Nuvve Holding Corp (NVVE) 2023 Q3 法說會逐字稿

Good afternoon and welcome to the Nuvve Holding Corp. third-quarter 2023 earnings call. As a reminder, this conference is being recorded. It is now my pleasure to introduce Eduardo Royes. Thank you. You may begin.

下午好，歡迎參加 Nuvve Holding Corp. 2023 年第三季財報電話會議。提醒一下，本次會議正在錄製中。現在我很高興向大家介紹愛德華多·羅耶斯。謝謝。你可以開始了。

Thank you. On today's call are Gregory Poilasne, Chief Executive Officer; and David Robson, Chief Financial Officer of Nuvve. Earlier today, Nuvve issued a press release announcing its third-quarter 2020 results. Following prepared remarks, we will open the call up for questions. Before we begin, I'd like to remind you that this call may contain forward-looking statements.

謝謝。執行長 Gregory Poilasne 出席了今天的電話會議；和 Nuvve 財務長 David Robson。今天早些時候，Nuvve 發布新聞稿，宣布其 2020 年第三季業績。在準備好的發言之後，我們將開始提問。在我們開始之前，我想提醒您，本次電話會議可能包含前瞻性陳述。

While these forward-looking statements reflect Nuvve's best current judgment, they are subject to risks and uncertainties that could cause actual results to differ materially from those implied by these forward-looking projections. These risk factors are discussed and newly filed at the SEC and in the earnings release issued today, which are available on our website. Nuvve undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances. With that, I'd like to turn the call over to Gregory Poilasne, Chief Executive Officer of Nuvve. Gregory?

雖然這些前瞻性陳述反映了 Nuvve 目前的最佳判斷，但它們受到風險和不確定性的影響，可能導致實際結果與這些前瞻性預測所暗示的結果有重大差異。這些風險因素已在美國證券交易委員會 (SEC) 和今天發布的收益報告中進行了討論和新提交，可在我們的網站上查看。 Nuvve 不承擔修改或更新任何前瞻性陳述以反映未來事件或情況的義務。說到這裡，我想將電話轉給 Nuvve 執行長 Gregory Poilasne。格雷戈里？

Thanks, Eduardo, and greetings to all. Thank you for joining our third-quarter 2023 results call. We came into 2023 with optimism that we were going to experience a well overdue inflection in growth in our business. In the first-half of the year, we began laying the foundation of these to play out, with record orders and much higher sales than in 2022.

謝謝愛德華多，並向大家致以問候。感謝您參加我們的 2023 年第三季業績電話會議。我們樂觀地進入 2023 年，認為我們的業務成長將迎來早該出現的轉折點。今年上半年，我們開始為這些計畫的實施奠定基礎，訂單量創歷史新高，銷售額也遠高於 2022 年。

Momentum continued to build in the third quarter and so far in Q4. As discussed on our August call, we continue to evolve our AI capabilities by integrating Astrea AI into Nuvve's FleetBox Charge Management App in July. The enhanced functionality helps us maintain our differentiated edge and comes at a critical time as we accelerate deployments of our software equipped hardware. With a 97% accuracy rate, Astrea AI is said to maximize revenue generation and bolster V2G technology globally, revolutionizing EV usage and preparation.

第三季和第四季迄今的勢頭繼續增強。正如我們在 8 月的電話會議上討論的那樣，我們在 7 月將 Astrea AI 整合到 Nuvve 的 FleetBox 充電管理應用程式中，繼續發展我們的 AI 功能。增強的功能有助於我們保持差異化優勢，並且是在我們加速軟體配備的硬體部署的關鍵時刻推出的。 Astrea AI 的準確率高達 97%，據稱可以最大限度地提高創造收入並在全球範圍內支援 V2G 技術，從而徹底改變電動車的使用和準備工作。

In October, we deployed a record number of 38 AC and DC bidirectional charging stations connected to our GIVe platform. While growing our megawatts under management does not immediately correlate to revenue dollars, it is critical to our growth strategy as: One, it increases our pipeline of potential future grid service revenue; and Two, with more and more people benefiting from the value of our V2G software, market awareness expands, which in turn accelerates demand for our products and services.

10 月份，我們部署了創紀錄數量的 38 個連接到 GIVe 平台的交流電和直流雙向充電站。雖然我們管理的兆瓦數的成長並不立即與收入相關，但它對我們的成長策略至關重要，因為：第一，它增加了我們未來潛在電網服務收入的管道；第二，隨著越來越多的人受益於我們的 V2G 軟體的價值，市場意識不斷擴大，這反過來又加速了對我們產品和服務的需求。

These deployments were carried out by Nuvve K-12, which was only launched in June of this year, in order to provide a full range of services, in order to support fleet electrification for North American student transportation. We expect far weaker deployments in Q4 as the supply chain challenges that have plagued the last two years continue to abate. Last month, we were proud to have hit a big milestone by launching in Texas. With EPA funding, Nuvve K-12 was able to assist the Martinsville Independent School District or ISD, in converting their five diesel bus fleets with five Blue Bird electric buses, five EV Level II chargers, and our innovative AI powered Nuvee Fleetbox [$2] charge management software.

這些部署是由今年6月才推出的Nuvve K-12進行的，目的是提供全方位的服務，以支援北美學生運輸的車隊電氣化。我們預計，隨著過去兩年困擾的供應鏈挑戰持續減弱，第四季的部署量將大幅減弱。上個月，我們很自豪在德州推出產品，達到了一個重要的里程碑。在EPA 的資助下，Nuvve K-12 能夠幫助馬丁斯維爾獨立學區或ISD 將其五輛柴油公車隊改造為五輛藍鳥電動公車、五輛EV II 級充電器和我們創新的人工智慧驅動的Nuvee Fleetbox [2 美元]收費管理軟體。

With this deployment, we understand that Martinsville ISD has the first all-electric school bus fleet in the US. Finally, in California, we were honored to have received the highest score among applicants of a proposed award of $1.9 million from the California Energy Commission for our revolutionary RESCHOOL V2G project. This recognition underscores our commitment to leveraging bidirectionally school buses, to enhance California's power grid resiliency, marketing not just a milestone for Nuvve, but a leap for the state's energy ecosystem.

透過此次部署，我們了解到馬丁斯維爾獨立學區擁有美國第一支全電動校車車隊。最後，在加州，我們很榮幸地獲得了加州能源委員會為我們革命性的 RESCHOOL V2G 項目提供的 190 萬美元的擬議獎勵，成為申請人中得分最高的。這項認可強調了我們致力於利用雙向校車來增強加州電網彈性的承諾，這不僅是 Nuvve 的一個里程碑，也是該州能源生態系統的一次飛躍。

In Q3, we continued to see steady growth in grid service revenues, which came in at 3.4 times the level recorded during corresponding period last year. We were also pleased to sell the five buses we have been carrying on our balance sheet for some time, which helped sustain the revenue growth trend for the first-half of the year. While margin dilutive, we freed up working capital through these bus sales. Altogether, this puts us on pace to grow total company revenue by more than 50% year-over-year in 2023, with one quarter left to go.

第三季度，電網服務收入持續穩定成長，是去年同期的3.4倍。我們也很高興出售資產負債表上已有一段時間的五輛公車，這有助於維持今年上半年的收入成長趨勢。雖然利潤攤薄了，但我們透過這些巴士銷售釋放了營運資金。總而言之，這使我們預計在 2023 年實現公司總收入年增 50% 以上，距離實現目標還剩四分之一。

As stated before, however, growth can be lumpy, especially when there are substantial government dollars force execs, school bus fleet customers to go chase, which can and does impact the timing of orders and sales. Further, we have no doubt operating against the capital market backdrop that has seen a continued deterioration and sentiment towards clean tech. It's something that seems to have only worsened in recent weeks due to the results and commentary from fintech companies and about the EV landscape. With our cash runway, we felt this backdrop give us no choice but to continue raising capital, piecemeal fashion, at depressed equity prices as we did last month.

然而，如前所述，成長可能會不穩定，特別是當大量政府資金迫使高階主管、校車車隊客戶追逐時，這可能而且確實會影響訂單和銷售的時間。此外，毫無疑問，我們是在資本市場背景下開展業務的，資本市場對清潔技術的信心持續惡化。由於金融科技公司的結果和評論以及電動車領域的情況，這種情況似乎在最近幾週才變得更加惡化。有了我們的現金跑道，我們覺得這種背景讓我們別無選擇，只能像上個月一樣，以低迷的股價繼續零碎地籌集資金。

Moving forward, we'll continue to evaluate all options to methodically and incrementally finance our business, while we wait for an improvement in market conditions. This may include additional liquidity financing and/or debt financing. For example, we may continue to work towards putting in place an asset-backed lending facility, which David will expand upon. We have also been working on reducing our cost structure yet again to optimize our cash runway.

展望未來，我們將繼續評估所有選項，以系統化、增量地為我們的業務提供融資，同時等待市場狀況的改善。這可能包括額外的流動性融資和/或債務融資。例如，我們可能會繼續努力建立資產支持貸款機制，大衛將對此進行擴展。我們也一直致力於再次降低成本結構，以優化我們的現金跑道。

Specifically, we are working towards lowering our cash expense rate to at or below $5 million per quarter as we get into 2024. This is the result of reducing our cost across administrative and legal functions. We are still investing into our platform in a manner that is commensurate with our focused priority.

具體來說，我們正努力在 2024 年將現金支出率降低至每季 500 萬美元或以下。這是我們減少行政和法律職能成本的結果。我們仍在以與我們的重點優先事項相稱的方式投資我們的平台。

In October, we issued a press release discussing our patent. The messaging behind putting out this release should be clear: we have been at this for a long time, investing significant resources into growing our V2G patent portfolio and developing a comprehensive V2G solution. With IT and expertise around areas such as power flow control, charge management, and power capacity, and as we push our technology further ahead with Astrea AI, we have a market-leading offering and remain the only pure-play public company today with a proven track record in deploying commercially available and scalable vehicle-to-grid technology worldwide.

十月，我們發布了一份新聞稿討論我們的專利。發布此版本背後的訊息應該很明確：我們長期以來一直致力於此，投入大量資源來擴大我們的 V2G 專利組合併開發全面的 V2G 解決方案。憑藉著潮流控制、充電管理和電力容量等領域的 IT 和專業知識，隨著我們透過 Astrea AI 進一步推進我們的技術，我們擁有市場領先的產品，並且仍然是當今唯一一家擁有在全球範圍內部署商用且可擴展的車輛到電網技術方面擁有良好的記錄。

Our belief in and commitment to our role in the energy transition is unwavering, and we expect both the macro and capital market backdrop to get back on track after the current rough patch. We [Nuvee] to be there throughout, as V2G forms a critical piece of the energy transition and as we march towards a critical inflection point in EV adoption in the second-half of this decade. The 2022 addition of the EPA Clean School Bus Program was a big tailwind for our increased orders and sales in the first-half of 2023, and we are excited about the subsequent round.

我們對能源轉型中角色的信念和承諾堅定不移，我們預計宏觀和資本市場背景將在當前的困難時期回歸正軌。我們 [Nuvee] 將始終堅持下去，因為 V2G 構成了能源轉型的關鍵部分，並且我們正在邁向本十年後半葉電動車採用的關鍵拐點。 2022 年 EPA 清潔校車計劃的增加對我們 2023 年上半年訂單和銷售的增加起到了巨大的促進作用，我們對下一輪計劃感到興奮。

To date on this, in August, the next installment of $400 million competitive grant funding round closed the certification process. Notice of award is expected to start trickling out later this month and right into January, with awards to be issued later in Q1 2024. Since our last call, Vegh has also opened up a subsequent $5 million funding round. This installment will look more similar to at around one in 2022, as it will be a rebate process.

截至目前，8 月份，下一輪 4 億美元的競爭性撥款資助結束了認證流程。獎勵通知預計將於本月稍後和 1 月開始發出，獎勵將於 2024 年第一季稍後頒發。自我們上次電話會議以來，Vegh 還啟動了後續 500 萬美元的融資輪。這一期付款看起來與 2022 年左右的一次更加相似，因為這將是一個回扣流程。

The application window for this round is expected to be up and until the end of January. Rebate recipients are expected to be notified in April 2024; after which, winners can place purchase orders in relative short order and submit for reimbursement. We look forward to hopefully adding even more success in this round as we did in 2022. With our Nuvee K-12 unit, we are confident we are even better positioned. Before passing it over to David to discuss our financial results, we spoke a lot earlier in the year about our Circle K partnership in the Nordics, as it forms part of our strategic initiative to accelerate growth in megawatts under management, through deployment of our GIVe platform on third-party charge point operator hardware.

此輪的申請窗口預計將持續到一月底。預計 2024 年 4 月通知回扣接收者；之後，獲獎者可以在相對較短的時間內下達採購訂單並提交報銷。我們期待在這一輪比賽中取得更大的成功，就像我們在 2022 年所做的那樣。憑藉我們的 Nuvee K-12 設備，我們相信我們處於更好的位置。在交給David 討論我們的財務業績之前，我們在今年早些時候多次談到了我們在北歐的Circle K 合作夥伴關係，因為它是我們戰略計劃的一部分，旨在通過部署我們的GIVe 來加速所管理兆瓦的成長第三方充電點營運商硬體上的平台。

As of today, we are largely completely integrated our software with our hardware. We expect to begin participating in the market and generating revenue prior to the end of the year. More importantly, we are paving the way for more material revenue generation starting in 2024, and for exponential growth in megawatts under management in the region and beyond over the long-term. David, over to you.

截至今天，我們的軟體與硬體基本上已經完全整合。我們預計在年底前開始參與市場並產生收入。更重要的是，我們正在為從 2024 年開始創造更多物質收入，並為該地區及其他地區管理的兆瓦數長期呈指數增長鋪平道路。大衛，交給你了。

Thanks, Gregory. I will start with a recap of third-quarter 2022 results. In the third quarter, we generated total revenues of $2.7 million compared to $0.6 million in the third quarter of 2022. The increase was primarily driven by a large increase in charter hardware sales, higher grid service revenues, and the sale of five buses. Grid service revenues of $0.6 million represented 21% of total revenues this quarter and a 3.4 times increase from the prior year quarter.

謝謝，格雷戈里。我先回顧一下 2022 年第三季的業績。第三季度，我們的總收入為 270 萬美元，而 2022 年第三季為 60 萬美元。這一增長主要是由於包機硬體銷售大幅增長、電網服務收入增加以及五輛公車的銷售所致。電網服務收入為 60 萬美元，佔本季總營收的 21%，比去年同期成長 3.4 倍。

Year-to-date, through September 30, 2023, grid service revenues were $0.8 million, which compares with $0.3 million for the prior year period, representing approximately a threefold increase. Margins on product and service revenues were 9% for the third quarter 2023, compared to 43.3% in the year ago period. Margins were heavily impacted by the aforementioned sale of five buses. As a reminder, margins can be lumpy from quarter-to-quarter, depending on the mix.

年初至今，截至 2023 年 9 月 30 日，電網服務收入為 80 萬美元，而去年同期為 30 萬美元，成長約三倍。 2023 年第三季產品和服務收入利潤率為 9%，而去年同期為 43.3%。上述五輛巴士的銷售嚴重影響了利潤率。提醒一下，每個季度的利潤率可能會出現波動，這取決於組合。

DC charger gross margins at standard pricing, generally ranged from 15% to 25%, while AC charger gross margins are approximately 50%. But in dollar terms, are a small fraction of the revenue of the DC charger. Grid service revenue margins are generally 30%. Operating costs, excluding cost of sales, was $8.8 million for the third quarter of 2023, compared to $8.9 million in the third quarter of 2022, declining mainly due to lower payroll and public company fees, offset by higher consulting and legal expenses.

以標準定價計算，直流充電器的毛利率一般為15%至25%，而交流充電器的毛利率約為50%。但以美元計算，這僅佔直流充電器收入的一小部分。電網服務收入利潤率一般為30%。 2023 年第三季的營運成本（不包括銷售成本）為880 萬美元，而2022 年第三季為890 萬美元，下降的主要原因是工資和上市公司費用減少，但被諮詢和法律費用增加所抵消。

Cash operating expenses, excluding cost of sales, stock compensation and appreciation and amortization was $7.6 million in the third quarter of 2023 versus $7.7 million in the third quarter of 2022 and $7.3 million in the second quarter of 2023. Other income was $0.13 million in the third quarter of 2023, down from $1.94 million in the year ago quarter. The year-ago period benefited from a $1.85 million noncash gain from the change in the value of warrants. Net loss attributable to newly common stockholders increased in the third quarter of 2023 to $8.3 million from a net loss of $6.7 million in Q3 of 2022. The increase was also primarily a result of the just-mentioned noncash gain in the year-ago quarter.

2023 年第三季的現金營運費用（不包括銷售成本、股票報酬以及增值和攤銷）為760 萬美元，而2022 年第三季為770 萬美元，2023 年第二季為730 萬美元。2023年其他收入為13 萬美元。2023 年第三季的銷售額為 194 萬美元，低於去年同期的 194 萬美元。去年同期受惠於認股權證價值變化帶來的 185 萬美元非現金收益。新普通股股東應佔的淨虧損從2022 年第三季的670 萬美元淨虧損增加到2023 年第三季的830 萬美元。這一增長也主要是由於剛剛提到的去年同期非現金收益。

Now turning to our balance sheet, we had approximately $13.9 million in cash as of September 30, 2023, excluding $0.5 million in restricted cash. Included in our cash balance was approximately $9.8 million of EPA funds received. We expect to remit these funds to customers during the fourth quarter. Net cash generated from operating activities was $2.8 million in the third quarter of 2023, excluding the benefit from the incremental EPA funds received in Q3 of $6.3 million.

現在來看看我們的資產負債表，截至 2023 年 9 月 30 日，我們擁有約 1,390 萬美元的現金，不包括 50 萬美元的限制性現金。我們的現金餘額中包括收到的約 980 萬美元的 EPA 資金。我們預計將在第四季將這些資金匯給客戶。 2023 年第三季經營活動產生的淨現金為 280 萬美元，不包括第三季收到的 EPA 增量資金 630 萬美元的收益。

Net cash used in operating activities was $4 million for the third quarter. During the third quarter, inventories declined by $2.1 million, driven by improvement in inventory turnover of charging stations, along with the benefit of selling five buses we held in inventory. As we had previously discussed, the improvement in inventory turnover is what we had expected as we continue to sell through the inventory investments we made in the back-half of 2021, to mitigate industry-wide supply chain constraints. During the third quarter, we raised net cash of $0.1 million through our at-the-market or ATM facility.

第三季經營活動使用的現金淨額為 400 萬美元。第三季度，庫存下降了 210 萬美元，這得益於充電站庫存週轉率的改善，以及出售我們庫存的 5 輛公車的好處。正如我們之前所討論的，庫存週轉率的改善符合我們的預期，因為我們繼續透過 2021 年下半年進行的庫存投資進行銷售，以緩解全行業供應鏈的限制。第三季度，我們透過市場或 ATM 設施籌集了 10 萬美元的淨現金。

Subsequent to quarter end, we raised an additional $3.2 million in gross proceeds through two separate offerings in October, as previously disclosed. As we said last time, we remain focused on optimizing our ability to raise capital. We continue to work on putting in place a long-term asset-based lending facility or ABL, which can provide additional liquidity. The borrowing capacity at the ABL is based upon our underlying inventories and accounts receivables. We believe this type of debt facility aligns well with our business model, given the ongoing inventory and accounts receivable amounts we carry on our balance sheet.

正如先前披露的那樣，季度末後，我們透過 10 月的兩次單獨發行額外籌集了 320 萬美元的總收益。正如我們上次所說，我們仍然專注於優化我們籌集資金的能力。我們持續致力於建立長期資產貸款工具（ABL），以提供額外的流動性。 ABL 的借款能力取決於我們的基礎庫存和應收帳款。考慮到我們資產負債表上的持續庫存和應收帳款金額，我們相信這種類型的債務融資與我們的業務模式非常契合。

Now turning over to megawatts under management in estimated future grid service revenues. As a reminder, megawatts under management is a metric we use to quantify the aggregated amount of electrical capacity from the deployment of our V1G and V2G chargers, which are primarily deployed in the electric school bus market in the US and in lightly fleet deployments in Europe in addition to stationary batteries. Currently, these chargers and batteries are located throughout the United States, Europe, and Japan. Megawatts under management in the third quarter increased 6.1% over the second quarter of 2023 to 21.2% from 20%.

現在在預計的未來電網服務收入中轉向管理兆瓦。提醒一下，管理兆瓦是我們用來量化 V1G 和 V2G 充電器部署的總電量的指標，這些充電器主要部署在美國的電動校車市場和歐洲的少量車隊部署中除了固定電池。目前，這些充電器和電池遍布美國、歐洲和日本。第三季管理的兆瓦電量較 2023 年第二季成長 6.1%，從 20% 增至 21.2%。

In terms of its composition, 8.2 megawatts were from stationary batteries and 13 megawatts were from EV chargers. On a year-over-year basis, megawatts under management increased by 30%. We continue to expect an acceleration in our megawatts under management as we go through the second-half of the year. This is evidenced in the press release we issued last week, in which we noted that the following record installations in the third quarter, megawatts under management, as of October-end, increased to 22.7 or 7.1% in only the first month of the fourth quarter.

就其組成而言，8.2兆瓦來自固定電池，13兆瓦來自電動車充電器。管理的兆瓦數年增了 30%。我們繼續預計，今年下半年我們所管理的兆瓦容量將會加速成長。 This is evidenced in the press release we issued last week, in which we noted that the following record installations in the third quarter, megawatts under management, as of October-end, increased to 22.7 or 7.1% in only the first month of the fourth四分之一.

Depending on the geographic regions of our deployments, our grid service revenue opportunities will vary. We are currently seeing good service revenue opportunities from vehicle to grid services ranging between $85 per kilowatt year up to $300 per kilowatt year at certain key markets we are focusing on. And with our planned expansion of V1G charging management services in Europe, we are seeing further grid service revenue opportunities. These revenues include a combination of contracted services and merchant exposed services. Given the long-term nature of our customer deployments, these revenues are generally recurring upto a period as long as 10 to 12 years.

根據我們部署的地理區域，我們的網格服務收入機會會有所不同。目前，在我們重點關注的某些關鍵市場，我們看到從車輛到電網服務的良好服務收入機會，範圍從每千瓦年 85 美元到每千瓦年 300 美元不等。隨著我們計劃在歐洲擴展 V1G 充電管理服務，我們看到了更多的電網服務收入機會。這些收入包括合約服務和商家公開服務的組合。鑑於我們客戶部署的長期性質，這些收入通常會持續長達 10 至 12 年。

Now turning to backlog, on September 30, our hardware and service backlog was $5.6 million, down from $6.1 million on June 30. Quarter activity slowed in Q3, relative to elevated levels in the first-half of the year, which benefited from EPA funding. Looking out for the fourth quarter, we expect full-year revenues for 2023 to exceed $8 million, and we expect operating expenses, excluding cost of sales for the full-year to be under $34 million. As Gregory mentioned, we have also implemented several cost reduction initiatives, which will reduce our cash operating expenses further, which we expect to trend at approximately $5 million per quarter in 2024. This concludes my portion of the prepared remarks. Gregory, back to you to wrap up.

現在轉向積壓，9 月30 日，我們的硬體和服務積壓為560 萬美元，低於6 月30 日的610 萬美元。第三季的季度活動放緩，相對於上半年的較高水平，這得益於EPA 的資金。展望第四季度，我們預計 2023 年全年營收將超過 800 萬美元，預計全年營運費用（不包括銷售成本）將低於 3,400 萬美元。正如格雷戈里所提到的，我們也實施了多項成本削減舉措，這將進一步減少我們的現金營運支出，我們預計到2024 年，現金營運支出將達到每季約500 萬美元。我準備好的發言部分到此結束。格雷戈里，回到你的總結。

To finish up, I would like to discuss the big picture and provide a high-level view of the main revenue drivers of our business as we look ahead: One, Nuvee K-12, which I briefly touched early on. Our value proposition here relies on vehicle readiness, energy management, and battery life extension. It's offering 45 a strong position as a service provider in the space, with more than 500 school buses connected to our platform today. We are confident we'll keep on leading in this segment.

最後，我想討論一下大局，並在展望未來時提供我們業務主要收入驅動因素的高層視圖：其中之一是 Nuvee K-12，我之前曾簡要提及過。我們的價值主張依賴車輛就緒性、能源管理和電池壽命延長。作為該領域的服務提供者，它提供了 45 個強大的地位，目前有超過 500 輛校車連接到我們的平台。我們有信心在這一領域繼續保持領先地位。

Two, stationary storage, where our growth is accelerating in 2023. Our core business is to provide grid services with highly unreliable batteries, as EVs can be employed at any time. As a result, it should not come as a surprise that we can also run out of stationary storage. And with our advanced platform, we believe that we can extract more value for these batteries than any other player in the space.

第二，固定存儲，我們的成長將在 2023 年加速。我們的核心業務是用高度不可靠的電池提供電網服務，因為電動車可以隨時使用。因此，我們也可能會耗盡固定儲存空間，這不足為奇。憑藉我們先進的平台，我們相信我們可以比該領域的任何其他參與者從這些電池中獲得更多價值。

Such batteries are included into our deployments today with Circle K, the University of California San Diego, and the University of Delaware. More and more, developers and battery manufacturers are coming to us to manage battery deployments that are underway. We see these other pathways to accelerate growth in megawatts under management and flexing our grid service muscles with already multiple megawatts in the pipeline.

我們今天與 Circle K、加州大學聖地亞哥分校和特拉華大學一起部署了此類電池。越來越多的開發商和電池製造商來找我們來管理正在進行的電池部署。我們看到了這些其他途徑來加速所管理兆瓦的成長，並透過已經在管道中的多個兆瓦來展示我們的電網服務實力。

And lastly, Three, Astrea forecasting capability for transport operators of CPOs and utilities are fundamental work on predictive analytics, which is based on our partnership with 2021.AI, as well us to developing very advanced features that allow us to predict with a very high level of confidence when an electric vehicle is going to be connected to a charging station and the amount of kilowatt hour it will need to onboard during the session. This allows us to offer energy services to CPO companies and provide grid usage for gas utilities. The ability to predict where EV charging bottlenecks seems likely to happen over the subsequent two or three days, is a very valuable service for utilities.

最後，第三，Astrea 為CPO 和公用事業運輸業者提供的預測能力是預測分析的基礎工作，這是基於我們與2021.AI 的合作夥伴關係，以及我們開發的非常先進的功能，使我們能夠以非常高的精度進行預測。當電動車連接到充電站時的置信度以及在會議期間需要充電的千瓦時量。這使我們能夠為原棕油公司提供能源服務，並為天然氣公用事業公司提供電網使用。對於公用事業公司來說，預測電動車充電瓶頸可能在接下來的兩三天內出現在哪裡的能力是一項非常有價值的服務。

The ability to reduce fix by adjusting charging time without impacting end users, is critical to enabling an equitable cost of energy, while we go through the EV adoption curve. Beyond this, we also continue to explore opportunities in the microgrid and consumer AV space. And with that, we thank all of you, not only for joining us today, but for sticking with us during what have been challenging times. Your trust in our vision and technology continues to propel us forward and we remain grateful. Operator, please open up the line for any questions.

當我們經歷電動車採用曲線時，透過調整充電時間來減少修復而不影響最終用戶的能力對於實現公平的能源成本至關重要。除此之外，我們也持續探索微電網和消費級視音頻領域的機會。在此，我們感謝你們所有人，不僅感謝你們今天加入我們，而且感謝你們在充滿挑戰的時期與我們在一起。您對我們的願景和技術的信任將繼續推動我們前進，我們對此深表感激。接線員，如有任何問題請接通線路。

(Operator Instructions) At this time, there appears to be no questions. I will turn the call back over to Gregory for closing remarks.

（操作員指示） 此時，似乎沒有任何問題。我將把電話轉回給格雷戈里做結束語。

Thank you very much for listening to us today. We are again very excited by the opportunities that are in front of us and remain available at any time if any of our shareholders has any question for us. So thank you very much and have a good evening.

非常感謝您今天聆聽我們的演講。我們再次對擺在我們面前的機會感到非常興奮，如果我們的任何股東對我們有任何疑問，我們隨時可以提供機會。非常感謝您，祝您晚上愉快。

This concludes today's conference call. Thank you for your attending.

今天的電話會議到此結束。感謝您的出席。