Yeah. Hi, everyone. Now presenting Praveen Jain Spark. Good afternoon. My name is Praveen Jain. I'm the founder and CEO of Spark Systems. I'm also a professor and holder of Canada Research Chair at Queen's University. I'm in the field of power electronics. And power electronics is the field where we process energy through electronics. So right now, any electricity which is produced globally more than 90% of that electricity is processed through the one form or the other form of the electronics devices. Throughout my long career of, or short career of 40-plus years, I had been advancing the theory and practice in this field. And fortunate enough to apply some of this technology in space, telecom, computer, and now renewable energy systems. Prior to Spark, I founded a company called Chill Semiconductor. That was the first company which commercialized the digital power management chips for the computer industry. And this company was later on acquired by one of the global semiconductor companies. So I formed this company about 15 years ago, from the research work which was done at the Queen's University. And I truly believe in that in engineering is an area where we can apply engineering and create wealth for the well-being of the society. So that's my passion, and that's what basically I'm working for Spark. So this is a quickly we go through some of the slides. So Spark is a publicly traded company. It's listed at Toronto Stock Venture, and the OTC. And we have about 118 million shares. And our price is about $1. And the company has no debt right now. And we have more than 4 million dollars in cash. And together with the growing revenue, in next 12 months and so, we think we don't need new capital for the work which we have been doing so far, right? So it's a very simple story. For Spark, so far, we have developed basic technology. We have developed the products. The products are being manufactured currently in India. So we are doing the medium-scale manufacturing, which represents about 20,000 inverters per month, which is giving the capacity of about 40 megawatts per month capacity, which is about 500 megawatts. So it's a quite decent size of capacity which we have built in India and we are producing the product. And I will discuss a bit later on the company is built on the capital light model. In which we provide only the engineering know-how technology and the newer applications to the our partner. We have engaged with Reliance Group in India, which is one of the largest industrial group there. And particularly with geo platform and geo recently went to IPO for more than with the valuation of over 100 billion dollars, right? So we are working with them in applying some of this technology in the telecom applications. So I have spoken about many things. So this particular product which we are developing right now is called Micro Inverter. So inverter is a device which we need to connect any renewable energy system to the power grid. Or we want to utilize that energy which is coming out of the renewable energy source. So they have been a number of different architectures. And we are in the space of micro inverters. Micro inverters are best in the class in terms of the performance extracting the maximum energy possible from the renewable source. But they are the most expensive one. Through our sophisticated technology in which we have reduced the hardware complexity and the cost of hardware with the use of sophisticated mathematicals, right? So we are able to bring down the cost of the micro inverters considerably. And which is basically increasing the reach of this product in many different markets. So we have formed an exclusive relationship with Geo Reliance. And Reliance is a company which is building the gigafactories in their facility in Jamnagar using over 5,000 acre space. And they are building more than 20 gigawatt PV capacity. And over 40 gigawatt hour battery capacity. And as I told you before that when you want to connect these sources to the grid or for the usable form of energy, you need one form or the another in terms of the power electronics. And Spark is fulfilling that gap with the Reliance. So we are embedded in their new energy applications particularly for the low power to medium power applications. And they are captive office like telecom. Geo platform which is deploying more than 200,000 telecom towers in India. So our first opportunity for the company we are a small company. And we are considering Reliance relation as our first opportunity. So we want to use the this opportunity to build the very large manufacturing capacity. And to have the captive customer who will use this product initially. And when we are saying is that volumes are quite large, quite reasonable. They are in terms of gigawatt and so the so far we have proven the technology in the limited applications. But now we have received a PO over 30 million dollars to supply this inverters for the early commercialization particularly in the telecom towers. And as we speak we have started to supply these inverters in decent quantities to Geo Reliance. So next year we think that we will be able to supply about 500,000 of these inverters to this group. And which will generate a revenue of about 75 million dollars. And at that point we think that we'll be able to break even from the our expenses point of view. It's a once again it is a capital light model. In which we are providing the design and the product. We have the contract manufacture. And all the working capital is paid by Reliance. And Reliance is also providing the distribution channels throughout India. And they're also providing the they're also including our product in providing the total solution of the system. System solutions where we are let's say providing panels, batteries and so on. So next we are building the capacity to about 50,000 units per month. Which will generate about we will have about 600,000 inverters capacity next year. Which will translate roughly about 1.2 gigawatt of power. And about 75 million dollars in revenue. And that's what we expect to see sometime next year it's happening. But we all as I told you we already have a PO over 30 million dollars which we are currently fulfilling with them. So it is a capital light model. And as you can see that if the customer is paying for all the working capital so it's a it's the cost of manufacturing plus a certain margins, right? And India is a very cost sensitive market. And none of the business basically there they make double digit margins on any product, right? But it is a volume opportunity for us. And we feel that with Reliance with their capacity of 20 gigawatt and where they are trying to build the or enable the 100 gigawatt of solar installations by 20305, right? We have ample of that opportunity to work and then grow that revenue. So what happen is that anytime we are doing more than one gigawatt so all that margin is our net profit before tax. So it's like the number of people who are working we have about 30 people in the company who is supporting all this all this activity. So we may increase from 30 to 35, 40 but it will remain fairly small. And then all the net margins become our net profit before taxes. So it's a fairly attractive model for us. So it's a one of the thing is that why Spark, right? So what happen is that it's a it's because of we have the we have reduced the hardware complexity the cost of hardware through mathematics. And that has given us a lot of flexibility in terms of its use. So we can have one product which can be used in the grid tight applications like we feed energy to the grid. It can be used in the off-grid applications. And it can be used in telecom. It can be used with the energy storage. So it is a very flexible technology because everything is basically on fly because mathematics we can change one mode into another mode. So rather than in the conventional technology where you need different products and multiple products in a system here we use only one product and we can replace multiple products in that particular system. We don't need let's say two or three different inverters one inverter is enough. So it's a very very powerful value propositions and since Reliance is looking for the overall solutions so this is much more attractive much more useful from their point of view. And if we really compare the tier one players in the inverter market we are very we are we are roughly one third the cost of the leading competitors in micro inverter area. And we are very close to the cost of the string inverters. So that means basically we have now the much more much larger addressable market for this for this product. So in a in a in short term is what you would like to watch is that how how well we are executing this our first PO. And how well we have built the capacity to the gigawatt level. And and the repeat orders and then introduction of new products into the market. It is not mentioned here we are currently in a in the process of introducing another product for the energy storage where our inverter will be integrated with the batteries and that will be the that will be used as a energy storage for the PV application. So so it's not only one product. There are multiple products which are coming up. We have the as I mentioned we are the only micro inverter that works in the telecom with the telecom towers. One only one product, right? If you have multiple inverters, yes, you can use the conventional technology. But we are the only company because in the telecom tower you have multiple mode of operation. It should work with the grid. It should work without grid. It should work with the digital generators, right? It should work with battery. So there are different operating scenarios, right? And we are the only product in the market which work with this scenario. If you want to use only one one one one product, right? And we are part of GEO's rollout for first 30,000 telecom towers the product is currently being used there. And then we expect that this rollout will increase to 200,000 plus towers on by them. And the there is a global market requirement of close to 5 million telecom towers. So I think once we penetrate into their system then we are going to we are we are going to address the global market also, right? And we provide a complete solution inverter its control and all the software related to the what is required to run the telecom towers. And we are also our technology is very agnostic to many different applications. And we are also trying to get into the data center basically how can we let's say provide the reliable power generated from PV which is extremely efficient, right? And we also have the plan in terms of the backward integration how do we reduce the number of components by producing the chip sets semiconductor chip set. So so rather than you handed components we may use less than 10 components in to produce those this this inverters and at that point we come at par with the cost of the central inverter. So with that one what happen is that we have the 100% addressable market in solar. So we are not like limited to the smaller system let's say less than 100 kilowatt but then we have the the the whole let's say addressable market in terms of the going up to the gigawatt applications. So so we in summary Spark has a disruptive micro inverter technology. We technology has been validated. It being currently used in the real life applications. We are seeing the medium level volumes right now and we expect to see the higher volumes next year and then very high volume in years to come. And we have plan up once we are once we once we have our this rollout in India so we plan to go elsewhere in in US and Europe and we are also working with some other partners in the background how do we get into the European or the American market. Thank you. Yes. So so Reliance is ramping to 100 gigawatts of capacity. What percentage of that 100 gigawatts will be applicable for your inverter? So what happened is that that 100 gigawatt is the I think that is their objective for the install capacity. But the yearly number is about 20 gigawatt. And out of 20 gigawatt we have our addressable market is right now is about 10 gigawatt. Okay. And and when they run to 100 do you expect it to still be about half of that would be adjustable? Actually we we see will be even more right because yeah so it's a it's a because I think we are not stopping at this point we will be continuously bringing down the cost at par with the central inverter. Yeah. Yes. Thanks. Now or have an estimate. Yeah. Yeah. So so what happened is that this is a point which I did not mention. I think one of the beauty of the technology is that we use no low life components in the design. So let's say one of the there are two low life components in electronics, right? One is fan for the cooling and other one is the electrolytic capacitor, right? So what happen is that we don't use fan and through our control algorithm we have eliminated the use of of those electrolytic capacitor. So our inverter is designed for a life of more than 25 years. Right? So it it matches the life of PV panel, right? So which is which is first in industry. Yes. And how how much would it cost to put up a gigawatt of power and then how much would the commitment to Spark be? So what is your cost of Alliance's cost? It's basically is that it's difficult to say but I think it is the inverters basically which matters, right? Because when you have the install system it is not only the cost of component there is a land cost permitting and then labor cost and and so on, right? So so typically what happen right now is the inverters are about 20% of the hardware cost in the system, right? So so let's say for one gigawatt applications the the cost of the inverter will be about 100 sorry about yeah close to 100 million dollars. So to billion dollar project. Yes. Yeah. Yeah. Yeah. Okay. I'm Greg. Last question. We've got time. We can continue after session. Yeah. Thank