的千兆瓦時。因此，我們並不缺乏部署資本的機會。

We've built a reputation here over the last two years, in particular, to be able to execute well, positive unit economics and get projects turned over that are all operating well for our customers today. And that is attracting a lot of investor interest. And to answer the latter part of your question, we don't really limit our thinking there for attractive projects in the way we've already been able to scale the company.

在過去的兩年裡，我們在這裡建立了良好的聲譽，特別是能夠良好地執行、積極的單位經濟效益，並交付項目，這些項目目前對我們的客戶來說運作良好。這吸引了許多投資者的興趣。為了回答你問題的後半部分，我們並沒有真正限制我們對有吸引力的專案的思考，就像我們已經能夠擴大公司規模一樣。

So looking at things in the hundreds of millions of dollar range in terms of putting capital to work and especially given if you look at our cap table and some of the strategic investors on it, we've got a lot of different sources and a lot of investors that are very interested in working with us on getting capital deployed given the experience that we bring to the table.

因此，從投入資本的角度來看，涉及數億美元的事情，特別是考慮到我們的股權結構表和其中的一些策略投資者，我們有很多不同的來源和大量資源。許多投資者非常有興趣與我們合作部署資本。

And then just a follow-up. Curious, given that you could own projects or you could essentially deliver the batteries and do the EPC for a project and recognize revenue essentially immediately, wondering how you're thinking about the different approaches and how that might affect the outlook for 2025 and the targets that you've provided at this point?

然後只是後續行動。很好奇，考慮到您可以擁有項目，或者您基本上可以交付電池並為項目進行 EPC 並基本上立即確認收入，想知道您如何考慮不同的方法以及這可能如何影響 2025 年的前景和目標您此時已經提供了？

Sure. By the way, it's a great question. In all cases, we're looking at, of course, the commitments that we made that came out of our first investor and analyst meeting, why we're happy to be reaffirming and tightening a bit that guidance here as we look at this year.

當然。順便說一句，這是一個很好的問題。當然，在所有情況下，我們都會考慮我們在第一次投資者和分析師會議上所做的承諾，為什麼我們很高興在今年的展望中重申並收緊一點這一指導。

But as we think about next year and the guidance that we've given and given the backlog that we've announced that has grown quarter over quarter and the opportunities that we see, we'll be making decisions essentially in what's going to be in the best long-term interest of the company and our customers and our shareholders. And we did that this year.

但是，當我們考慮明年以及我們給出的指導，考慮到我們宣布的逐季度增長的積壓訂單以及我們看到的機會時，我們將在本質上做出決定公司、客戶和股東的最佳長期利益。今年我們就這麼做了。

And I know I think from an analyst perspective, some folks were a little surprised that we had a year where we took our revenue down to a $50 million to $100 million range as we did this year, but a lot of that was foregoing some immediate revenue we could have had at, say, I don't know, 10%, 12% gross margin in return for nice lower double-digit unlevered IRRs and long-term streams and EBITDA streams that would be anywhere in the 60% to 75% range with the right project financing.

我知道，我認為從分析師的角度來看，有些人對我們今年的收入降至 5000 萬至 1 億美元的範圍感到有點驚訝，但其中很多都放棄了一些直接的東西我們本可以獲得的收入，比如說，我不知道，10%、12% 的毛利率，以換取較低的兩位數無槓桿IRR 以及長期流和EBITDA 流，這些流將在60% 到75 之間％範圍內有正確的專案融資。

So I would say to answer your question in terms of the guidance for next year, we're going to be cognizant of the commitments that we made. We take those things very seriously, and we'll make decisions on whether we decide to build and turn over projects to customers or decide to keep them on our balance sheet.

因此，我想說，在明年的指導方面回答你的問題，我們將認識到我們所做的承諾。我們非常認真地對待這些事情，我們將決定是決定建造專案並將其移交給客戶還是決定將其保留在我們的資產負債表上。

By the way, always cognizant also of ensuring we're going to be turning cash appropriately. So that may result in scenarios where we may decide to turn cash and deliver projects or otherwise, given the access to capital that we have, holding them for the long term.

順便說一句，始終要確保我們能夠適當地使用現金。因此，考慮到我們擁有的資本，這可能會導致我們決定現金並交付項目或以其他方式長期持有它們。

Alec Scheibelhoffer, Stifel.

亞歷克·沙貝爾霍夫，斯蒂菲爾。

So I just want to focus in a little bit on the '24 guidance here. Naturally, the quarterly revenue progression could be a little lumpy here. But I was just wondering if you could provide us like a little benchmark with what you expect to hit in the fourth quarter, what you feel the most confident and just some of the timing on the projects that you have pending?

所以我只想稍微關註一下 '24 指南。當然，季度營收的成長可能會有點不穩定。但我只是想知道您是否能為我們提供一個小基準，告訴我們您預計第四季度會達到什麼目標，您覺得最有信心的是什麼以及您懸而未決的項目的一些時間表？

Sure. Yes, this was formally in our announcement, I think, there in the specific guidance, and Michael referenced this as well, but we're tightening up the range a bit. I think we said to the mid to lower end of that range just based on how we see shipments coming in and revenue recognition and what we see today. So we feel very good on that lower end of the range.

當然。是的，我想，這是在我們的公告中正式提出的，在具體指南中，邁克爾也提到了這一點，但我們正在稍微收緊範圍。我認為我們所說的這個範圍的中低端只是基於我們如何看待出貨量和收入確認以及我們今天所看到的情況。所以我們在這個範圍的低端感覺非常好。

And then pending how things get delivered and installed and given the revenue recognition rules, we'll see how much closer to that mid part of that range, we feel like we can hit. I wouldn't rule out other things and good things that can happen in the quarters as they did in our 2022 year where we had about $80 million additional revenue come in just through shipments that we were able to expedite.

然後，根據如何交付和安裝以及考慮到收入確認規則，我們將看看我們感覺可以達到多少接近該範圍的中間部分。我不會排除這些季度可能發生的其他事情和好事，就像我們在 2022 年所做的那樣，僅透過我們能夠加快的發貨，我們就獲得了約 8000 萬美元的額外收入。

So it remains a bit of a dynamic side, but feel very good on the visibility we have into getting to that low end of the range. And then depending on how other operational items and the shipping items go, we will determine where we get into that mid-part or upper part of that guidance range.

因此，它仍然具有一定的動態性，但我們在達到該範圍的低端時的可見性感覺非常好。然後，根據其他營運項目和運輸項目的進度，我們將確定進入該指導範圍的中間部分或上部的位置。

Got it. Appreciate the color there. And then just kind of a follow-up. Naturally, during your investor conference in May and as you've highlighted during the call today, kind of building out that own and operate strategy is kind of a hallmark of just trying to enshrine some of the quarterly progression and get a little bit more visibility.

知道了。欣賞那裡的顏色。然後就是後續行動。當然，在五月的投資者會議上，正如您在今天的電話會議上所強調的那樣，制定自己和營運策略是試圖體現一些季度進展並獲得更多知名度的一個標誌。

I was just curious when we think about '25, how is that going to progress on a quarterly basis? And just what would you expect to kind of fall into that 2025 time frame versus slipping into maybe '26 or longer term?

我只是很好奇，當我們想到 25 年時，每季的進展如何？與進入 26 年或更長時間的時間框架相比，您預計 2025 年的時間框架會是什麼樣子？

Yes, I'll give you a little color on that. And obviously, we're going to be at our next quarterly for Q4, as usual, we'll be giving that full formal update to the 2025 guidance that we gave before. But as you're building and operating projects, it's just really math.

是的，我會給你一點顏色。顯然，我們將在第四季度的下一個季度中，像往常一樣，我們將對先前給出的 2025 年指導進行完整的正式更新。但當你建立和運營專案時，這實際上只是數學問題。

If you're signing long-term 10- to 15-year agreements, obviously, those are going to build over time. And the way we're going to start looking at that is this quarterly run rate of EBITDA that's going to be coming from those tolling agreements or those PPA agreements.

如果您要簽署 10 到 15 年的長期協議，顯然這些協議會隨著時間的推移而建立。我們將開始研究這個季度的 EBITDA 運行率，它將來自那些收費協議或 PPA 協議。

And if you look at those on a quarterly basis times 4 and annualize them, we want to be getting up to an annualized rate of EBITDA in the $50 million, $75 million, $100 million on a quarterly annualized basis here over the next 12 to 24 months. And that's just on those project sets.

如果你按季度查看這些數據乘以4，然後將其年化，我們希望在接下來的12 到24 年中，按季度年化計算EBITDA 的年化率達到5000 萬美元、7500 萬美元、1 億美元。這只是在那些項目集上。

We're still going to be executing around supporting some of the gravity license build-outs and the royalties that will be coming. We gave some guidance on that. And that is unique, I think, with us as an energy storage company that we have technology that we can actually monetize in long duration on licenses and royalties.

我們仍將圍繞支持一些重力許可擴建和即將到來的特許權使用費來執行。我們對此提供了一些指導。我認為，作為一家能源儲存公司，我們擁有的技術是獨一無二的，我們實際上可以透過授權和特許權使用費長期貨幣化。

So that's exciting. I think some of the things I mentioned around gravity and the partnerships that we've built and formed in some regions of the world where gravity is going to play a role. So we're excited to have that continue to evolve.

所以這很令人興奮。我認為我提到的一些關於重力的事情以及我們在世界上一些重力將發揮作用的地區建立和形成的夥伴關係。因此，我們很高興看到這一點繼續發展。

But we also have been innovating in new projects, leveraging our expertise that spans different technologies and different technology domains, leveraging our knowledge, for example, of civil and structural engineering and material science and using that to help optimize our battery projects, not only for core straight execution, but looking at new solutions to address energy density in a way that's been difficult to address before in tight spaces. And especially as we think about the data center build-out and what's unique about that.

但我們也一直在新項目中進行創新，利用我們跨越不同技術和不同技術領域的專業知識，利用我們的土木和結構工程以及材料科學等知識，並利用這些知識來幫助優化我們的電池項目，不僅是為了核心直接執行，但尋找新的解決方案來解決能源密度問題，這在以前在狹小的空間中很難解決。尤其是當我們考慮到資料中心的擴建及其獨特之處時。

Not all data centers are built out in the middle of the desert or in the middle of large landscapes. There's a lot of places and places in the grid and where there are data centers and desires to have data centers that are in areas where energy density and space is at a premium. So thinking about our expertise we bring to the table across various technologies, bringing that creativity.

並非所有資料中心都建在沙漠中部或大片景觀之中。電網中有很多地方都有資料中心，並且希望在能量密度和空間都非常寶貴的地區擁有資料中心。因此，考慮一下我們在各種技術方面的專業知識，帶來的創造力。

I think Calistoga is a great example of an RFP that came out that didn't say, give me a green hydrogen microgrid solution. It said, we need a backup that's not diesel generation for the city for two days in case of a PSPS event.

我認為卡利斯託加是一個很好的例子，RFP 中沒有說「給我一個綠色氫微電網解決方案」。上面說，如果發生 PSPS 事件，我們需要為該市提供兩天非柴油發電的備用電源。

Uniquely, our team brought a solution together to sustainably design a system with green hydrogen, hybrid, with lithium-ion to address the grid forming needs and to address black start. That's expertise we have focused on solving a customer problem and not focused on shoving a product down a customer's throat because we happen to make it. I think that's unique to Energy Vault.

獨特的是，我們的團隊匯集了一個解決方案，可持續地設計一個包含綠色氫、混合動力和鋰離子的系統，以滿足電網形成需求並解決黑啟動問題。這就是我們專注於解決客戶問題的專業知識，而不是專注於將產品強行塞給客戶，因為我們碰巧製造了產品。我認為這是 Energy Vault 的獨特之處。

I think with our software experience, we bring that expertise to the table. And I would say that, that part of the business, complementing what we're going to choose to own and operate is going to be quite formidable, I think, as a company and as an investment thesis for investors that are looking at really driving that innovation home with getting to a larger percentage of our revenue that's going to be predictable and recurring and high margin.

我認為憑藉我們的軟體經驗，我們可以將專業知識帶到桌面上。我想說的是，這部分業務，補充我們將選擇擁有和經營的業務將是相當強大的，我認為，作為一家公司，作為投資者的投資主題，他們正在尋找真正的驅動力我們的創新之家將獲得更大比例的收入，這些收入將是可預測的、經常性的和高利潤的。

Chris Ellinghaus, Siebert Williams Shank.

克里斯埃林豪斯、西伯特威廉斯尚克。

Have you guys made any adjustments at all to the Snyder project in terms of capacity or your thoughts on capital costs or anything along those lines?

你們是否對史奈德專案在容量或資本成本或類似方面的想法方面進行了任何調整？

There's been some adjustments on that, that I would say initially, as we announced that project with Enel and working in cooperation with their R&D team, they had a series of asks with us of what they wanted to see in our gravity energy storage technology. We did end up buying that interconnect there. That's what we announced in the Cross Trails project, Chris. So that's one of the sites that we're going to own and operate because we bought the land and that interconnect out there.

我首先要說的是，當我們宣布與 Enel 合作的專案並與他們的研發團隊合作時，他們對我們提出了一系列問題，詢問他們希望在我們的重力儲能技術中看到什麼。我們最終確實在那裡購買了互連設備。這就是我們在 Cross Trails 項目中宣布的內容，克里斯。這是我們將擁有和經營的站點之一，因為我們購買了土地並在那裡互連。

But we also did that in line with Enel's request to not only look at our EVx technology and get it demonstrated at full scale, but also other applications of our gravity. And that includes the products we announced at our Investor and Analyst Day, so the EVy, which is our slope-based technologies, which you can apply to different landscapes and pre-existing slopes as well as what we announced in our -- what we call our EV0, which is the modular pump hydro technology.

但我們這樣做也符合 Enel 的要求，不僅要研究我們的 EVx 技術並對其進行全面演示，還要研究我們重力的其他應用。這包括我們在投資者和分析師日宣布的產品，即EVy，這是我們基於斜坡的技術，您可以將其應用於不同的景觀和預先存在的斜坡，以及我們在- 我們的內容中宣布的產品我們的 EV0 是模組化泵浦水力技術。

So that equipment, for example, for EV0 arrived at the site about a month ago in Snyder. The EVy is going to be the first technology actually up and running, and we have customer visits planned, and that will all be up and running before the end of the year. And then EVx will be coming online just after EVy in Q1. So what we've built in Snyder now is a multi-asset, multi-technology site that will also represent all of our latest innovations with our software capabilities.

例如，用於 EV0 的設備大約一個月前抵達斯奈德的現場。EVy 將成為第一個實際啟動並運行的技術，我們已經計劃了客戶拜訪，​​這一切都將在今年年底之前啟動並運行。然後，EVx 將在第一季的 EVy 之後上線。因此，我們現在在史奈德建立的是一個多資產、多技術的網站，它也將代表我們透過軟體功能實現的所有最新創新。

So we put one of our B-Vault battery systems there that is doing energy storage as well as that will be taking the power generation from PV that we're building at the site, be charging those systems, orchestrating the discharging, and we'll be highlighting other capabilities of our software. So that center, we have essentially developed into more technologies on gravity than just EVx, and that's been in collaboration with Enel.

因此，我們在那裡放置了一個 B-Vault 電池系統，該系統不僅可以進行能量存儲，還可以利用我們在現場建造的光伏發電，為這些系統充電，協調放電，然後我們我們將重點介紹我們軟體的其他功能。因此，在這個中心，我們基本上已經開發了更多的重力技術，而不僅僅是 EVx，這是與 Enel 合作的。

But in addition, we're using that site more broadly to demonstrate a lot of other capabilities and then using that interconnect as well to build out one of the assets we're going to own and operate. So very excited for that. And in the next, essentially two to three months, we'll be bringing some of those systems up and we'd be excited to host you out at the site if you ever get into that area there. It's about a four-hour drive outside of Dallas there in Snyder.

但除此之外，我們還更廣泛地使用該網站來演示許多其他功能，然後也使用該互連來建立我們將擁有和經營的資產之一。對此非常興奮。在接下來的兩到三個月內，我們將推出其中一些系統，如果您進入該區域，我們將很高興在現場接待您。距離達拉斯約四小時車程的斯奈德 (Snyder)。

That's helpful. Do you have any insight that you can provide on the unannounced Australian 20-megawatt hour, when that might be public?

這很有幫助。對於尚未公佈的澳洲 20 兆瓦時發電項目（何時可能公開），您有什麼見解可以提供嗎？

Chris, I'm sorry, there was some breakup in the line. I'm getting some feedback here. I don't know if it's on my end. But would you mind repeating the question? I heard about Australia and projects, but I didn't get specifically the color you wanted. Can you repeat that?

克里斯，抱歉，線路中斷了。我在這裡收到一些回饋。我不知道這是否是我的結局。但你介意重複一下這個問題嗎？我聽說過澳大利亞和項目，但我沒有具體得到你想要的顏色。你能再說一次嗎？

The unannounced 200-megawatt hour project, do you have an insight into when that might be publicly announced?

尚未公佈的200兆瓦時項目，您知道什麼時候會公佈嗎？

Yeah, sure. We're expecting that announcement this quarter. So I was just there in Australia and met with some of the principles of that project, but we expect that to be announced this quarter.

是的，當然。我們預計本季將發布這一消息。我剛剛在澳大利亞，會見了該項目的一些原則，但我們預計將在本季度宣布。

As far as financing goes going forward, you're working on project financing and monetization of credits at the moment. Is that what you foresee for the foreseeable future as the paradigm? Or do you see adding other things to the toolkit as well?

就融資的進展而言，您目前正在致力於專案融資和信貸貨幣化。這就是您所預見的可預見的未來的典範嗎？或者您也看到在工具包中添加其他內容？

Yes, I'd say it's a great question. So we'll be continuing to do what I'll call is more standard project financing mechanisms. As I mentioned earlier, those models are quite well proven, attractive, including there's a very liquid market on the tax equity and the ITC side.

是的，我想說這是一個很好的問題。因此，我們將繼續採取我所說的更標準的專案融資機制。正如我之前提到的，這些模型已經得到充分證明，也很有吸引力，包括稅收股權和 ITC 方面有一個非常流動的市場。

So I think Michael referenced some of that already in what he just walked through. But we are also, as announced, working with Jefferies on other mechanisms in order. So we're going to be creating abilities for us to be able to execute multiple projects that we see and not only the US, Australia, we mentioned the pipeline that we're working on there, which is quite large. So this is not going to be the case going forward like it happened this past year, where we're financing this off of our own balance sheet as we did the first two projects and then putting the cash back, as we mentioned.

所以我認為邁克爾在他剛剛經歷過的事情中已經提到了其中的一些內容。但正如所宣布的那樣，我們也在與傑弗里斯就其他機制進行有序合作。因此，我們將創造能力，使我們能夠執行我們看到的多個項目，而不僅僅是美國、澳大利亞，我們提到了我們正在那裡開展的項目，這是相當大的。因此，未來的情況不會像去年那樣，正如我們所提到的，我們從自己的資產負債表中融資，就像我們完成前兩個項目一樣，然後將現金返還。

We've obviously -- having no debt, we've had the flexibility to make the choices to go ahead and invest off of our balance sheet. And while in parallel, we are getting the project financing done. But I would say going forward, strategically, we're going to be working, I think, in a little more thoughtful mode of creating ways and nondilutive ways, okay, non-dilutive ways for us to look at having sources of capital.

顯然，我們沒有債務，因此可以靈活地做出選擇，繼續進行資產負債表外的投資。同時，我們正在完成專案融資。但我想說，從策略上講，我認為，我們將以一種更深思熟慮的方式來工作，創造方式和非稀釋方式，好的，非稀釋方式，讓我們考慮擁有資本來源。

That may include partners, for example, and that may include strategic partners, meaning people that have invested in the company, whether pre-IPO or post.

例如，這可能包括合作夥伴，也可能包括策略合作夥伴，即在公司進行投資的人，無論是在首次公開募股之前還是之後。

You guys seem to gloss over the December 11, 12 date. I was kind of curious if you had any other details for that. And since you bring up Snyder, are you thinking about doing some kind of event at Snyder next year?

你們似乎掩蓋了 12 月 11 日至 12 日這一天。我很好奇你是否有其他細節。既然你提到了施奈德，你是否考慮明年在施奈德舉辦一些活動？

By the way, it's a great comment and question. We did not mean to for sure to gloss over. I was going to finish with some of that, but we're excited about the event there in Calistoga and hosting folks. So there'll be more about that. We chose there in Calistoga given the uniqueness of the microgrid.

順便說一句，這是一個很好的評論和問題。我們並不是故意要掩蓋。我本來打算結束其中的一些活動，但我們對卡利斯託加的活動和接待人們感到很興奮。所以會有更多相關內容。鑑於微電網的獨特性，我們選擇了卡利斯託加。

I think the passion, and I don't know another word how to say it, of the local community, the excitement they have to have the system online, but we're choosing a time prior to the full hot commissioning. So actually, it will allow us to interact in and around the site there where we're in a soft commissioning mode. So it will be able to, I think, get a little closer to everything there at the site.

我認為當地社區的熱情，我不知道該怎麼形容，他們對系統上線感到興奮，但我們選擇在全面熱調試之前的時間。因此，實際上，它將允許我們在處於軟調試模式的網站內及其周圍進行互動。因此，我認為，它將能夠更接近現場的一切。

So I think that's just -- that really fit given that's going to be a first of a kind and first of a kind online. And the first ultra-long duration, meaning multi-day sustainable storage type of project of its kind.

所以我認為這真的很合適，因為這將是同類中的第一個，也是在線上的第一個。也是同類型專案中第一個超長持續時間，即多天可持續儲存類型的專案。

And to your point on Snyder, absolutely, I think as we get some of the other -- in the full set of what will be three different gravity technologies between EVx, EVy and the modular pumped hydro up and running in the next two to three months, combined with the software that's going to be orchestrating that, including the coexistence of the generation PV in this case with multiple storage technologies, we will absolutely be planning something there.

至於你關於斯奈德的觀點，我認為當我們得到一些其他的東西時——在EVx、EVy 和模組化抽水蓄能器之間的全套三種不同重力技術中，將在未來兩到三年內啟動並運行幾個月的時間，結合將要協調的軟體，包括本例中發電光伏與多種儲存技術的共存，我們絕對會在那裡計劃一些事情。

And I appreciate the proactive push and idea set there. We have not announced that yet, but I guess you're announcing that for us now, and we'll make sure it's on our action list here for the coming quarter and next.

我很欣賞那裡的積極推動和想法。我們還沒有宣布這一點，但我想您現在正在為我們宣布這一點，我們將確保它出現在我們下一季和下一個季度的行動清單上。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯、圖伊兄弟。

I had a battery storage question and a gravity storage question. So you did mention applying your expertise to look at achieving greater energy density. And I was thinking about technology improvements in general on the battery storage side.

我有一個電池存儲問題和一個重力存儲問題。所以你確實提到運用你的專業知識來實現更高的能量密度。我正在考慮電池儲存方面的整體技術改進。

And what would such advances, say, also something that could increase battery life, what would those do to project economics over time? I'm thinking if you have longer contracts over time as you replace modules and so forth, maybe be able to upgrade them, what might that look like in terms of an impact?

這些進步會帶來什麼，例如可以延長電池壽命，隨著時間的推移，這些進步會對經濟產生什麼影響？我在想，如果隨著時間的推移，您在更換模組等時簽訂了更長的合同，也許能夠升級它們，那麼這會產生什麼影響？

Look, I think, first of all, we are looking at and we'll be announcing some very innovative things relative to new ways to achieve very high ultra-high density relative to integrating, for example, structural options with our civil structural material science expertise combined with what I'll say broadly, battery energy storage. So think about that as any container-based energy storage that may be short duration LFP type. It might be longer-duration types of storage.

聽著，我認為，首先，我們正在考慮並將宣布一些非常創新的事情，這些事情涉及實現非常高的超高密度的新方法，例如，結構選擇與我們的土木結構材料科學的整合專業知識與我廣義所說的電池儲能結合。因此，可以將其視為任何基於容器的儲能，可能是短期 LFP 類型。它可能是持續時間較長的儲存類型。

And with a focus on low cost, which we've had a lot of experience in that optimization and, for example, reducing volume of concrete through eliminating rebar and steel and the structural design of concrete and replacing it with fiber reinforcements, for example. That has benefits in safety, for example, in looking at the impact if temperatures heat up and the impact of those materials.

重點關注低成本，我們在優化方面擁有豐富的經驗，例如，透過消除鋼筋和鋼材以及混凝土的結構設計並用纖維增強材料替代來減少混凝土的體積。這對安全有好處，例如，可以觀察溫度升高的影響以及這些材料的影響。

And so that's the second aspect around ensuring we're looking at safety and working with the right constituents there as we design new systems. That's, again, fundamental and foremost, Noel.

因此，這是第二個方面，確保我們在設計新系統時專注於安全並與正確的組成部分合作。這又是最基本也是最重要的，諾埃爾。

And I'll go back to what I mentioned with Calistoga and other ways we approach customers. We think about solving the customer problems, okay? So if you look at areas in higher density cities, for example, or even on just the outskirts where that energy density is at a premium and where you could have a like fit to function technology that historically has not been able to achieve those energy densities and thinking about how we think about building and using structures to do that.

我將回到我提到的卡利斯託加以及我們接觸客戶的其他方式。我們考慮解決客戶的問題，好嗎？因此，例如，如果你看看密度較高的城市中的地區，甚至是郊區，那裡的能量密度非常高，並且你可以擁有類似的功能技術，而這些技術在歷史上一直無法實現這些能量密度並思考我們如何考慮建造和使用結構來做到這一點。

These are things that are actively on our mind that customers are interested in. We're collaborating with a few customers with some new solutions there. And we're not ready to announce those yet. As you know, when we announce things, we announce them with customers, okay? You haven't seen necessarily product announcements from us that aren't accompanied by some customer with it.

這些是我們積極思考且客戶感興趣的事情。我們正在與一些客戶合作，提供一些新的解決方案。我們還沒準備好宣布這些。如您所知，當我們宣布事情時，我們會向客戶宣布，好嗎？您所看到的我們的產品公告必然都有一些客戶的陪伴。

And you can expect that to be the case here. I'm sorry, there's some feedback on the line. Hopefully, you could hear me. But in any event, so that's what we're thinking about there on energy density. I will also tell you that generally, with what's happening in the battery world and pricing, we've seen at least 50% drops over the last year in fundamental LFP batteries and other technologies that are attempting to get to market and scale, potentially looking at longer duration.

您可以預期這裡的情況就是這樣。抱歉，線路中有一些回饋。希望你能聽到我的聲音。但無論如何，這就是我們正在考慮的能量密度。我還要告訴你，一般來說，隨著電池世界和定價的變化，我們看到基礎 LFP 電池和其他試圖進入市場和規模化的技術比去年至少下降了 50%，可能會尋找持續時間較長。

But generally, we're not going to be someone that drives that innovation curve, meaning that there's plenty of people out there much bigger than us that are going to be focusing on that. You can consider some of that commodity technology that's about volume and getting price down.

但總的來說，我們不會成為推動創新曲線的人，這意味著有很多比我們大得多的人會專注於此。您可以考慮一些與數量和降低價格有關的商品技術。

We're going to be focused on a lot of this surround, the value add, that wrapper, the ability to not only manage what's happening in and around those systems with safety, reliability, guaranteeing availability of power but also something that's going to move up that stack for broader asset management and even getting the higher-level software functions in bidding, for example, and optimization around bidding platforms as we've built our software team in the last few years and the expertise. So that's that area we're going to be playing in. And some of it will include some of our own product innovation like you just asked about, which is around how do we achieve better energy density.

我們將專注於許多這樣的環境、增值、包裝，不僅能夠安全、可靠地管理這些系統內部和周圍發生的事情，保證電力的可用性，而且還能夠管理那些將要移動的東西提升該堆疊以實現更廣泛的資產管理，甚至在投標中獲得更高級別的軟體功能，以及圍繞投標平台的優化，因為我們在過去幾年中建立了我們的軟體團隊和專業知識。這就是我們要玩的區域。其中一些將包括我們自己的一些產品創新，就像您剛才問的那樣，這是圍繞我們如何實現更好的能量密度的。

So more to come there. I wish I could say more, I'm excited to. But we're going to have to wait just a little bit on that.

所以更多的人會來這裡。我希望我能說更多，我很興奮。但我們還得稍等一下。

Great. And then I was just thinking about Rudong, and you mentioned the additional data that's becoming available and so forth. And it's not a new project anymore since it's been up and running. So it maybe doesn't come up as top of mind.

偉大的。然後我想到瞭如東，你提到了正在提供的附加數據等等。自從它啟動並運行以來，它不再是一個新專案。所以它可能不會成為首要考慮因素。

But with all the experience now of having built the first gravity storage product project out there, I just wonder if you have any thoughts at this point about how subsequent iterations might see better efficiency, might see reduced time lines and so forth. I'm just wondering if there's anything that stands out for you that you know you can look forward to in future China gravity storage projects.

但是，憑藉現在構建第一個重力存儲產品項目的所有經驗，我只是想知道您此時是否對後續迭代如何實現更高的效率、如何縮短時間等等有任何想法。我只是想知道在未來的中國重力存儲項目中是否有什麼對您來說是突出的，您可以期待的。

It's a great question. And let me share a few things here because it's been a real learning there. And as we license technology, okay, when you do that, you're allowing a certain level of flexibility for that region or country to customize the technology to its own individual needs.

這是一個很好的問題。讓我在這裡分享一些事情，因為這是一次真正的學習。當我們獲得技術許可時，好吧，當您這樣做時，您就允許該地區或國家具有一定程度的靈活性，可以根據自己的個人需求自訂技術。

So for example, in China, while we licensed the core technology there, we had a lot of innovation that we licensed, for example, in and around fiber reinforced concrete, which serves to take out some of the volume you would other have in pure cast in place. So we have a lot of innovation in the pre-casting, for example, that we've proven out in Snyder and at our R&D site in Switzerland.

例如，在中國，雖然我們在那裡獲得了核心技術的許可，但我們也獲得了許多創新的許可，例如，在纖維增強混凝土及其周圍，這可以減少您在純混凝土中擁有的一些體積。到位。因此，我們在預鑄方面有很多創新，例如，我們已經在斯奈德和瑞士的研發基地證明了這一點。

In China, they chose to go with cast in place because that's what they do. That's how they've always done it. That's how they do at very low cost, for example. Due to the cost of labor being so low there, we had a lot of automation even in construction that, in some cases, they chose to use labor because, again, it was cheaper and known. So I think, first of all, it's a great question.

在中國，他們選擇讓演員就位，因為這就是他們所做的。他們一直都是這樣做的。例如，他們就是這樣做的，成本非常低。由於那裡的勞動力成本如此之低，即使在建築領域，我們也有很多自動化，在某些情況下，他們選擇使用勞動力，因為同樣，它更便宜且眾所周知。所以我認為，首先，這是一個很好的問題。

The iterations of our gravity technology will look different dependent on how it's going to be customized locally. And that's one of the beauties of gravity energy storage and the way we've designed it because in countries like China, like India, like, for example, in the region in South Africa there, where they can basically source 100% of all the components and build it locally, it gives them the flexibility to choose where they want to maximize their efficiency and performance and cost.

我們的重力技術的迭代看起來會有所不同，具體取決於它如何在本地進行客製化。這就是重力儲能的優點之一，也是我們設計它的方式，因為在像中國、印度這樣的國家，例如在南非地區，他們基本上可以100%地獲取所有能量。使他們可以靈活地選擇想要最大限度地提高效率、性能和成本的地方。

Sticking with China, for example, too, on an efficiency basis, they made changes to the design just based on their own local safety standards. And in some cases, that involved increasing the weight of the cage that carries the block and therefore, increasing the counterweight, for example. And all of these things may have an impact on the scope of the, let's say, the full innovation design that we did.

例如，他們也堅持與中國合作，在效率的基礎上，他們僅根據自己當地的安全標準對設計進行了更改。在某些情況下，這涉及增加承載塊的籠子的重量，從而增加配重等。所有這些事情都可能會對我們所做的完整創新設計的範圍產生影響。

But all of that doesn't have a large impact in terms of performance, which is why I was very excited to share what I shared, which even with those changes I just mentioned, okay, the changes of increasing that safety factor a bit, increasing the weight, that increases the thickness, for example, of this innovative ribbon system, which they did choose to implement, okay?

但所有這些並沒有對性能產生很大的影響，這就是為什麼我非常興奮地分享我分享的內容，即使有了我剛才提到的那些變化，好吧，增加一點安全係數的變化，增加重量，就會增加厚度，例如，他們確實選擇實施這種創新的絲帶系統，好嗎？

They chose to implement the most innovative new ribbon lifting system, but the belt itself on that ribbon that's in steel because of the weight increase and the size, that's thicker and therefore, there's a slight impact around trip efficiency. But the fact that we're achieving an 82%, 83% from some of the initial data that we have there is unprecedented in any thermodynamic process, any type of compressed air, liquid air, any other mechanical storage, any pumped hydro. It's the most efficient data point in the world that's not lithium-ion, okay? And that's exciting.

他們選擇實施最具創新性的新型色帶提升系統，但由於重量增加和尺寸增加，該色帶上的皮帶本身是鋼製的，因此更厚，因此對行程效率有輕微影響。但事實上，我們從我們掌握的一些初始數據中實現了82%、83%，這在任何熱力學過程、任何類型的壓縮空氣、液態空氣、任何其他機械儲存、任何抽水蓄能中都是前所未有的。這是世界上最高效的非鋰離子數據點，好嗎？這很令人興奮。

And so just to close on your question, we've learned a lot in both core design, but also the practicality of how it's built. Andrea Pedretti, our CTO and our software team and Chris Wiese who runs our engineering and our labs group, they were just in China the last 10 days. That's where this data actually came out.

為了結束你的問題，我們在核心設計和建造方式的實用性方面都學到了很多。我們的 CTO 和軟體團隊 Andrea Pedretti 以及負責我們工程和實驗室團隊的 Chris Wiese，他們過去 10 天剛在中國。這就是這些數據實際出來的地方。

We had our partners Helena, which is an engineering software engineering group out of Switzerland there as well as a third party with us. And really interesting, I think, their implementation and how they're developing it and will be different and customized, I think, by region.

我們有我們的合作夥伴 Helena，這是一家來自瑞士的工程軟體工程集團，也是我們的第三方。我認為，非常有趣的是，他們的實施以及他們如何開發它，我認為，將根據地區而有所不同和客製化。

And all of that, I'll finish with all this experience is helping us think through how to apply these designs and the innovations in civil and structural engineering, working with, for example, Bill Baker from Skidmore Owings Merrill and Jose Andrade, who's from Caltech that spends, let's say, a good chunk of his time with us from his research and academic side and has been with us. So all of that innovation is what we're putting into where you started your last question, which is new innovations, achieving energy density, and we're excited about sharing more about that in the future.

所有這些，我將以所有這些經驗結束，幫助我們思考如何在土木和結構工程中應用這些設計和創新，例如與斯基德莫爾奧因斯梅里爾的比爾·貝克和來自美國的何塞·安德拉德合作。因此，所有這些創新都是我們在您開始最後一個問題時投入的內容，即新的創新，實現能量密度，我們很高興在未來分享更多相關內容。

Ladies and gentlemen, at this time, we have reached the end of the question-and-answer session. And now, I'd like to turn the floor back over to Robert Piconi for any closing comments.

女士們、先生們，至此，我們的問答環節已經結束了。現在，我想將發言權交還給羅伯特·皮科尼，請其發表最後評論。

Great. Well, look, I again, want to thank everybody for their time. And I'm sorry, we didn't get to all the questions here, but we'll be following up with folks as normal post the call. We're excited, hopefully, as you get a sense of in the progress we're making and going in here to definitely an exciting finish on the year.

偉大的。好吧，我再次感謝大家抽出時間。很抱歉，我們沒有在這裡回答所有問題，但我們會在電話後照常跟進人員。我們很興奮，希望您能感受到我們正在取得的進展，並為這一年畫上一個令人興奮的句點。

But I think more importantly, seeing the execution of our strategy for the long term and how that's getting built out and manifest itself, I think, and now what you're seeing in a lot of the recent announcements and more to come there.

但我認為更重要的是，看到我們長期策略的執行情況，以及它是如何建構和體現的，我認為，現在你在最近的許多公告中看到的以及即將發布的更多公告。

And finally, just to thank again all the people and employees at Energy Vault and their support and all of our investors partners and the customers that keep us doing what we do. So thank you, everyone, very much.

最後，再次感謝 Energy Vault 的所有人員和員工以及他們的支持，以及我們所有的投資者合作夥伴和客戶，他們讓我們繼續做我們所做的事情。非常感謝大家。

And ladies and gentlemen, that does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士們、先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。