Energy Vault Holdings Inc (NRGV) 2025 Q2 法說會逐字稿

Good day, and welcome to the Energy Vault second quarter 2025 earnings call. (Operator Instructions) Please be advised today's program is being recorded.

大家好，歡迎參加 Energy Vault 2025 年第二季財報電話會議。（操作員指示）請注意，今天的節目正在錄製中。

It is now my pleasure to turn the program over to Michael Beer, Chief Financial Officer for Energy Vault.

現在我很高興將該計劃移交給 Energy Vault 財務長 Michael Beer。

Thank you. Hello, and welcome to Energy Vault's second quarter 2025 financial results conference call. As a reminder, Energy Vault's earnings press release and presentation are now available on our investor website, and we'll be referring to these presentations during the call. I believe there was a slight delay on Business Wire, so please access those on our website if you were unable to get that e-mail. 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 2025 年第二季財務業績電話會議。提醒一下，Energy Vault 的收益新聞稿和簡報現在可以在我們的投資者網站上找到，我們將在電話會議中參考這些簡報。我認為 Business Wire 稍微延遲了，因此如果您無法收到該電子郵件，請造訪我們的網站。本次電話會議的重播將於今天稍晚在我們網站的投資者關係部分提供。

This call is now being recorded. If you object in any way, please disconnect now. 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 figures or events or results due to a variety of factors. Please refer to our most recent 10-K or 10-Q filing for a list of factors that cause our results to differ from those anticipated in any forward-looking statement.

此次通話目前正在錄音。如果您有任何反對意見，請立即斷開連接。請注意，Energy Vault 的收益報告和本次電話會議包含前瞻性陳述，這些陳述受風險和不確定性的影響。這些前瞻性陳述僅是估計，可能由於各種因素與實際數字或事件或結果有重大差異。請參閱我們最新的 10-K 或 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。

We undertake no obligation to publicly update or revise any forward-looking statements, except as required by law. 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. 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.

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。此外，請注意，我們將介紹和討論某些非 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 GAAP 財務指標以了解更多詳細信息，包括與可比 GAAP 指標的對帳。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，我想把電話交給羅伯特。

Michael, and thanks to all of you joining the call. Before jumping into the Q2 financial results as normal here, I thought I would kick off highlighting one of the significant announcements made this morning before the market opened. As all of you know, a little over a year ago at our May 2024 Investor Day, we outlined a bold strategy to leverage our significant technology and operational expertise in designing, building and monitoring storage systems to also developing, owning and operating energy storage systems, given the significant benefits of having less lumpy and more predictable revenue streams that are highly profitable, recurring and supported by long-term offtake agreements.

邁克爾，感謝大家參加這次電話會議。在像往常一樣討論第二季財務業績之前，我想先強調一下今天上午市場開盤前發布的一項重要公告。眾所周知，一年多前，在我們 2024 年 5 月的投資者日上，我們概述了一項大膽的戰略，利用我們在設計、構建和監控存儲系統方面的重要技術和運營專業知識，開發、擁有和運營能源存儲系統，因為擁有更少波動和更可預測的收入流的顯著好處，這些收入流豐厚、承購性的利潤。

This strategy was focused on getting more portfolio exposure to a much higher profit pool segment within the energy ecosystem and really fundamentally creating more long-term value for our shareholders. We proceeded to execute on getting our first two owned projects in Texas and California placed in service as expected this year and recently announced and also completed the project financings for both of them as recently announced and have been putting cash, therefore, back on the balance sheet.

該策略的重點是讓更多的投資組合接觸到能源生態系統中利潤更高的部分，並從根本上為我們的股東創造更多的長期價值。我們繼續執行今年在德克薩斯州和加利福尼亞州的首兩個自有項目投入使用的任務，並於近期宣布和完成了這兩個項目的融資，因此已將現金重新計入資產負債表。

While the first two projects were funded from our balance sheet, the announcement this morning now answers what's been on investors' minds about how Energy Vault will fund the execution of our growing project development portfolio with a $300 million preferred equity investment to fund the development, construction and operation of our storage IPP Own and Operate projects, which we call Asset Vault. I want to go over a little bit about what this means as highlighted from the announcement.

雖然前兩個項目都是從我們的資產負債表中獲得資金的，但今天早上的公告回答了投資者一直在想的問題，即 Energy Vault 將如何為我們不斷增長的項目開發組合的執行提供資金，通過 3 億美元的優先股權投資來資助我們存儲 IPP 自有和運營項目的開發、建設和運營，我們稱之為 Asset Vault。我想稍微解釋一下公告中強調的意思。

The $300 million equity will enable over $1 billion in CapEx and project financing toward constructing and operating the new storage IPP projects. While the funds are targeted at an initial 1.5 gigawatt of projects already progressing in mid- to later-stage development, it also funds earlier-stage development or [DevEx] of our total 3 gigawatt development pipeline of projects in the US, Australia and Europe. In addition to the first two projects recently placed in service in the US and now a part of Asset Vault, the next projects coming online in the next two to three years will create annual EBITDA cash streams of over $100 million, predictable and recurring.

3億美元的股權將為建造和營運新的儲存IPP項目提供超過10億美元的資本支出和專案融資。雖然這些資金最初的目標是已經進入中後期開發的 1.5 千兆瓦項目，但它也為我們在美國、澳洲和歐洲的總共 3 千兆瓦開發項目中的早期開發或 [DevEx] 提供資金。除了最近在美國投入使用並目前屬於 Asset Vault 一部分的前兩個項目外，未來兩到三年內上線的後續項目將創造每年超過 1 億美元的可預測且經常性的 EBITDA 現金流。

Just as critical in funding the projects is that this investment of the $300 million preferred equity is nondilutive to common shareholders. And we have built mechanisms for milestone-based equity participation that aligns us as partners along the way. This is critical given many of the convertible type financings done have been highly dilutive to existing shareholders from other deals that is not the case here.

對於專案融資來說，同樣重要的是，這筆 3 億美元優先股的投資不會稀釋普通股股東的權益。我們也建立了基於里程碑的股權參與機制，使我們在整個過程中成為合作夥伴。這一點至關重要，因為許多可轉換類型的融資已經對其他交易中的現有股東產生了很大的稀釋作用，而這裡的情況並非如此。

Important to also note that EBITDA streams from Asset Vault are in addition and complement Energy Vault's synergistic Energy Storage Solutions business to third-party, global utilities, IPPs and other high-demand energy users.

另外值得注意的是，Asset Vault 的 EBITDA 串流是額外的，它補充了 Energy Vault 的協同能源儲存解決方案業務，面向第三方、全球公用事業、IPP 和其他高需求能源用戶。

On top of that, as was the case with the first two energy assets already in service in the US and Texas and California, the Asset Vault subsidiary will contract to Energy Vault all of the product design, construction, commissioning and long-term service agreements, thereby providing additional cash flow streams and liquidity back to the parent company. We're going to be having a virtual Investor Day post close of the transaction that we'll schedule to go over more details of the transaction and also some of the language around this part of the business.

除此之外，與已在美國德克薩斯州和加利福尼亞州投入使用的前兩個能源資產一樣，Asset Vault 子公司將與 Energy Vault 簽訂所有產品設計、建設、調試和長期服務協議，從而為母公司提供額外的現金流和流動性。交易結束後，我們將舉行虛擬投資者日活動，詳細討論交易的更多細節以及有關這部分業務的一些語言。

You're going to hear us talking more and using megawatts, for example, instead of megawatt hours as that's what we're being contracted to deliver. And we'll be going over some KPIs related to multiples of those megawatts to come up with the relevant financial statistics.

例如，你會聽到我們談論更多使用兆瓦而不是兆瓦時，因為這是我們合約規定的交付量。我們將研究與這些兆瓦倍數相關的一些 KPI，以得出相關的財務統計數據。

Just a few thoughts here before jumping back to the results. I'm sure it's not lost on everyone how important the timing is of this investment and the transformation that an investment like this will enable in our forward financials. As a company, we have been good in to position and structure something like this as we've remained without debt at the corporate level since becoming a public company.

在回到結果之前，我只想說幾點想法。我相信每個人都知道這項投資的時機有多重要，以及這樣的投資將為我們未來的財務狀況帶來多大的轉變。作為一家公司，我們擅長定位和建構這樣的體系，因為自從成為上市公司以來，我們在公司層面上就沒有債務。

And given project timing, initially used our balance sheet to get the first two projects underway here in the US. But what really excites me about this, and I want to highlight to investors as a final point here, is this now becomes about execution.

考慮到專案時間安排，我們最初使用資產負債表在美國啟動前兩個專案。但真正讓我興奮的是，也是我想向投資人強調的最後一點，現在一切都與執行有關。

Having run a few public and private companies in my career, focus is so important to successful execution. And one of the things that Energy Vault has quickly built a strong reputation on in the market and demonstrated in spades with our customers and our partners is that we are excellent at execution. We deliver. That's managing supply chains, building, commissioning and reliably and safely executing projects and monitoring and operating assets.

在我的職業生涯中，我曾經營過幾家上市公司和私人公司，專注對於成功執行至關重要。Energy Vault 在市場上迅速建立起良好聲譽，並向我們的客戶和合作夥伴充分證明其卓越的執行力。我們送貨。那就是管理供應鏈、建造、調試和可靠安全地執行專案以及監控和營運資產。

You can imagine the diligence a company like ours undergoes, especially these days and in these markets as a newer growth company, whether that be the banks that did the two project financings that we recently completed infrastructure funds like we just announced this morning, government-owned entities like we have contracted with in Australia the last year and even public utilities who are not in the business of taking any risk.

你可以想像像我們這樣的公司所經歷的盡職調查，特別是在當今這些市場中，作為一家較新的成長型公司，無論是為我們最近完成的兩個基礎設施基金項目融資的銀行（就像我們今天早上剛剛宣布的那樣），還是像我們去年在澳大利亞簽約的國有實體，甚至是不承擔任何風險的公用事業公司。

And generally here, bankability is fundamental. As part of their DD, all of these groups I just mentioned have talked to our prior customers or partners where we have executed projects. And I think the results now and how we are expanding the business and these agreements speak for itself. With that, I'm going to turn to the Q2 financial results and have seven main points to highlight.

一般來說，融資能力是根本。作為其 DD 的一部分，我剛才提到的所有這些小組都與我們之前執行過專案的客戶或合作夥伴進行了交談。我認為現在的結果以及我們如何擴展業務以及這些協議不言而喻。接下來，我將討論第二季財務業績，並強調七個要點。

Fundamentally, we start always with contract revenue here in the backlog, a tremendous signal to investors increasing again quarter-over-quarter, 47% to almost $1 billion now, $954 million versus Q1 and up 120% year-to-date.

從根本上來說，我們總是從積壓合約收入開始，這對投資者來說是一個巨大的信號，該收入環比再次增長，增長了 47%，目前已接近 10 億美元，與第一季度相比增長了 9.54 億美元，今年迄今為止增長了 120%。

This is driven by new third-party project and service agreements as well as long-term offtake agreements in the US and Australia. The revenue also increased on a year-over-year basis, $8.5 million compared to the prior year period, driven by Australia project deliveries and also the commencement this quarter of our Cross Trails Battery Energy Storage System in Texas.

這是由新的第三方專案和服務協議以及美國和澳洲的長期承購協議所推動的。營收也較去年同期成長了 850 萬美元，這得益於澳洲專案的交付以及本季我們在德州的 Cross Trails 電池儲能係統的啟動。

The GAAP gross profit increased 140% versus prior year to $2.5 million as favorable geographic and revenue mix resulted in a gross margin of 29.6%. The adjusted EBITDA also improved 11% versus prior year, narrowing the loss to $13.7 million from a loss of $15.4 million in Q2 '24, aided by the improved gross margins just mentioned and some of the reduced operating costs.

由於有利的地理和收入組合導致毛利率達到 29.6%，因此 GAAP 毛利較上年增長 140% 至 250 萬美元。調整後的 EBITDA 也比去年增加了 11%，虧損從 2024 年第二季的 1,540 萬美元縮減至 1,370 萬美元，這得益於剛才提到的毛利率提高和部分營運成本降低。

That again, we took some additional steps this past quarter for an additional $6.5 million in cost savings initiatives. That's an annualized number, while continuing to invest, for example, in Australia to support some of the long-term growth and initial project starts there. I think importantly, cash improved 23% versus just last quarter to $58.1 million at June 30, finishing at the high end of the previous guidance range.

再次，我們在上個季度採取了一些額外措施，額外投入了 650 萬美元的成本節約計畫。這是一個年化數字，同時繼續投資，例如在澳大利亞，以支持那裡的一些長期成長和初始計畫啟動。我認為重要的是，現金與上一季相比增加了 23%，達到 6 月 30 日的 5,810 萬美元，達到了先前指導範圍的高端。

Since then and looking a bit forward, we completed the Cross Trails project financing just last month of $17.8 million in July, and we're expecting another $27 million in net investment tax credit proceeds that are anticipated in September. We continue to expect to be within the prior revenue recognition and cash ranges with much of the larger battery deliveries expected now in the latter half of the year in Q4 given some of the market shocks and pause from the tariff dispute with China that we absorbed in the first half of the year.

從那時起，展望未來，我們在上個月完成了 Cross Trails 專案融資，金額為 7 月的 1,780 萬美元，我們預計 9 月還將獲得 2,700 萬美元的淨投資稅收抵免收益。考慮到上半年我們承受的一些市場衝擊和與中國的關稅爭端帶來的停頓，我們仍然預計收入確認和現金範圍將保持在之前水平，大部分較大的電池交付預計將在第四季度下半年完成。

Finally, and before turning over to Michael, one special thank you to go out to our Australia teams and partners from the other announcement, also quite important we made this morning, achieving final close of the acquisition of the 125-megawatt 1 gigawatt hour Stoney Creek Battery Energy Storage System, now the largest in our new owned and asset portfolio.

最後，在交給邁克爾之前，我要特別感謝我們澳洲團隊和合作夥伴，感謝他們今天上午發布的另一項重要公告，即最終完成對 125 兆瓦 1 千兆瓦時的 Stoney Creek 電池儲能係統的收購，該系統目前是我們新擁有和資產組合中最大的系統。

Of course, this is largely expected, getting through final FERB government and share transfer approvals are never guaranteed. And I want to call out our local Energy Vault leaders, Lucas Sadler and Raymond Gilfedder and their teams, the legal team from Hamilton Locke locally, our development partner, Ross Warby and his team from EnerVest and all of those here in the US that worked across time zones to complete this. We look forward to pushing this through to final DA approvals and into RTB or ready-to-build construction in the coming months.

當然，這在很大程度上是意料之中的，透過 FERB 政府和股份轉讓的最終批准永遠無法保證。我要向我們當地的 Energy Vault 領導人 Lucas Sadler 和 Raymond Gilfedder 及其團隊、來自 Hamilton Locke 的當地法律團隊、我們的開發合作夥伴、來自 EnerVest 的 Ross Warby 和他的團隊以及所有在美國跨時區工作以完成這項工作的人員表示感謝。我們期待在未來幾個月內推動該專案獲得最終的 DA 批准並進入 RTB 或準備施工階段。

With that, I'll turn it over to Michael to go over the details of the financial results.

說完這些，我會把時間交給麥可來介紹財務結果的細節。

Thanks, Rob. Turning to our latest backlog and developed pipeline. As we've highlighted, the company currently maintains a revenue backlog of $954 million, up 47% versus this time last quarter and 120% year-to-date, driven by new third-party projects and service agreements as well as long-term offtake agreements in both the US and Australia.

謝謝，羅布。轉向我們最新的積壓和開發的管道。正如我們所強調的，該公司目前的積壓收入為 9.54 億美元，較上一季同期成長 47%，較年初至今成長 120%，這得益於新的第三方專案和服務協議以及美國和澳洲的長期承購協議。

Notably, this includes our contracts with Consumers Energy, a new long-term service agreement with an existing customer and our largest project in Australia to-date, as you mentioned, the recently acquired 125-megawatt Stoney Creek project in New South Wales, which is supported by a 14-year offtake agreement discussed previously.

值得注意的是，這包括我們與消費者能源公司簽訂的合約、與現有客戶簽訂的新的長期服務協議以及我們迄今為止在澳大利亞最大的項目，正如您所提到的，最近收購的新南威爾士州 125 兆瓦 Stoney Creek 項目，該項目得到了之前討論過的 14 年承購協議的支持。

These figures compare to the $550 million plus in recognized revenue or 1.1 gigawatt hours in executed projects to-date as depicted on Slide 5 in the earnings presentation. Meanwhile, our total developed pipeline for our advanced projects, either third party and/or those that we would look to own and operate is around $2.4 billion or roughly 6 gigawatt hours, which we expect to be strengthened by the launch of Asset Vault, Energy Vault's build, own and operate arm detailed in today's announcement and outlined in the last slide of our earnings presentation, which I'll discuss further later on.

這些數字與收益報告中第 5 張投影片所示的迄今為止已確認的 5.5 億美元以上的收入或已執行項目的 1.1 千兆瓦時數相比。同時，我們已開發的先進項目（包括第三方項目和/或我們希望擁有和運營的項目）總額約為 24 億美元或約 6 千兆瓦時，我們預計，通過推出 Asset Vault（Energy Vault 的建設、擁有和運營部門）將進一步加強這一潛力，該部門已在今天的公告中詳細說明，並在我們稍後進一步討論，並在我們的最後一張幻燈片中進一步討論收益。

Turning to Q2 results. On the revenue side, we delivered Q2 revenue of $8.5 million, up 126% year-over-year, and that's driven by activity across our Australian project portfolio in the first month of commercial operations at Cross Trails in Texas. GAAP gross margin of 29.6% was up from 27.8% a year ago, reflecting a stronger regional and business revenue mix.

轉向第二季業績。在營收方面，我們第二季的營收為 850 萬美元，年增 126%，這得益於我們在德州 Cross Trails 商業營運第一個月的澳洲專案組合活動。29.6% 的 GAAP 毛利率高於去年同期的 27.8%，反映出區域和業務收入組合更加強勁。

On adjusted operating expense were $16.2 million, improved 2% year-over-year despite the increased revenue and gross margin, demonstrating continued cost discipline. We implemented an additional $6.5 million in annualized savings during June and July as the company continues to refine its long-term strategy, offset by strategic investments in Australia to support that growth.

調整後的營業費用為 1,620 萬美元，儘管收入和毛利率增加，但同比仍增長 2%，表明成本控制持續有效。隨著公司繼續完善其長期策略，我們在 6 月和 7 月額外實現了 650 萬美元的年度化節餘，並透過在澳洲進行策略性投資來支持這一成長。

On the adjusted EBITDA front, excluding stock-based compensation and other onetime items outlined on slide 8 of the earnings presentation, adjusted EBITDA improved 11% year-over-year to a loss of $13.7 million compared to a loss of $15.4 million in Q2 2024, driven by increased revenue and gross margin as well as a slight decline in operating expenses.

在調整後的 EBITDA 方面，不包括股票薪酬和收益報告第 8 張幻燈片中概述的其他一次性項目，調整後的 EBITDA 同比增長 11%，至虧損 1,370 萬美元，而 2024 年第二季度的虧損為 1,540 萬美元，這得益於收入和毛利率的增加以及營運收入和毛利率的增加以及營運收入和毛利率的增加以及營運收入和毛利率的增加以及營運收入和毛利率的增加以及營運收入和毛利率的成本以及營運收入的毛利率。

From a cash and project financing perspective, we ended Q2 with $58.1 million in cash, up 23% sequentially and at the upper end of our guidance range. Now turning to our business outlook. Reflecting the timing of US battery deliveries associated with the consumers' energy projects and other project timelines in Australia, we're estimating full year 2025 revenue of between $200 million and $250 million within the prior guidance range.

從現金和專案融資的角度來看，我們在第二季結束時擁有 5,810 萬美元的現金，環比成長 23%，處於我們指導範圍的上限。現在談談我們的業務展望。考慮到與消費者能源項目相關的美國電池交付時間以及澳洲其他項目的時間表，我們估計 2025 年全年收入將在先前的指導範圍內達到 2 億至 2.5 億美元。

From a cash and project financing perspective, we are estimating between $60 million and $75 million in total cash at the end of the third quarter, unchanged versus prior guidance and including the Cross Trails project financing of $18 million, which was completed in July with another $27 million in total net ITC proceeds anticipated in September, offset by quarterly operating expenses, working capital and other CapEx.

從現金和專案融資的角度來看，我們估計第三季末的總現金在 6000 萬美元至 7500 萬美元之間，與之前的指導相比保持不變，其中包括 7 月份完成的 1800 萬美元的 Cross Trails 項目融資以及預計 9 月份的另外 2700 萬美元的總淨 ITC 支出，抵消了季度營運資金和其他資本收益。

Introducing Asset Vault. Earlier today, Energy Vault announced that it had entered into an exclusive agreement for a $300 million preferred equity investment, subject to customary regulatory and closing conditions estimated in the next 30 to 60 days.

介紹 Asset Vault。今天早些時候，Energy Vault 宣布已達成一項 3 億美元優先股投資的獨家協議，但需遵守預計在未來 30 至 60 天內完成的慣例監管和成交條件。

By partnering with a leading multibillion-dollar infrastructure fund, we expect to enable over $1 billion in CapEx spending for about 1.5 gigawatts of projects under development in the US, Australia and Europe. The project portfolio is prioritized with a clear monetization strategy, supported by long-term offtake agreements with bankable partners and/or in attractive merchant markets.

透過與一家領先的數十億美元基礎設施基金合作，我們預計將為美國、澳洲和歐洲正在開發的約 1.5 千兆瓦項目提供超過 10 億美元的資本支出。專案組合優先考慮明確的貨幣化策略，並透過與有銀行信譽的合作夥伴和/或有吸引力的商業市場達成的長期承購協議提供支援。

Further, by leveraging Energy Vault's existing EPC capabilities as well as a host of other services we provide today to our third-party customers, we can unlock notable synergies across the business, including larger volume commitments with suppliers and et cetera, adding incremental cash flows and liquidity to the parent company.

此外，透過利用 Energy Vault 現有的 EPC 能力以及我們目前為第三方客戶提供的一系列其他服務，我們可以在整個業務中釋放顯著的協同效應，包括與供應商的更大批量承諾等等，從而為母公司增加增量現金流和流動性。

As part of this strategy, as outlined in our May 2024 Analyst and Investor Day, we've officially placed both the Calistoga Resiliency Center in California and the Cross Trails project in Texas into service and have also completed their respective project financings. These two assets are expected to generate nearly $10 million in recurring annual EBITDA going forward.

作為該策略的一部分，正如我們在 2024 年 5 月分析師和投資者日上概述的那樣，我們已正式將加州的卡利斯託加彈性中心和德克薩斯州的 Cross Trails 專案投入使用，並且已完成各自的專案融資。預計這兩項資產未來將產生近 1,000 萬美元的年度經常性 EBITDA。

Further, and the recently announced Stoney Creek project serves as a major milestone, resulting in nearly 1.4 gigawatt hours of total capacity under management once that project is complete in 2027, with construction expected to commence in Q1 2026.

此外，最近宣布的 Stoney Creek 專案是一個重要的里程碑，該專案於 2027 年竣工後，總管理容量將達到近 1.4 千兆瓦時，預計於 2026 年第一季開始建造。

Once operational, that project is expected to generate roughly $20 million in annual recurring EBITDA, further accelerating our path to $100 million in recurring EBITDA goal over the next three to four years. In conjunction with the close of the $300 million preferred equity investment, again, subject to customary regulatory and closing conditions, Energy Vault intends to host a Virtual Investor Day to provide a comprehensive overview of the Asset Vault portfolio, its project pipeline, financial projections and accounting treatments surrounding the consolidated subsidiary as well as the long-term strategic vision. Additional details will be provided upon closing.

一旦投入運營，該項目預計每年將產生約 2000 萬美元的經常性 EBITDA，進一步加速我們在未來三到四年內實現 1 億美元經常性 EBITDA 目標的進程。在完成 3 億美元優先股投資的同時，Energy Vault 也計劃舉辦虛擬投資者日活動，同樣要遵守慣例監管和成交條件，以全面概述 Asset Vault 投資組合、其項目管道、財務預測和合併子公司的會計處理以及長期戰略願景。交易結束後將提供更多詳細資訊。

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

說完這些，我就把電話轉回給 Rob。

Michael, thank you. And before I open up for questions, I again want to thank all the employees of Energy Vault that have been working diligently across the globe, progressing a lot of the things we've discussed today and I think not a small milestone for us in progressing now toward a commitment related to $300 million to take our project portfolio now forward and really to highlight and emphasize, I think, from an investor perspective, a very strong focus of the company now on executing those projects, which I think we've done a very good job of across the world. So with that, operator, we'll turn it back to you for any questions.

邁克爾，謝謝你。在開始提問之前，我想再次感謝 Energy Vault 的所有員工，他們一直在全球範圍內勤奮工作，推動我們今天討論的很多事情，我認為這對我們來說是一個不小的里程碑，我們現在正朝著 3 億美元的承諾邁進，以推進我們的項目組合，並且真正突出和強調，我認為，從投資者的角度來看，公司現在做得非常好。接線員，如果有任何問題，我們會再找您。

(Operator Instructions)

（操作員指示）

Justin Clare, Roth Capital Partners.

羅斯資本合夥公司的賈斯汀‧克萊爾 (Justin Clare)。

Hi guys, thanks for taking the questions here and, congratulations on the preferred equity transaction. I guess I first wanted to start on the preferred. I just wanted to see if you'd be able to share any more details at this point on the return structure, what the preferred dividend yield might look like or any milestones that are tied to the equity participation in Energy Vault Holdings or do we need to wait until the conference call coming up for that?

大家好，感謝你們在這裡回答問題，並祝賀優先股交易成功。我想我首先想從首選開始。我只是想看看您是否能夠在此時分享有關回報結構的更多細節，優先股息收益率可能會是什麼樣子，或者與 Energy Vault Holdings 股權參與相關的任何里程碑，或者我們是否需要等到電話會議召開後再透露？

Yeah. Thanks, Justin. Yeah, we purposefully are scheduling this virtual call with investors just post the close of that, where we're going to be stepping through and walking through all that. For regulatory and compliance purposes, we aren't going to get into that detail right now. But we're looking forward to walking people through all of those things at the investor call that we're going to be hosting just after the close.

是的。謝謝，賈斯汀。是的，我們特意安排在會議結束後與投資者進行這次虛擬電話會議，我們將在會議中逐步講解所有事項。出於監管和合規目的，我們現在不打算討論這個細節。但我們期待在收盤後舉行的投資者電話會議上向大家介紹所有這些事情。

I think one way to sort of think about it, and there's a slide in the deck, slide 14 that sort of talks about the broader portfolio. Obviously, these projects and their sort of intended levered IRRs would adequately support any project financing and/or distributions associated with the preferred equity.

我認為可以有一種方法可以考慮這一點，那就是簡報中有一張投影片，第 14 張投影片討論了更廣泛的投資組合。顯然，這些項目及其預期的槓桿 IRR 將充分支持任何專案融資和/或與優先股相關的分配。

Yeah, Justin, there's some good content in there where you can -- you'll be able to make some assumptions there based on the levered IRRs that are included and assumptions in and around the financing.

是的，賈斯汀，這裡面有一些很好的內容，你可以——根據其中包含的槓桿 IRR 以及融資內部和周圍的假設做出一些假設。

Okay. Got it. I guess maybe at this point, not specifically on the preferred equity, but you had talked about $1 billion of CapEx. Maybe you could speak to more broadly what the financing strategy there is in terms of project level debt versus tax equity versus the potential equity contribution from Energy Vault.

好的。知道了。我想也許目前為止，還沒有具體談到優先股，但您已經談到了 10 億美元的資本支出。也許您可以更廣泛地談談在專案層級債務、稅務股權以及 Energy Vault 的潛在股權貢獻方面的融資策略。

Yeah. No, certainly. So we would expect that much of the portfolio will be in the US. We haven't necessarily articulated what the split will be, but it will be US-centric. And as a result, there will be pretty notable ITC-related benefits.

是的。不，當然。因此我們預期大部分投資組合將位於美國。我們不一定清楚地表明分裂將會是什麼，但它將以美國為中心。因此，將會帶來非常顯著的 ITC 相關效益。

We obviously now have some comfort around recent guidance that was given around those sort of storage ITCs. But the way I would think about it on a, let's call it, $100 million project, one could assume virtually half of that would be covered through normal course project financing.

顯然，我們現在對最近針對此類儲存 ITC 給出的指導感到有些放心。但是，我認為，對於一個價值 1 億美元的專案來說，可以假設其中幾乎一半的資金將透過正常的專案融資來支付。

You should assume anywhere between $30 million to $40 million, 30% to 40% of that would be covered vis-a-vis the ITC mechanism. Obviously, there are sort of costs in transferring those ITCs, but you could use a 30% type figure. And then of that remaining 20% related to the equity contribution required, there would be some split between common equity and sort of the preferred element.

您應該假設在 3000 萬美元到 4000 萬美元之間，其中 30% 到 40% 將透過 ITC 機制得到覆蓋。顯然，轉移這些 ITC 會產生一定成本，但您可以使用 30% 類型的數字。然後，在與所需股權貢獻相關的剩餘 20% 中，將會在普通股和優先股之間進行分配。

So hopefully, directionally, that gives you a sense. And quite frankly, this is the same sort of split that we had for, say, the Cross Trails project and even that with Calistoga. So having just gone through this process, constructing, financing, making sure that we have a really optimized capital stack post COD, it's a playbook that we know well now.

所以希望從方向上來說，這能給你一種感覺。坦白說，這種分裂與我們在 Cross Trails 計畫甚至卡利斯託加計畫中遇到的分裂是一樣的。因此，在經歷了這個過程、建造、融資、確保我們擁有真正優化的 COD 後資本堆疊之後，這是我們現在非常熟悉的劇本。

Got it. Okay, yeah, that's helpful. One thing just to add in terms of also use of the fund, and this was mentioned in the announcement, but the other purpose of the fund is to invest in [DevEx] or some of the earlier development phases you go through when you're getting projects through different phases from the permitting phases, design approvals and things.

知道了。好的，是的，這很有幫助。關於基金的使用，還有一點需要補充，這一點在公告中已經提到過，但該基金的另一個目的是投資[DevEx]或你在專案經歷的早期開發階段，包括許可階段、設計批准等不同階段。

So that's the other use of the fund. And then we also have flexibility to take minority interest in projects, for example, where we're providing storage solutions and to work a little more closely with our customers in that regard as partners. So it really is -- gives us a lot of flexibility, I think, in how we look to grow all pieces of the business.

這就是該基金的另一種用途。然後，我們還可以靈活地在專案中持有少數股權，例如，我們提供儲存解決方案，並在這方面與我們的客戶以合作夥伴的身份進行更緊密的合作。所以我認為，這確實為我們如何發展所有業務提供了極大的靈活性。

Okay. Got it. That's helpful. And then maybe if I could just sneak one more in here. I'm just looking at slide 14, where you have kind of the COD dates for projects in the pipeline here.

好的。知道了。這很有幫助。然後也許我可以再偷偷地再來一次。我正在看第 14 張投影片，上面列出了正在進行的專案的 COD 日期。

It looks like close to 1 gigawatt of projects potentially in 2027 are planned for completion. So just wondering if you could share a little bit more detail on where those are in the development process. Like have you secured permits? Has interconnection been secured? Are the contracts already -- or are the projects already contracted? Any additional detail there would be helpful.

看起來，計劃在 2027 年完成的項目可能接近 1 千兆瓦。所以我只是想了解您是否可以分享一些有關這些在開發過程中所處階段的更多細節。例如，您是否已獲得許可證？互連互通是否已得到保障？合約已經簽訂了嗎——或者專案已經簽約了嗎？任何額外的細節都會有幫助。

Yeah, sure. I think just for some visibility, and we had in the past had also provided a chart online that showed actually some of the projects and where they were actually in their development phases. So you should have had that online. But Stoney Creek, of course, is one of the larger ones that we announced in that the timelines, I think, are included in that announcement there in 2027. There's -- and you can assume there's a few projects more in Australia that are progressing through, let's say, mid-development and some of them at the later development stages here shortly this year.

是的，當然。我認為只是為了提高可見性，我們過去也曾在網上提供過圖表，實際上顯示了一些項目以及它們在開發階段的實際位置。所以你應該已經在網路上看過。但 Stoney Creek 當然是我們宣布的較大項目之一，我認為時間表已包含在 2027 年的公告中。您可以假設，今年不久後，澳洲還會有更多專案處於開發中期，其中一些專案將進入後期開發階段。

And also a few in the US that are also in, I'd say, mid-development stages. There's one to two in Europe as well that we're progressing. So there are -- primarily, I'd say a lot of these projects are going to be four and in some cases, some of the are eight-hour durations, which is, I think, getting a little more common in Australia, for example. I think the US and Europe are closer to more the average of the four hours.

而我認為美國也有一些處於中期發展階段的計畫。在歐洲，我們也正在推動一到兩個計畫。因此，首先，我想說很多項目將持續四個小時，在某些情況下，有些項目甚至持續八個小時，我認為這在澳大利亞等國家變得越來越普遍。我認為美國和歐洲更接近四小時的平均值。

And as I said, I think they're all set in their -- from their development. And as we look at funding and moving them through, we're looking at having a lot of them come online in 2027.

正如我所說，我認為他們都已經做好了準備——從他們的發展來看。當我們考慮資金和推動這些項目時，我們預計其中許多將在 2027 年上線。

Okay, great, thank you. I'll I'll pass it on.

好的，太好了，謝謝。我會把它傳遞下去。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯 (Noel Parks)、圖伊兄弟 (Tuohy Brothers)。

Congratulations on the deal. And totally understand that you want to be sort of judicious in what you disclose at this point. But I was wondering if you could just talk in just the broadest terms about maybe what isn't implied in the exclusivity of the arrangement with the new preferred financing. And I mean, you mentioned, for example, actually, sorry, that's sort of a separate topic. But I was just curious about that.

祝賀交易成功。我完全理解您希望在此時披露資訊時保持謹慎。但我想知道您是否可以用最廣泛的術語來談論新的優先融資安排的排他性中可能未暗示的內容。我的意思是，例如，實際上，抱歉，這是一個單獨的話題。但我只是對此感到好奇。

Yeah. I'd say we have an agreement that's been executed. It also includes exclusivity at this stage, hence, the reason we were comfortable and also the partner is comfortable making the announcement that we did. And as we said, subject to the customary types of procedural and closing conditions here at this point. So there's really not -- the exclusivity is just that in and around this specific Asset Vault and the preferred equity toward funding these projects. So that's the, let's say, the scope of the exclusivity.

是的。我想說我們已經達成了一項協議並且已經執行。它也包括現階段的排他性，因此，我們感到放心，合作夥伴也放心地宣布我們所做的決定。正如我們所說，此時此刻要遵守慣常的程序和成交條件。所以實際上並沒有——排他性只是在這個特定的資產庫中以及圍繞這個特定的資產庫和用於資助這些項目的優先股權。這就是所謂的排他性範圍。

Great. This is kind of exactly what I was wondering about whether it implied a similar relationship to other projects or parent company operations. And I was pretty excited to hear that the transaction was accomplished with an infrastructure fund. I feel like one question I've certainly been asking over the quarters is what were the nature of the types of parties you've been talking to for additional funding. And I have been sort of wondering how well or slowly those discussions have been going on.

偉大的。這正是我所好奇的，它是否暗示與其他專案或母公司營運有類似的關係。當我聽說這筆交易是透過基礎設施基金完成的時，我非常興奮。我覺得我在過去幾季中一直在問的一個問題是，您為獲得額外資金而與之交談的各方的性質是什麼。我一直想知道這些討論進展得如何或順利。

So I just wonder if you could again, talk just very generally about what was involved in sort of landing the plane getting to this deal and just a rough idea of how long you've been in talks or in the works with this particular party. I'm thinking of that as kind of a bit of a -- to give a bit of a flavor for what subsequent types of deals might -- how they might transpire.

所以我只是想知道您是否可以再次非常概括地談論達成這筆交易所涉及的內容，以及您與該特定方進行談判或籌備工作的時間的大致情況。我認為這有點像——讓我們稍微了解一下後續可能會發生哪些類型的交易——它們將如何進行。

Yeah. Well, look, I think I'll point to some things publicly we announced and said to, late last year, we actually made an announcement because we had retained Jefferies to support us a bit in looking at this -- the Own and Operate segment in the energy ecosystem here around energy storage and really started to think about, I think, in earlier this year on starting to look at going to market and looking at the types of infrastructure players and partners that would fit what we're doing. We've obviously been in the middle of also delivering two projects.

是的。好吧，看，我想我會指出我們公開宣布和說過的一些事情，去年年底，我們實際上發布了一個公告，因為我們保留了 Jefferies 來支持我們研究這個問題——能源生態系統中圍繞能源存儲的自有和運營部分，並且我認為在今年早些時候我們真正開始考慮進入市場，並尋找適合​​我們正在做的事情的基礎設施參與者和合作夥伴的基礎設施參與者和合作夥伴的類型。顯然，我們也正在實施兩個專案。

So I think that's something, Noel, that folks were looking at as we were looking to close on projects that we had committed like Cross Trails in Texas, which actually we delivered a bit early and was up running 100% availability, for example, in July. It came up as planned end of May and into June.

因此，諾埃爾，我認為這是大家正在關注的事情，因為我們正在尋求完成我們已經承諾的項目，例如德克薩斯州的 Cross Trails，實際上我們提前交付了該項目，並且例如在 7 月份就達到了 100％ 的可用性。它按計劃於五月底至六月底舉行。

So everything is performing well. So I think its funds who looked at us and knowing that we're getting in now to owning and operating, I think them seeing progress on how we're executing those projects that probably influenced some of the timing, although I think it sort of coincided from when we started to really seriously start to get into the market earlier this year and start to target certain infrastructure funds that we thought would be interested in this and would be good partners with us.

所以一切都進展順利。所以我認為是基金關注了我們，知道我們現在開始擁有和運營，我認為他們看到了我們執行這些項目的進展，這可能影響了一些時機，儘管我認為這與我們今年早些時候開始認真進入市場並開始瞄準某些我們認為會對此感興趣並會成為我們良好合作夥伴的基礎設施基金時的情況有些吻合。

So I think some of that timing a bit coincided and the fact also we just had the Calistoga ribbon cutting, of course, last week up in Northern California, and that's for the PG&E system. And I think those -- our ability to execute those and by the way, progress project financing. So the diligence you get into asset-by-asset when you get into those.

所以我認為時間上有些巧合，而且我們上週剛在北加州舉行了卡利斯託加發電廠的剪綵儀式，這是 PG&E 系統的剪綵儀式。我認為這些——我們有能力執行這些，順便說一下，還有進度專案融資。因此，當您進入這些資產時，您需要對每項資產進行盡職調查。

So I think folks seeing that we progress those, got them financed, closed on ITC agreements as well as Michael referenced about some of that cash that's coming in. I think all of those factors, while in parallel, having the systems we had turned over on our traditional business, all operating well, seeing the expansion in Australia on the two construction projects, they are now underway.

所以我認為人們看到我們在這些方面取得進展，為他們提供資金，達成 ITC 協議，以及邁克爾提到的一些即將到來的現金。我認為所有這些因素，同時，我們在傳統業務上已經轉變的系統都運作良好，並且看到兩個建設項目在澳洲的擴張，現在都在進行中。

So I think all of those factors went into some of the timing here and the readiness. And I think the interest we had from multiple parties to look at working with us. And I'll highlight the last thing I'll say is what I said in my discussion in and around the deal announcement and what's behind it.

所以我認為所有這些因素都與時機和準備情況有關。我認為多方都對與我們合作感興趣。最後我要強調的是，我在交易公告及其背後的討論中所說的內容。

As a part of all that diligence people did, they will automatically want to speak to the customers that we've delivered or executed projects for. How did we do to the process? How did we manage supply chain? No project goes perfectly or even close. And some projects, there's problems you have to manage.

作為人們所做的所有勤奮工作的一部分，他們會自動想要與我們為其交付或執行過專案的客戶交談。我們對此過程做得怎麼樣？我們是如何管理供應鏈的？沒有一個項目是完美無缺的，甚至接近完美。對於某些項目，你必須處理一些問題。

We've had all the above. But how you manage those things in front of the customer, how you deliver, how the systems are operating now, all of that, all those factors, I think, were net positive as people jumped in and did the type of diligence that I mentioned in some of my opening remarks. So hopefully, that's helpful to you.

以上這些我們都經歷過了。但是，你如何在客戶面前管理這些事情，你如何交付，系統現在如何運行，所有這些，所有這些因素，我認為，當人們參與進來並進行我在開場白中提到的那種盡職調查時，都是淨積極的。希望這對你有幫助。

It it is indeed thanks a lot.

確實非常感謝。

Okay.

好的。

Thank you.

謝謝。

Michael Renoff, Scoggin Capital.

雷諾夫（Michael Renoff），Scoggin Capital。

Rob, congrats on the OIC announcement today. Could you explain how the Asset Vault business relates to the current business and how the $100 million of EBITDA on the Asset Vault portfolio fits in?

羅布，祝賀 OIC 今天的公告。您能否解釋一下 Asset Vault 業務與當前業務有何關係，以及 Asset Vault 投資組合中 1 億美元的 EBITDA 與當前業務有何關係？

You mentioned additional cash flow streams accruing to the holding company. Can you just walk through that for us given that the market cap is still well below $300 million. You're talking about $100 million of EBITDA. Is this -- can you just talk about additional revenue and margin to you guys?

您提到了控股公司產生的額外現金流。鑑於市值仍遠低於 3 億美元，您能否為我們簡單介紹一下這一點？您說的是 1 億美元的 EBITDA。這是－您能跟大家談談額外的收入和利潤嗎？

Sure. Yeah, you were breaking up a little bit, but I think I got the gist of it. By the way, it's a great question. And in the announcement, we did spend, I think, a few cents on it, but I'm glad you asked it because I'll spend a little bit of time on it. The $100 million of EBITDA we mentioned specifically to the projects that are in development now that this $300 million is targeted at delivering -- that's specific to Asset Vault and our Own and Operate portfolio.

當然。是的，你們有點分手了，但我想我明白了事情的要點。順便說一句，這是一個很好的問題。在公告中，我想我們確實花了一些錢，但我很高興你問了這個問題，因為我會花一點時間在它上面。我們特別提到了 1 億美元的 EBITDA，用於目前正在開發的項目，這 3 億美元的目標是實現 - 這是針對 Asset Vault 和我們的自有和營運投資組合的。

So the first point is, as you sort of asked or insinuating in your question, that is a piece of Energy Vault's business. So that is and would be complementary to our Energy Storage Solutions business, which are some of the projects we're executing today in Australia, the one for Consumers Energy, for example, that we announced that's starting deliveries in Q4, where we're delivering systems and doing the commissioning and then doing long-term service agreements.

因此，第一點是，正如您在問題中詢問或暗示的那樣，這是 Energy Vault 業務的一部分。因此，這是對我們的能源儲存解決方案業務的補充，這是我們目前在澳洲執行的一些項目，例如，我們宣布消費者能源項目將於第四季度開始交付，我們將交付系統並進行調試，然後簽訂長期服務協議。

So the Asset Vault, that $100 million on this first set of projects that are getting funded is in addition to what would continue to be our synergistic Energy Storage Solutions business. So that's number one. I think the other question you asked, as I understood it, if I heard you right, is how does that relate back into Energy Vault?

因此，資產庫，即為首批獲得資助的項目提供的 1 億美元，是我們將繼續發揮協同作用的能源儲存解決方案業務的補充。這是第一點。我認為您問的另一個問題，如果我沒聽錯的話，就像我理解的那樣，是這與 Energy Vault 有什麼關係？

How does the Asset Vault business relate back in? And there's incremental cash and margin streams that do go back into the parent. And that's related to the fact that Asset Vault is going to contract to Energy Vault. So Energy Vault will be building these projects. And while there's a revenue elimination there because it becomes intercompany on the revenue side, there's obviously margins associated with the building of the project.

Asset Vault 業務與之有何關聯？而且增量現金和利潤流確實會回到母公司。這與 Asset Vault 將與 Energy Vault 簽訂合約有關。因此 Energy Vault 將負責建造這些項目。雖然由於收入方面變成了公司間交易，從而消除了收入，但專案建設顯然會產生利潤。

So let's say, the EPC agreement to go and build the project. There's margins associated with the long-term service agreements that have to be done and put in place to be able to monitor these. And those are nice agreements too, 30% to 40% type of margins on those. And then there's a piece that's just related to the management fee and expenses in and around the management of that portfolio that Energy Vault is doing.

因此，可以說，EPC 協議是去建造該專案。長期服務協議有一定的利潤空間，必須先完成並落實才能監控這些利潤空間。這些也是很好的協議，利潤率為 30% 到 40%。還有一部分與 Energy Vault 所進行的投資組合管理中的管理費和支出有關。

So those would be additional streams that in addition to that, let's say, let's call it, the Asset Vault EBITDA that would flow back into and essentially bring additional cash flows into Energy Vault. So there's a few different pieces there that as you get a sense of, are all enhancing the cash flow and the liquidity and streams at the parent Co level. Does that answer your questions?

因此，除此之外，這些將是額外的資金流，我們稱之為資產庫 EBITDA，它將回流到能源庫並實質上為能源庫帶來額外的現金流。因此，正如您所感覺到的，這其中有幾個不同的部分，它們都在增強母公司層面的現金流、流動性和流量。這回答了你的問題嗎？

Yeah. No, that's super helpful. And then just on Stoney Creek, I saw the announcement on completing there. I know it was expected but formalized. That part is bigger than the others. Can you just talk about the timeline to get that built and in operation? And then what other things you have going on in Australia?

是的。不，這非常有幫助。然後就在 Stoney Creek，我看到了那裡完工的公告。我知道這是意料之中的，但卻是正式的。這部分比其他部分大。您能談談建造和運行該設施的時間表嗎？那麼你在澳洲還有什麼其他活動嗎？

Sure. Yeah, Stony Creek, as mentioned, is going to be our largest one in the portfolio now going in. And that -- in this close now, what we have going forward is the next step and real large milestone is what's called the DA or the Design Approval. So -- and that essentially is focused on the final land permitting process. There's always -- there's already been the environmental studies and reports.

當然。是的，正如所提到的，Stony Creek 將成為我們目前投資組合中最大的一個。現在，我們即將邁出的下一步和真正的重要里程碑是所謂的 DA 或設計批准。所以 — — 這基本上集中在最終的土地許可程序。一直都有——已經有環境研究和報告了。

So all of the major items clearing out, I think, any risks around the site that we've chosen, environmental aspects, any aspects related to, I think, some of the other indigenous requirements there and other management things are going to be essentially done into this DA approval, this final design approval. We expect that sometime by the end of the year or into Q1. So it's going to be right in that range. And then from there, we're really at that concurrently, while we're doing that, we'll be getting project financing. So in this next, let's call it, the next 4 to 5 months, while we're getting the DA approval, we're going to start a project financing process.

因此，我認為，所有主要事項的清理，我們選擇的場地周圍的任何風險、環境因素、任何相關的方面，我認為，那裡的一些其他本土要求和其他管理事項，基本上都將在 DA 批准、最終設計批准中完成。我們預計這將在今年年底或第一季實現。所以它就在這個範圍內。然後從那時起，我們實際上正在同時進行這項工作，在這樣做的同時，我們將獲得專案融資。因此，在接下來的 4 到 5 個月內，我們將在獲得 DA 批准的同時啟動專案融資流程。

Just to remind you and everybody, we have a -- it's called an LTESA, Long Term Energy Service Agreement there issued through AEMO and the New South Wales government. So that we have that offtaker there already. So that should give, I think, a very good confidence to all of us around the ability to get that asset financed. So that figure in some case, all of that comes together in Q1 next year, and then it achieves what's called ready-to-build or RTB status. And we will have done the EPC contract back into Energy Vault with Asset Vault also in parallel this next 4 to 5 months.

只是提醒您和大家，我們有一個 - 它被稱為 LTESA，即透過 AEMO 和新南威爾斯州政府頒發的長期能源服務協議。因此我們已經在那裡找到了承購商。因此，我認為這應該會讓我們所有人都對獲得該資產融資的能力充滿信心。因此，在某些情況下，所有這些都將在明年第一季匯總，然後實現所謂的準備建造或 RTB 狀態。我們將在接下來的 4 到 5 個月內與 Asset Vault 同時完成 Energy Vault 的 EPC 合約。

So then we're really ready to hit construction order all key long lead items and start building it through the year, essentially of '26 into what's expected to be an early '27 essentially COD or operations of the project.

因此，我們真的準備好開始施工，訂購所有關鍵的長週期項目，並開始全年建設，基本上從 26 年開始，預計到 27 年初，基本上是項目的 COD 或運營。

Got it I appreciate it thank you. Thank you.

明白了，我很感激，謝謝。謝謝。

And this does conclude the Q&A session of today's program. I'd now like to turn the program back over to Robert Piconi for any closing remarks.

今天節目的問答環節到此結束。現在我想將節目交還給羅伯特·皮科尼 (Robert Piconi) 做結束語。

Okay. Operator, thank you. And I want to thank, again, everybody who joined the call here. We encourage everybody to go to the announcement, but also we included a deck, a presentation as usual that's on the website under the Investors section that includes some of the details and to some of the questions here that hopefully will be useful to everyone. In closing, as you get the sense of, we're really excited, I think, now as a company to essentially have access now as we're going to get this -- what's just been announced this morning on the preferred equity to get that closed.

好的。接線員，謝謝。我要再次感謝參加這次電話會議的所有人。我們鼓勵每個人都去查看公告，但我們也像往常一樣在網站的投資者部分提供了一個演示文稿和演示，其中包含一些詳細信息和一些問題，希望對每個人都有用。最後，正如您所感覺到的，我認為，作為一家公司，我們現在真的很高興能夠獲得這項權利，因為我們將獲得這項權利——今天早上剛剛宣布的優先股權利將使這一權利得到實現。

And then be putting that capital to work toward our development portfolio and really continuing to focus on executing on that now without being involved in capital raise processes, et cetera. That's a very good position to be in, I think, as a company. And I think from an investor perspective, reduces tremendously a lot of the risk that people may have had in their minds, and we're expecting to see a lot of the benefits come forward now as we start putting the capital to work. Thank you, everyone, and have a good evening and afternoon, wherever you may be. Thank you.

然後將這些資金用於我們的開發組合，並真正繼續專注於現在的執行，而不參與融資過程等等。我認為，對於一家公司來說，這是一個非常好的地位。我認為從投資者的角度來看，這大大降低了人們心中可能存在的風險，隨著我們開始將資本投入使用，我們預計會看到許多好處的出現。謝謝大家，無論您身在何處，祝福大家有個愉快的夜晚和下午的時光。謝謝。

Thank you for your participation. This does conclude today's program. You may disconnect at any time.

感謝您的參與。今天的節目到此結束。您可以隨時斷開連線。