Solid Power Inc (SLDP) 2024 Q3 法說會逐字稿

Good day, everyone, and welcome to today's Solid Power, Inc., third-quarter 2024 earnings conference call. (Operator Instructions) Please note this call may be recorded. I will be standing by should you need any assistance.

大家好，歡迎參加今天的 Solid Power, Inc. 2024 年第三季財報電話會議。（操作員說明）請注意，此通話可能會被錄音。如果您需要任何幫助，我將隨時待命。

It is now my pleasure to turn the conference over to Melanie Solomon, Investor Relations.

現在我很高興將會議交給投資者關係部門的梅蘭妮·所羅門 (Melanie Solomon)。

Thank you, operator. Welcome, everyone, and thank you for joining us today. I'm joined on today's call by Solid Power's President and Chief Executive Officer, John Van Scoter; and Chief Financial Officer, Linda Heller. A copy of today's earnings release is available on the Investor Relations section of Solid Power's website, www.solidpowerbattery.com.

謝謝你，接線生。歡迎大家，感謝您今天加入我們。Solid Power 總裁兼執行長 John Van Scoter 參加了今天的電話會議。和財務長琳達·海勒。今天的收益報告副本可在 Solid Power 網站 www.solidpowerbattery.com 的投資者關係部分取得。

I'd like to remind you that parts of our discussion today will include forward-looking statements as defined by US Securities Laws. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Solid Power disclaims any duty to update any forward-looking statements to reflect future events or circumstances. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those expressed in today's forward-looking statements, please see Solid Power's most recent filings with the Securities and Exchange Commission, which can be found on the company's website at www.solidpowerbattery.com.

我想提醒您，我們今天討論的部分內容將包括美國證券法定義的前瞻性陳述。這些前瞻性陳述是基於管理層目前對未來事件的預期和假設，並基於有關未來事件的結果和時間安排的當前可用資訊。除非適用法律另有要求，Solid Power 不承擔更新任何前瞻性陳述以反映未來事件或情況的義務。有關可能導致實際結果與今天的前瞻性聲明中表達的結果存在重大差異的風險和不確定性的討論，請參閱 Solid Power 向美國證券交易委員會提交的最新文件，該文件可在該公司網站 www. .solidpowerbattery.com。

With that, let me turn it over to John Van Scoter.

接下來，讓我把它交給約翰·範·斯科特。

Thank you, Melanie, and thank you all for joining us. We accomplished a lot in the third quarter, and I'm excited to share our progress with you today. A major highlight of the quarter was the US Department of Energy's announcement that we were selected to negotiate a $50 million grant for a project focused on continuous production of sulfide-based solid electrolyte materials for advanced all solid-state batteries or ASSBs. The process was highly competitive, and we view our selection as a validation of our technology and business model. We thank the DOE for its faith in Solid Power.

謝謝你，梅蘭妮，也謝謝大家加入我們。我們在第三季度取得了很多成就，我很高興今天與您分享我們的進展。本季度的一大亮點是美國能源部宣布我們被選中為一個項目談判 5,000 萬美元的贈款，該項目專注於連續生產用於先進全固態電池或 ASSB 的硫化物基固體電解質材料。這個過程競爭非常激烈，我們認為我們的選擇是對我們技術和商業模式的驗證。我們感謝能源部對 Solid Power 的信任。

Wide adoption of EVs in the United States will require continued advancement of battery technologies, including the materials that support that advancement. We believe our sulfide solid electrolyte can offer a step function increase in battery performance compared to conventional lithium-ion. While performance is critical, so is the ability to efficiently manufacture and process our product. As we continue to innovate on electrolyte performance based on feedback from partners and potential customers, we also need to demonstrate that our electrolyte can be manufactured on a high-volume and high-quality basis.

電動車在美國的廣泛採用將需要電池技術的持續進步，包括支持這種進步的材料。我們相信，與傳統的鋰離子電池相比，我們的硫化物固態電解質可以在電池性能方面提供階梯函數的提升。雖然性能至關重要，但高效製造和加工產品的能力也同樣重要。隨著我們根據合作夥伴和潛在客戶的回饋繼續對電解液性能進行創新，我們還需要證明我們的電解液可以大量、高品質地生產。

To do so, we will need to shift from our current batch production to a continuous manufacturing process. Over the next 12 to 18 months, the team is planning to install the first globally known pilot line that can continuously manufacture sulfide-based solid electrolyte materials for ASSBs.

為此，我們需要從目前的大量生產轉向連續製造流程。在接下來的12至18個月內，團隊計畫安裝第一條全球知名的中試線，可以連續生產用於ASSB的硫化物基固體電解質材料。

The first pilot line we are planning to install has been part of our overall electrolyte technology development road map. We expect that by using a continuous manufacturing process, we will have better control of the final electrolyte product and a greater ability to tailor our electrolyte to a customer's requirements.

我們計劃安裝的第一條試驗線是我們整體電解液技術開發路線圖的一部分。我們期望透過使用連續製造工藝，我們將更好地控制最終電解質產品，並更有能力根據客戶的要求客製化電解質。

As an added benefit, following Phase 1 of the project, we expect to be able to produce 75 metric tons of electrolyte per year to support our customer development programs. Our projection is that Phase 1 will be completed in 2026.

作為一個額外的好處，在專案第一階段之後，我們預計每年能夠生產 75 噸電解液，以支援我們的客戶開發計劃。我們的預測是第一階段將於 2026 年完成。

After finishing the full project projected to be in 2028, we expect to have a capability to produce 140 metric tons per year at SP2, which is more than four times our current capability. Last month, shortly following the DOE's announcement, we hosted Colorado Governor Jared Polis; and Deputy Secretary of the Department of Energy, David Turk. We gave them a tour of our electrolyte facility and showed them how we plan to deploy the DOE funds in a continuous manufacturing process.

預計於 2028 年完成整個專案後，我們預計 SP2 的年產量將達到 140 噸，是我們目前產能的四倍多。上個月，能源部宣布這一消息後不久，我們接待了科羅拉多州州長賈里德·波利斯 (Jared Polis)；能源部副部長戴維‧特克 (David Turk)。我們帶他們參觀了我們的電解質設施，並向他們展示了我們計劃如何在連續製造過程中部署能源部資金。

Deputy Secretary David Turk spoke about the DOE's rigorous selection process and the criteria used to select companies for grants. Solid Power satisfied their three main criteria: first, having a strong technology and business model; second, addressing challenges in the US supply chain for clean energy by producing battery cells domestically; and third, improving our surrounding communities by hiring locally to staff this project. We're thrilled to have the validation and support of the federal government and our local community here in Thornton and look forward to undergoing negotiations for the grant.

副部長戴維·特克 (David Turk) 談到了能源部嚴格的篩選流程以及用於選擇資助公司的標準。Solid Power滿足了他們的三個主要標準：第一，擁有強大的技術和商業模式；其次，透過國內生產電池來應對美國清潔能源供應鏈的挑戰；第三，透過在當地僱用該計畫的工作人員來改善我們周圍的社區。我們很高興得到聯邦政府和桑頓當地社區的認可和支持，並期待就撥款進行談判。

The next step in the DOE process will be to negotiate a contract for the grant funding. We expect that will take several months, and we will provide updates when we are able to.

能源部流程的下一步將是談判撥款合約。我們預計這將需要幾個月的時間，我們將在可能的情況下提供更新。

Another highlight of the quarter was beginning development activities in our state-of-the-art electrolyte Innovation Center, or EIC. The EIC was designed to significantly enhance our research and development capabilities and improve pre-pilot electrolyte manufacturing processes. The EIC will allow us to focus on smaller scale electrolyte development and pre-pilot manufacturing processes before transferring our processes to pilot scale manufacturing.

本季的另一個亮點是在我們最先進的電解質創新中心 (EIC) 開始開發活動。EIC 旨在顯著增強我們的研發能力並改善預試電解液製造流程。EIC 將使我們能夠在將製程轉移到中試規模製造之前專注於較小規模的電解液開發和預中試製造流程。

The EIC will enable speed and flexibility, emulating a full process on a smaller scale. The work we do in the EIC will help us customize electrolyte for customers' needs and enhance our feedback loop between our electrolyte and cell development programs. This pre-pilot continuous flow process and equipment development will also be a precursor to the work we expect to do under the BIL grant and increase our confidence in executing that program. I'm very excited about the potential EIC gives us as we continue to position Solid Power as a leader in the sulfide electrolyte space.

EIC 將實現速度和靈活性，在較小的規模上模擬完整的流程。我們在 EIC 中所做的工作將幫助我們根據客戶的需求量身定制電解質，並增強電解質和電池開發項目之間的反饋循環。這種預試點連續流程和設備開發也將成為我們期望在 BIL 撥款下開展的工作的先導，並增強我們執行該計劃的信心。隨著我們繼續將 Solid Power 定位為硫化物電解質領域的領導者，我對 EIC 帶給我們的潛力感到非常興奮。

Moving on to electrolyte sampling, we continue to sample multiple customers on a repeat basis with multiple variants, and we have received constructive feedback. As we iterate our products, we believe we are well positioned to react quickly to our customers' requirements.

繼續進行電解質採樣，我們繼續以多種變體重複對多個客戶進行採樣，並且我們收到了建設性的回饋。當我們迭代我們的產品時，我們相信我們有能力快速回應客戶的需求。

While the total addressable market is large, the number of customers within is finite. As we have said before, we believe many EV OEMs and Tier 1 battery producers have sulfide-based solid-state products in their future road map. Of this group, we are now actively sampling a substantial portion. The feedback from sampling is providing important learnings as we continue to evolve our technology. And as I mentioned, with our new EIC, we can rapidly adapt and adjust to meet their needs.

雖然潛在市場總量很大，但其中的客戶數量卻是有限的。正如我們之前所說，我們相信許多電動車原始設備製造商和一級電池生產商的未來路線圖中都有基於硫化物的固態產品。在這個群體中，我們現在正在積極地對很大一部分進行抽樣。隨著我們不斷發展我們的技術，採樣的回饋為我們提供了重要的經驗教訓。正如我所提到的，透過我們的新 EIC，我們可以快速適應和調整以滿足他們的需求。

On the cell side, we've made significant progress on our A-2 cell design this year. In order to address gaps, we identified with the A-1 design, the team has been hard at work to improve the design of our cathode, anode and separator for the A-2. These are not major chemistry changes. Rather, we are tweaking and enhancing the current design in our pursuit of higher performance.

在電池方面，今年我們的 A-2 電池設計取得了重大進展。為了彌補 A-1 設計的差距，團隊一直在努力改進 A-2 的陰極、陽極和隔膜的設計。這些並不是主要的化學變化。相反，我們正在調整和增強當前的設計，以追求更高的效能。

In addition, the team has made some mechanical improvements to the lines with the goal of higher quality cell builds. The work is continuing on these efforts, and I believe they will provide notable improvements from our A-1 design, especially around safety and energy density. We have begun small production runs of our A-2 material set for internal testing and expect to begin testing A-2 cells in early 2025.

此外，該團隊還對生產線進行了一些機械改進，以實現更高品質的電池建造。這些工作仍在繼續，我相信它們將為我們的 A-1 設計帶來顯著的改進，特別是在安全性和能量密度方面。我們已開始對 A-2 材料組進行小批量生產以進行內部測試，並預計於 2025 年初開始測試 A-2 電池。

As I segue to our progress with partners, I want to note two things I am excited about. First, the feedback loop we have created is fueling our technology development with sampling and customer response as key components. Second, our cell technology will soon be in development on three continents through our work with BMW in Europe and SK On in Asia, broadening our reach and depth of experience globally.

當我繼續介紹我們與合作夥伴的進展時，我想指出兩件令我感到興奮的事情。首先，我們創建的反饋循環以採樣和客戶回應作為關鍵組成部分，推動了我們的技術開發。其次，透過與歐洲寶馬和亞洲SK On的合作，我們的電池技術很快就會在三大洲發展，從而擴大我們在全球的影響力和經驗深度。

With BMW in the third quarter, we finalized the JDA extension as we continue to collaborate with them on cell development and manufacturing. The overall goal of the JDA remains what it has always been: to develop a competitive solid-state battery technology that can be used in an automotive application. We continue to drive performance around A-2 and our overall road map to achieve a product that meets BMW's exacting standards prior to vehicle integration.

隨著我們繼續與寶馬在電池開發和製造方面進行合作，我們在第三季度完成了與寶馬的 JDA 延期。JDA 的整體目標保持不變：開發可用於汽車應用的有競爭力的固態電池技術。我們繼續圍繞 A-2 和我們的整體路線圖推動性能，以實現在車輛整合之前滿足 BMW 嚴格標準的產品。

We are laser-focused on continuing to develop our cell technologies prior to BMW bringing online its pilot line in Parsdorf, Germany, next year. We value our partnership with BMW and continue to enjoy the collaborative nature and beneficial feedback loop.

在寶馬明年在德國帕爾斯多夫上線其試驗生產線之前，我們將專注於繼續開發我們的電池技術。我們重視與寶馬的合作關係，並繼續享受協作性質和有益的回饋循環。

With SK On, we remain on track with our agreements and have already met all of the required milestones for the year. The line drop and tech transfer are going well, and we expect to send electrolyte to Korea this quarter to support factory acceptance activities ahead of planned line installation in mid-2025.

與 SK On 合作，我們將繼續履行我們的協議，並且已經實現了今年所需的所有里程碑。生產線下降和技術轉移進展順利，我們預計本季將向韓國發送電解液，以支持計劃於 2025 年中期安裝生產線之前的工廠驗收活動。

Additionally, during the third quarter, we signed a nonbinding MoU with a major battery manufacturer to explore the possibility of an electrolyte JDA. While it is very early in this engagement, if we successfully advance to an agreement, it would be our first electrolyte-specific JDA. We expect such a collaboration would give us as valuable feedback and insights into the electrolyte design and development.

此外，在第三季度，我們與一家主要電池製造商簽署了一份不具約束力的諒解備忘錄，以探索電解液共同開發的可能性。雖然此次合作尚處於早期階段，但如果我們成功達成協議，這將是我們的第一個電解質專用 JDA。我們希望這樣的合作將為我們提供有關電解質設計和開發的寶貴回饋和見解。

We are continuing to deepen relationships across Korean battery landscape by collaborating with Korean research institutes such as Korea Electronics Technology Institute and Korea Evaluation Institute of Industrial Technology. We have entered into several agreements to leverage the Korean ecosphere on materials and battery performance and are excited by what we can learn from these new relationships. We expect these collaborations to advance our understanding of market needs while expanding our network in Korea as we benefit from the talent and experience of these leading institutions.

我們透過與韓國電子技術研究所和韓國工業技術評估院等韓國研究機構合作，繼續深化與韓國電池領域的關係。我們已經簽訂了幾項協議，以利用韓國在材料和電池性能方面的生態圈，並且對我們可以從這些新關係中學到的東西感到興奮。我們希望這些合作能加深我們對市場需求的了解，同時擴大我們在韓國的網絡，因為我們受益於這些領先機構的人才和經驗。

Overall, I'm pleased with the progress in the third quarter and excited about our momentum as we exit the year and move into 2025. I will now turn the call over to Linda to review our financials. Linda?

總體而言，我對第三季的進展感到滿意，並對我們進入 2025 年的勢頭感到興奮。我現在將把電話轉給琳達，以審查我們的財務狀況。琳達？

Thank you, John. I'll start with Q3 results, beginning with revenue. Solid Power delivered $4.7 million in revenue during the third quarter of 2024, primarily driven by continued execution on the SK On agreement and government contracts. Operating expenses were $32.2 million, driven by increased production costs, cell and electrolyte development costs, scaling of operations, and execution under our joint development agreements. Operating loss was $27.6 million and net loss was $22.4 million or $0.13 per share.

謝謝你，約翰。我將從第三季的業績開始，首先是收入。Solid Power 在 2024 年第三季實現了 470 萬美元的收入，主要得益於 SK On 協議和政府合約的持續執行。營運費用為 3,220 萬美元，主要是由於生產成本、電池和電解質開發成本、營運規模擴大以及根據我們的聯合開發協議執行的成本增加。營業虧損為 2,760 萬美元，淨虧損為 2,240 萬美元，即每股虧損 0.13 美元。

Capital expenditures totaled $2.7 million during the quarter, primarily representing investments in the electrolyte production capabilities, including the build-out of the EIC. Solid Power's liquidity position remains strong with $348.1 million of total liquidity as of September 30, 2024. In addition, accounts receivable totaled $2.6 million. Deferred revenue was $6.7 million, while total current liabilities were $20.3 million.

本季資本支出總計 270 萬美元，主要用於電解液生產能力的投資，包括 EIC 的擴張。Solid Power 的流動性狀況依然強勁，截至 2024 年 9 月 30 日，流動性總額為 3.481 億美元。此外，應收帳款總額為260萬美元。遞延收入為 670 萬美元，流動負債總額為 2,030 萬美元。

As John mentioned, we have already achieved our SK On milestones for the year. We expected $14.9 million in progress payments in 2024, which have already been collected. For 2024, we are reiterating the guidance we provided on the last call, which may also be found in the press release we issued today. As a reminder and point of clarification, the Department of Energy award is a grant, not alone for funding of up to $50 million. The total estimated project cost is $110 million, and we are dedicating $60 million over a multiyear period. The $50 million grant represents a potential offset of our plans, not an incremental investment expense.

正如約翰所提到的，我們已經實現了 SK On 今年的里程碑。我們預計 2024 年將收到 1,490 萬美元的進度付款，目前已收到。對於 2024 年，我們重申我們在上次電話會議中提供的指導，這些指導也可以在我們今天發布的新聞稿中找到。需要提醒和澄清的是，能源部的獎勵是一項贈款，不僅僅是高達 5000 萬美元的資助。計畫預計總成本為 1.1 億美元，我們將在多年內投入 6,000 萬美元。5000 萬美元的贈款代表了我們計劃的潛在抵消，而不是增量投資費用。

We are well positioned to execute our strategy, and I'm excited about the company's plans. I'll now turn it back to John for closing comments before we take your questions.

我們有能力執行我們的策略，我對公司的計劃感到興奮。現在，在我們回答您的問題之前，我將把它轉回約翰以結束評論。

Thank you, Linda. In closing, I'm pleased to reiterate that the company remains on track to achieve our goals for 2024. I would like to thank our employees, our partners and stakeholders for their loyalty and dedication. We have been planning an analyst and investor event to showcase our technology, strategy, and long-term model. As the team will be focused on negotiating the BIL grant over the next few months, we believe that negotiation and further progress on our strategy will better position us for an exciting event in the first half of 2025.

謝謝你，琳達。最後，我很高興地重申，公司仍有望實現 2024 年的目標。我要感謝我們的員工、合作夥伴和利害關係人的忠誠和奉獻。我們一直在策劃一場分析師和投資者活動，以展示我們的技術、策略和長期模型。由於團隊將在接下來的幾個月內專注於 BIL 撥款的談判，我們相信，我們策略的談判和進一步進展將使我們更好地為 2025 年上半年激動人心的活動做好準備。

Overall, I am encouraged by our progress as we continue to focus on improvement of electrolyte and cell performance. We will now take your questions. Operator?

總的來說，隨著我們繼續專注於電解質和電池性能的改進，我對我們的進步感到鼓舞。我們現在將回答您的問題。操作員？

(Operator Instructions) Mike, D.A. Davidson.

（操作員說明）Mike, D.A.戴維森。

It's Mike Shlisky, D.A. Davidson. A couple of quick ones from me. One, the ASSB grants award that you just mentioned, can you just give us a little insight as to how that's going to work? Is it a competitive process? Are you up against other companies for this grant? And if they kind of give the DOE the best deal, are you already selected and it just comes down to some minor details? I guess I'll make sure I understand the likelihood of the grant coming through for close to the amount that you've been talking about, at least.

我是地方檢察官麥克‧什利斯基 (Mike Shlisky)。戴維森。我的一些快速的。第一，您剛才提到的 ASSB 授予獎項，您能否向我們介紹該獎項將如何運作？這是一個競爭的過程嗎？您是否正在與其他公司競爭這筆補助金？如果他們給能源部最好的交易，你是否已經被選中，而這只是一些小細節？我想我會確保我了解至少接近您所說的金額的撥款的可能性。

Sure. The process started late last year to make a proposal to the DOE under the bipartisan infrastructure legislation. We actually submitted the formal proposal in March of this year. We then were invited back to defend that proposal in Washington, DC, in front of a skilled panel in the DOE facility.

當然。該程序於去年底開始，根據兩黨基礎設施立法向能源部提出提案。我們實際上在今年3月就提交了正式提案。然後，我們被邀請回到華盛頓特區，在能源部設施的熟練專家小組面前捍衛該提案。

It was 1.5 hours kind of like a thesis defense, if you will. We were allowed five people to attend that. They peppered us with questions on all of the major areas: the technology, the business model, the viability of the supply chain domestically, and then the community benefits program.

如果你願意的話，這 1.5 小時有點像論文答辯。我們被允許五個人參加。他們向我們提出了所有主要領域的問題：技術、商業模式、國內供應鏈的可行性，以及社區福利計劃。

The best knowledge that we have, and this is actually through a lobbyist that we use in Washington, DC, was, again, it was very highly competitive and there were 25 total awards that were given and about 10% was -- were actually awarded of the proposals that were put in, to the best of our knowledge. In our specific category, it was even more selective and about 5% of proposals were actually granted.

我們所掌握的最好的信息，實際上是透過我們在華盛頓特區聘用的一位遊說者獲得的，再次證明，競爭非常激烈，總共頒發了 25 個獎項，其中大約 10% 是實際授予的據我們所知，已提交的提案。在我們的特定類別中，它的選擇性更加嚴格，大約 5% 的提案實際上獲得了批准。

So that's an overview of how the proposal process went and then the selective nature of the grants. Did that address the question, Mike?

這是提案流程的概述以及贈款的選擇性性質。麥克，這解決了問題嗎？

Yes. I just wanted to follow up. So assuming the grant money does come through in the reasonable near future, does the -- does it represent funding of the plan that you've already had in place all along? Or is this a bit of a branching out a different initiative that would require some brand-new funding? I'm trying to understand if the cash you have on hand will just be bolstered by this additional grant funding and would you have been fine without it?

是的。我只是想跟進。因此，假設贈款確實會在不久的將來到位，那麼它是否代表了您一直以來已經制定的計劃的資金？或者這是否是一項需要一些全新資金的不同措施的拓展？我想了解您手頭上的現金是否會透過這筆額外的贈款資金得到支撐，如果沒有它，您會好嗎？

It's the former, Mike. In fact, we had this in our plan. So this is essentially a cash offset for what we had planned to spend. As with any DOE program, it is a cost share program. So we will have to put $60 million in for the project. So the total project spend will be $110 million to get to the continuous flow operation over the course of the next three-plus years.

是前者，麥克。事實上，我們的計劃中有這個。因此，這本質上是我們計劃支出的現金抵消。與能源部的任何計劃一樣，它是一個成本分攤計劃。所以我們必須為這個項目投入 6000 萬美元。因此，專案總支出將為 1.1 億美元，用於在未來三年多的時間內實現連續流運行。

Okay. I do have other questions, but maybe I'll just throw out one more question for you that's somewhat related. We just had an election in the United States a couple of days ago, as you know. And the President-elect coming in seems to be a bit less enthusiastic about the electric vehicle world than maybe prior administrations was. So I want to make sure I'm clear that this particular grant and even your customers' ability and desire to even pursue further EV platforms is still relatively intact after the changeover in January.

好的。我確實還有其他問題，但也許我會再向您提出一個有點相關的問題。如您所知，幾天前我們剛剛在美國舉行了選舉。當選總統對電動車世界的熱情似乎不如前幾屆政府熱情。因此，我想確保我清楚的是，在一月份的轉換後，這筆特別的撥款，甚至您的客戶追求更多電動車平台的能力和願望仍然相對完好。

Yeah. We really can't speculate on how things are going to play out relative to the new administration, Mike. I think time will tell on that. We just remain focused on our strategy, solving for longer range, lower cost and safer EVs. We believe that's what the market is looking for. Some of the softness that is out there right now with the current EVs, I believe, are caused by inadequacies in those areas. And so we're focused on our strategy and executing our strategy and believe that it will be a winner in the long run.

是的。我們真的無法推測新政府的情況將如何發展，麥克。我認為時間會證明這一點。我們只是繼續專注於我們的策略，解決續航里程更長、成本更低和更安全的電動車問題。我們相信這就是市場所尋求的。我認為，目前電動車目前的一些疲軟是由這些領域的不足所造成的。因此，我們專注於我們的策略並執行我們的策略，並相信從長遠來看它將成為贏家。

(Operator Instructions) I'm showing no additional questions at this time. I'd like to now turn the conference over to our presenters for any closing remarks.

（操作員說明）我目前沒有提出任何其他問題。我現在想將會議轉交給我們的主持人做總結發言。

Thank you for joining the call today and for your interest in Solid Power. Linda and I look forward to updating you the next quarter. Thank you.

感謝您今天參加電話會議以及對 Solid Power 的興趣。琳達和我期待下個季度向您通報最新情況。謝謝。

Thank you, ladies and gentlemen. This does conclude today's presentation. You may now disconnect.

謝謝你們，女士們、先生們。今天的演講到此結束。您現在可以斷開連線。