Good afternoon, and welcome to the Invinity Energy Systems plc investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated in the right-hand corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I would like to submit the following poll. I would now like to hand you over to Larry Zulch, CEO. Good afternoon to you, sir. Good afternoon. I am thrilled to be with you. Welcome everyone, and to Invinity's investor presentation. Happy today to be able to talk about what progress we have made and what is going on, starting with an overview of our company. Many of you are familiar with us. We were formed out of the merger of two companies, AIM-listed redT energy and Avalon Battery of Canada, and that occurred right in 2020. We have presence globally and are what we now consider to be, and I think we will be able to show today why we consider that, the leader in vanadium flow batteries and in non-lithium energy storage in general. That leads us to our thesis, our view of why we will be successful in the market. It starts out with the incredible requirement for renewable energy to use storage. Without storage, we cannot depend on that renewable energy, and yet there is a huge shift toward that. So what is that energy storage? Some of it will be gravity-based, water, many other ways to store energy, but batteries are absolutely one of the lead areas for energy storage. Of course, whenever we hear batteries, we think of lithium batteries, the ones that are in our cell phones, the ones that we have in our cars. These are not the perfect battery for stationary energy storage, putting them in boxes, in fields to deteriorate. As we all know, they wear out. They catch fire. There was another big fire in Australia, a Tesla battery, just day before yesterday. These are being used widely because there is so much requirement for energy storage. The need is so strong that even a product that is not the perfect product for the use is the one, until now. That is what we are starting to develop, we have been developing, and we are now proving. That is what we will talk about today. What I would like to do is, first tell you about the financial results and turn it over to our now CFO, and Chief Development Officer, Jonathan Marren. Jonathan? Jonathan, you are on mute or appear to be on mute. Okay. Thank you, Larry Zulch. Can you hear me now? Excellent. Thank you, Larry Zulch. Likewise, delighted to be presenting these half year results. Maybe if I start with what's at the top of the strap line, which we've said, significant progress on the pathway to profitability. For those who heard me present the final results a few months ago, that's updated where at that point we said Invinity is making progress on the pathway to profitability. Hopefully I'll demonstrate in the next few slides exactly what that significant progress is and one of the reasons that we're very happy to be presenting these results. If I start at the top, we've recorded total income revenue of GBP 14.8 million. That is a tenfold increase on this time last year. That is also, importantly, in excess of GBP 13 million, which we indicated a couple of months ago as the base level of revenue for the half year. Clearly for any business, the first step on the route to profitability is to post significant revenue, and that's exactly what we've done here. That revenue has come from four projects. The vast bulk of that is from the three, which we've referenced just below. That is what's sort of contributed when you look further down to the gross margin and the gross loss of GBP 3.3 million. The two projects which you see at the top, Chappice Lake and Spencer Energy, so the Australian and the Canadian project, we previously disclosed those were loss-making, and that's those costs or the P&L elements of those costs finally being booked. Those projects were important, if you remember, in terms of proving the commerciality of the projects and the fact that we could deliver these projects to market, and we've done that. A very important set of projects setting the business up. That loss has come through, but there was a very good reason to invest in that loss. We talked about the projects we signed late last year, all but one being, rather one small one being a positive product gross margin, and that's exactly what we've seen on the Californian project. Again, that is another very important step on that pathway to profitability. You need to start with a gross margin profit, and clearly with Mistral, the level of those gross margins will improve, and that's what covers your OPEX from a cash perspective. It also ends up delivering you profits in the long run. Further down the P&L, you'll see we've made an operating loss, broadly the same as last year, at GBP 12.6 million. That is, again, with a very significant uptick in revenue. You can see there's quite a lot of operational gearing within that. You can see, therefore, when gross margin does come through from increased revenue and that product mix, that will be able to cover our OPEX, which won't grow proportionately with it. Maybe on some of the non-financial metrics, the deliveries, we've delivered 26.5 megawatt-hours in the first half versus 3.4 megawatt-hours in the last period. A seven and a half times increase. That's because of those projects. Perhaps more importantly is the manufacturing base. That's actually what has gone through our factories from a manufacture perspective, i.e., not delivered from inventory. That's from 5.94 megawatt-hours this time last year to 15.6 megawatt-hours. That's a two-and-a-half fold increase. That's showing our delivery expertise, our manufacturing expertise, and really demonstrating our credibility with customers as we look towards the future. Just a highlight of the revenue backlog for this year, that GBP 24.9 million, that does include the revenue booked as well. That's a metric fully including what's booked at the half year. That's what's sat there in orders capable of being delivered. There's a reference there to total inventory, net working capital, and also period-end cash. I will cover those in the next couple of slides. From a profit and loss perspective, the first two bullet points on revenue and project gross margin, I've covered those, I think, in a good level of detail there. This slide is maybe more looking at the OPEX side. You'll see staff costs have gone up. That's as we forecast and as we increase. That is the investment we are putting into headcount. That is making sure our staff are the key knowhow of the business as well as the IP that sits alongside that. As we need to, and as you'd expect, we are investing in those to make sure that we retain and grow that level of expertise within the business. R&D costs, when you first look at that, look like they've dropped quite significantly. What you're seeing within that, the accounting treatment, again, one of the interesting things about IFRS, we net off the receipts from Gamesa Electric, which they are helping us with when they're in the co-funding on the development agreement. That's on a net basis, and there were more receipts this first half than there were last time, hence that net number has gone down. Broadly, those R&D costs are the same. Professional fees is down. There is no netting there. For those that know me, I really do dislike signing engagement letters and checks to advisors. I know there are some advisors on the call so I do apologize for that. I like to make sure that we spend our money judiciously and where we need to. There is a very strong focus to make sure we are careful as to how we're spending money there. The rest of the costs there are broadly as you would see. There are some non-cash items in there. You can see that if you look through the cash flow, there is share-based payments, where the accounting calculation there, that's about GBP 300,000. Depreciation, about GBP 700,000. So that's in excess of GBP 1 million there. There are about GBP half a million of non-recurring costs within there as well. At least that, if not more. Finally, not on this slide, but you'll see there is finance income and finance costs. For those who listened before, there was some interesting accounting treatment as to how we book through the RiverFort facility. That was obviously paid off in the period. The unwinding of that goes through that line. That was, again, all non-cash other than obviously the element of paying that debt facility back. Moving on to the balance sheet. I've got a slide here where I've turned net working capital position, and I like to look at what's effectively tied up within the business in relation to work done to deliver projects for customers. You'll see on a gross basis, the total inventory line has dropped from GBP 10.8 million to GBP 6.8 million, you really need to take account of what sat else around the balance sheet to get a true view on the net position. That's actually up GBP 3.6 million from where it was at the half year. At the full year, it was about GBP 1 million or so lower than that. Again, the trajectory is upwards. As you would expect from a growing business as we invest in that working capital. From a cash basis, we've stated before that we've got sufficient cash to last us to at least March, April, on what the accountants call a severe but plausible basis. We had nearly GBP 13 million at this half year, what I would say is there's been absolutely no change in our view on cash over that period. We are trading exactly in line with where I'd forecast we would be. The other thing that is not possible to do is to extrapolate from one month's cash balance to another month's cash balance. You would expect with revenues that come through and payments to suppliers, those are inherently quite lumpy, what you do not do is get a view on sort of what people term the cash burn of the business. If you do want a proxy for cash burn of the business, go back to the previous slide on OPEX, you'll see that our OPEX was about GBP 9.2 million. At least GBP 1 million of that was non-cash. That broadly gets you to 8. Divide that by six, you can get to about GBP 1.35 million or so of monthly cash OPEX. If you look at our cash balance, you divide that by the 1.3, you get to broadly nine months. That's past the end of March. Again, that is not taking account, though, of the fact that we can exploit that net position on working capital which sits within the business. On top of that, we have 1.7 million shares which were effectively held in treasury. They are capable of being sold. 97% of those funds would be to our benefit. If you remember those sort of other, the hangover from the RiverFort transaction, those are entirely within the company's control as to what we do with those. We do, of course, have the short-term warrants that are outstanding. There are 14 million of those which are exercisable at GBP 0.50 by about mid-December. When you're considering our cash position, again, I would urge you to look carefully and read all the discussions about strategic investors. We will undoubtedly talk about that coming up. Those discussions with strategic investors have been going on for some time, it's not as if we keep losing strategic investors and putting more in to talk to. The same discussions are ongoing. Those discussions take time because strategic investors want to evaluate the business properly. What I would say is the number of conversations we are having has grown over time. The people we're talking to are still there. They are very good discussions, they are there and very supportive of the industry and the business. That is very much where we see the near-term view of financing for the business. Those strategic investors are very supportive and very keen to get involved because they've looked across the industry, and they see us as the leader in vanadium flow and also on the wider, longer energy storage base for the business, they need to be involved. Thanks so much, Jonathan. With the finances firmly in hand, let's move to what's new in the business and current trading. The past few months have seen us been extremely excited at progress across both the short, medium, and long-term aspects of the path that we are treading towards being a global significant player in the world of energy storage. More approximately, we've got traction and commercial momentum in delivering our VS3s. Jonathan talked about the fact that we are actively delivering against a GBP 25 million backlog. We've closed contracts for six megawatt-hours of VS3s year to date, and we are continuing development of the DESNZ-funded Lotus program that will see us build a GBP 22 million project in the U.K., we expect within 2024. In the medium term, the thing we are, of course, most excited about is our Mistral, our development program and new product we're developing alongside Siemens Gamesa. We are thrilled to have received 100 megawatt-hours of launch projects committed to over the last few weeks. That is a small part of a strong overall sales pipeline that we are putting together ahead of formal launch of that project, sorry, that product in 2024. Beyond that, those things are only so good as we can turn around and deliver them, and we've made tremendous progress on the long-term vision for how we will deliver against these opportunities. Both we and our partners have been significantly expanding manufacturing operations, and increasingly, Invinity are at the forefront of setting the stage for the right kind of policy and the right kind of storage markets that will see our product supported well into the future. Diving into every one of those in a little bit of detail. Over the past six months, we've been thrilled to have delivered a significant number of projects that are in each case, the largest of their kind in the geographies where they're being delivered. We've delivered a 10-megawatt-hour project to our partners at Indian Energy in the U.S. for the Viejas Microgrid. We have delivered and now fully installed our solar and storage project with Spencer Energy in Australia. This project will be dispatching PV-generated electricity onto the electric grid on demand and when it's most valuable, as well as providing regulation services. We announced last week that we are thrilled that the Chappice Lake Solar and Storage that we have built alongside our partners at Elemental Energy here in Canada has not only become fully operational but has begun merchant trading on the electric grid. The day of this ribbon-cutting, we were looking at the production rates for solar farms in Alberta at 8:00 P.M. 8:00 P.M., electricity prices were over GBP 500 per megawatt-hour. There was a single plant producing, and it was ours because we have the ability to take that energy from the middle of the day and deliver it in the evening when it is most valuable on the grid. When we look into the medium term, everything we are focused on is around Mistral. For those of you who have been following us for a while, you know that this is the product we are developing alongside Siemens Gamesa. It expands on our core technology. It expands on our existing industrial strategy, but it incorporates some new techniques and new architectures to achieve far lower total costs. The efficiency on this product is significantly up from our existing product. The number of these megawatt-hours that you can put in a given size is far down, and significant other improvements in the overall architecture mean that the levelized cost of these products, the total cost of ownership, if you want to call it that, are nearly half of where we were with VS3. This is a game-changing product from our customer's perspective, and their interest in signing up to very early deals, even ahead of product launch, is indicative of that fact. Of course, we can be as excited as we want, but it's only when the rest of the world get excited that there's proof that we're really on the right path. We were thrilled earlier this week to announce that the United States Department of Energy has chosen to fund 84 megawatt-hours of these early Mistral projects. Some of you who follow the industry will know that the DOE had announced about a year and a half ago, GBP 350 million for long-duration storage to be demonstrated and deployed in the U.S. Invinity are the only company who won more than a single solicitation within that project. We were selected both in the LDES Lab Call, which is to demonstrate the capabilities that long-duration storage has on the grid, really pushing the envelope for what LDES can do. We were selected under the demonstration program that will see us deliver a Mistral array to five sites with our partner, NRECA, the National Rural Electric Cooperative Association, to deliver five of those arrays to five sites across the country. So proof positive that we are not only developing the right product, but because of the durability and flexibility and capability that our technology embodies, the DOE is viewing us as the standard-bearer for working alongside groups like PNNL and really exhibiting exactly what long-duration storage can do for our future grid. Aside from the DOE project, we have seen some other very positive developments on Mistral. We have received funding here in British Columbia for the demonstration of the early prototypes of that product, really making sure that we have got the funding on a non-dilutive basis to go and fully test and evaluate how these products are going to operate. Further, our partners over in Taiwan, Everdura, have fully committed to this product. They are fully committed to helping us not only deploy Mistral inside Taiwan, but also help with some of the manufacturing steps that are required to deliver it effectively and efficiently. We're thrilled to be looking forward to delivering that first Mistral battery to them. We expect shipping late next year. All of that excitement is indeed manifesting itself in our commercial pipeline. What we've seen since we announced our annual results in June is a few deals moving in and out of base. We talked about the six megawatt-hours that had closed. There are other deals that have come in to fill that gap. The most significant movements, though, are in those longer-term deal categories. Advanced, where we've been selected as the supplier and site engineering is underway. That move from 73 megawatt-hours up to 137 megawatt-hours is largely related to those DOE-funded projects. In the qualified group, we're up almost 50%. Again, this is because of the tremendous volume of inquiries and tremendous volume of interest that people have for taking definitive actions towards developing projects with Mistral. Across every one of these projects, we are seeing enormous changes, enormous interest in everything that we are doing. What we want to be able to do, though, of course, is deliver against all of those opportunities, and that delivery planning, that manufacturing ramp-up, takes a significant amount of time. We announced earlier this year that our factory in Vancouver is now fully operational. That allows us to deliver over 200 megawatt-hours per year into North America. Even when we look to the future and look to meeting the domestic supply constraints of the U.S. Inflation Reduction Act, we still think that factory will be a significant part of the overall supply chain. Over in Asia, we are continuing to expand our relationship with our strategic supplier, Baojia. They are currently delivering products to both Vancouver and Bathgate. They are doing final deliveries for us for Asia Pacific, including our recent projects in Australia. They're going to be a big supporter of ours as we move towards Mistral manufacturing. Finally, we talked a little bit about our relationship with Everdura on one of the previous slides. Because we have an economic imperative to be able to deliver these projects in country if possible, we are continuing to work with them to figure out how we can best operationalize deliveries into the country and through that relationship. Finally, all of this is only so good as we can shape the future for what longer-duration storage is going to do. Fortunately, we're starting to get exactly the sort of regulatory and governmental attention that is going to have us at the forefront of driving that longer-duration storage agenda. We've had a Scottish energy minister visiting our facility in Bathgate. We had the Canadian Minister for Energy announcing a major policy initiative on the future of Canada's electric grid from our shop floor back in August. I was recently called to present evidence for a second time to the House of Lords for their Science and Technology Committee on how longer-duration storage can accelerate our path to net zero. Do these things lead to immediate sales? No, of course not. By bending the future of regulation and the future of electricity markets to the path that we know is the fastest way to net zero using our products, we will see accelerated commercial progress into the medium and longer term. With that, I'll pass it back to Larry and give you some of the view of our overall strategy. Thank you. Thank you, Matt. We've shown this strategy slide before, the reason is because our strategy has been consistent and we've been delivering on it. Where it says deliver on backlog, that may sound simple, but it isn't. We are the only non-lithium battery system connected to the grid at the scale that we can deliver on multiple continents. We could go further than that. We are delivering product now, we're getting revenue now, and we're demonstrating that. We are doing that with the current product. It's a compelling product, but it doesn't make us enough money. That's really the issue. Our profitability will come out of Mistral and being able to deliver a product that is fundamentally less expensive and fundamentally more capable, able to scale to sizes that our current product can't achieve. When many other companies in the non-lithium battery space are struggling to deliver anything connected to the grid, we are starting to sign or get funding for deals that use our next generation product and promise an ability to deliver a product that works right out of the gate. That's critical for us. We've been working on Mistral, it's been a large effort, and we're very grateful to Gamesa Electric and Siemens Gamesa Renewable Energy for their support in this process. We don't talk about that a lot because it's a development effort that's entirely internal. You'll hear a lot more next year when we are able to publicly announce the results of our partnership, but it's a strong partnership and going very well. Then close new deals. We have to close deals for the current VS3 product, and we are. At the scale that we are deploying that product, there's a lot of opportunity, and we are making positive gross margin on the new projects we sign, even though it isn't sufficient to make us profitable. The last one is operational excellence. I think everyone knows, and all of you know from this presentation and other indications, we're looking to grow dramatically. We're looking to scale to meet this very large opportunity in front of us. For us to do that successfully does require that our systems, processes, procedures, people, structure, supply chain, everything, be working together and working well. I'm very proud of our team for their ability to be prepared for that, to get the work done that needs to get done now, and also be thinking about the future. Our last slide, this summary slide, really has the three major points down the left side. The market is vast, and there's plenty of room for multiple players in this market. Whenever any credible organization looks at the size of battery storage, stationary battery storage, of any duration, it's billions. Billions and billions of any currency you want to name, from pounds to dollars to Canadian dollars to euros. Enormous market. We are in the lead position for the non-lithium portion of that. That comes a lot because we are developing the right product for economics and scalability. That's the constant watch words that we use in the development of Mistral is scalability and economics. It's being proven. That Department of Energy awards, those awards didn't happen without a tremendous amount of due diligence and investigation on the part of the DOE and our team putting a lot of effort into demonstrating to them that we are in the position we're in. They didn't just look around and randomly give those awards out. What they did was an extensive process, and sometimes there were 20 people from the Department of Energy on a Teams call with three people from Invinity answering and being peppered with and answering questions. This is something we're very, very comfortable with, that Mistral does not have a great deal of technology risk with it. The last thing is the supportive partnerships that we have. We can't do this alone. We need support and are getting support, not only in the commercial and deployment area and in the development area, as you know, but also in areas of supply chain, and there'll be more to talk about in the future. With all of that, I will now turn it over to Joe, who will be allowing questions at this point, and we're looking forward to answering them. Perfect. Larry, Jonathan, Matt, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab, which is situated on the top right-hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. As you can see, we have received a number of questions throughout today's presentation, and Joe, if I could just hand over to you just to chair the Q&A, that'd be great, and then I'll pick up from you at the end. Thanks very much, Alessandro. Yes, as said, I think we're at nearly 30 questions and counting, we'll try to get through as many as possible, and any that aren't answered, I will do my best to follow up with you afterwards. There's plenty of questions here around Mistral. The first question I think I'm going to put to you, Larry, and other execs, please jump in as appropriate. Just talking around the motivations behind the Mistral development, was it a motivation towards cost saving or technical enhancements? Can you talk a bit about that and how successful it's been? I mentioned that the two watch words were economics and scalability. To be specific on the economic side, we wanted to drop our cost of providing a kilowatt-hour of storage capability by over 30%, and we are on track for doing that. That 30% or more is able to allow us to bring the price to the customer down and also have a profitable product out on the market. That was pretty much number one. All of the things that add in to form that are technological improvements that improve efficiency and capabilities, all in an incremental fashion. We're not trying to create a radical new system. It's our current VS3 system scaled up. We also wanted to make sure that it was scalable. Our partners have wind farms and have other applications for this, where the requirements are in fractional and full gigawatt-hours. Gigawatt-hours, 1,000 megawatt-hours, 10 times what we've signed, and are proud of signing or have been awarded in the last few weeks. To be able to get to that requires some different architecture of the product, and we have developed that architecture and are very confident in its ability to scale up to this larger size. Thanks, Larry. Matt, I'm going to follow up. There's another Mistral question here, but I think it's more towards you on the commercial side. Just regards to the pipeline and the deals that we're working on for Mistral, are these all Invinity driven, or is there an element of Gamesa within those? Can you sort of talk about that split and the involvement? Yeah. The vast majority are Invinity driven at this stage. There are a very small number of early pilots in there that have Gamesa involved, but 99% plus is Invinity. Those of you who are following the industry will know that Siemens Gamesa have announced recently that they feel that they went to market too early with some of their more advanced wind turbine designs. Because of that, they are being even more cautious on their new product launches. They're going to be very cautious in terms of putting new deals into our pipeline until we've gotten through some of the development steps that are ahead of us in the next 6 months. Let me note, if I can jump in, that their sales teams are not free to sell Mistral at this point. It hasn't been put into the internal system. We are achieving those measures that they are looking for to make sure that it's not a high-risk product, but they also are waiting before they can sell it. Thanks. Just to follow up, obviously, announcing 100 MWh in little over two weeks is quite an achievement. Matt, can you give any comment on sort of what's driven that? If there's any sort of external factors or anything that's really pushing that's suddenly changed things or any color you can give? I don't think it's suddenly changed anything. With respect to those 84 MWh funded by the DOE, we have been front and center with the DOE in their longer duration storage efforts that have gone back over a few years now. It's only now that we are seeing the fruits of those efforts come to be some of the engagement that we've had with the DOE in terms of targeting their long-term storage targets. A lot of the work that we've done with them to prove that our technology has the fastest and most credible path to the 2030 LCOS target of below $50 a MWh. That Storage Shot, that moonshot goal that they have, is one that we have been very involved in crafting, and that we have, as is now in the public domain, a tremendous amount of support from them of our leadership in making that happen. Thanks. There's a question here around core commercial markets. Obviously, there's been talk around some of the Asian markets that we've moved into. Specifically, have we considered moving into large developing countries such as India, Indonesia, Pakistan, Turkey? Could you give a comment on that perhaps, Matt? Absolutely. We are extremely interested in the kind of opportunities that especially countries like India have in front of them. India has a tremendous amount of vanadium available, and they have a tremendous need to decarbonize their electricity system, especially as their overall electricity demands grow and as the impact of climate change on their country in particular become ever more painful. With that said, we do not intend to be everywhere, and to the degree that we will go and do projects in some of these further flung markets will be entirely related to the degree to which we are able to attract the right kind of partners to lead us into those markets and to work with us to fully exploit them. Thanks, Matt. Another question going back to Mistral, to either of you, I guess. There's a number of questions here asking about the crossover between Mistral and VS3, what the strategy is around that and offering which product. Also, there's another question I think we can answer at the same time around are we seeing cannibalization from one product into another. Are we seeing people defer orders from VS3 into Mistral? Larry, do you want to take the question on crossover, and then I'll take the part on cannibalization? Certainly. Why don't you handle cannibalization? The bite size of Mistral is 14.4 megawatt-hours, which if you note, is larger than the largest flow batteries in any of the four countries where we have placed the largest flow battery in that country. 14.4 megawatt-hours and up. Therefore, everything that is smaller than that is potentially VS3. Of course, we are going to be adding capabilities and improving economics over time of our offerings in the sub 14.4 area. Really, in certain ways, these are separate markets. See, I knew if I let Larry go first, he would answer the question for me. Look, we see some minor degree of cannibalization, but really they're separate products intended for separate markets. VS3 was never intended to be a product deployed in the high tens or hundreds of megawatt-hours. Because of that, while there are a small number of projects on the margin where, especially if they are being delayed out to 2025 or 2026, those VS3 opportunities might flip over to Mistral. By and large, the two opportunities or the two pipelines are largely separate from one another. Great. Thanks. I think you mentioned that word margin there, and I think in a slightly different context, another question is asking around what's the margin growth between VS3 and Mistral? I'm sure you two can answer this question. Unfortunately, we've lost our CFO for the time being due to internet issues. Only for a very short length time, I hope. Yeah. I mentioned that we were looking at 30% lower costs. All of that on a per kilowatt-hour basis. That would largely go to margin. We're able to sell products at close to our VS3 price and are able to then have significant improvement in margin, which then allows us to answer the other question, which is, when are you going to be profitable? Our projection is 2025. Matt, what would you add to what I just said? Nothing, Larry. I think that the good news that we've seen over the last year is that from when we launched Mistral in the shadows two and a half years ago, and publicly shortly thereafter, we had some very aggressive targets in terms of where we thought the product cost needed to be based on where we saw the market going. What we've been very encouraged by over the last two years is that the relative cost of the incumbents has gone up, and the relative value that we are able to deliver with a product that is able to cycle almost continuously has also significantly increased. Our view is that from a competitive position, we remain in a very good position, and we'll be able to achieve exactly the kind of margins that Larry's talking about. Thanks. Just to clarify, that breakeven point obviously is the analyst forecasts as sort of the consensus point. Sorry. I meant that analysts are forecasting 2025. Yeah. Yes. Thank you. Another interesting point on the subject of product development. Will there be an updated version of VS3 created, which has been deemed a VS3 plus in the question, that might work for smaller projects below Mistral's target, or will Invinity fully move into Mistral in time? Mistral is our primary focus at this point. VS3 is a completed product, and where we're able to sell it on a profitable basis, we'll keep doing that. It addresses a market that over time we believe our technology can address quite well. I think, like all product development processes, it's an ongoing process. First Mistral, and then we will be looking at derivative products that expand the market beyond that. There's some significant opportunities for a product that is addressing that area where VS3 is addressing, but doing so in a more profitable way. Thank you. There's a question here around our shareholder register, which I think I can answer as the Director of IR. What's the percentage of your shareholding that you would guesstimate are held by U.K. private shareholders? I can say I think we're probably, in total, maybe 75%-80% of our register is in the U.K. Of that, probably 20%-25% is U.K. retail, with the remainder being obviously our strong institutional support we've got and we enjoy over time. Welcome back to our CFO as well. I'm going to move on to, there's a corporate question here around our OTC listing, which Larry, I might direct to you as you're sat in the U.S. Are we satisfied with the level of trading on OTC and what are our plans moving forward on that front? Are there any unseen benefits to the company? We're not at all happy with the level of trading on the OTC relative to the potential that we see in front of us. We see that there's a lot of opportunity, but as news unlocks that and it goes up, we'll get additional interest. I went with one of our lead brokers, with VSA, on a roadshow around San Francisco and around the United States in the last few weeks. Ended up in Vancouver, which is, I realize, Matt, not part of the United States. Saw a tremendous amount of interest in long-duration energy storage, but also some challenges looking at an OTC market that is relatively thinly traded. There's a certain chicken and egg quality to it. As we are able to get more traction in that arena, we will also get more interest, which will drive more traction, and it will go in that cycle. We're looking to unlock that. What we're not prepared to do is to talk about any further strategy at that level, other than to say it's no secret that ultimately unlocking large capital markets through that we don't currently have a strong presence in, is clearly in our interest and something we'll continue to consider as we move forward. Thanks, Larry. As Jonathan's here now, there's a number of questions here. I know this was covered in the presentation, but just asking for clarification around the short to medium-term, your cash flow scenarios, how are they expected to play out? What are the plans and strategies around funding and specifically contingencies should, for example, the short-term warrants expire without being subscribed for? Jonathan, could I ask you just to go through that one last time? Yes, of course. Just checking you can hear me. Apologies for my technological fail, but I've managed to recover. Good. Thank you, Matt. As you've set out, Joe, I have given a lot of information on cash and working capital in the statement we have. Equally, I totally understand the question, and I certainly don't mind being asked the question. As I say, if I was sat on the shoes of shareholders, I'd be asking the same question. Do totally understand. The statements we have made have been very well thought out. I would urge someone to read them, because we have to say how we feel we will progress, and that's exactly what we've done. Being a public company does restrict to an extent what we are able to say. We must make sure that we give information to all. There's only so much I can do and say, and in drafting the statements, I tried to give as much information as I could do. I'm also conscious that giving negative assurances at one point in time does, to an extent, create a host team to fortune in the future if you're not able to do that. I'm going to be cautious. Please don't read anything into me not saying something. I'm just being very cautious, and perhaps that's just my background getting there. I am also conscious that being a public company, one of the key reasons to be a public company is access to capital. At points in time, we will look to access the capital markets, and you wouldn't expect any company to say that or ever suggest that wasn't the case. That being said, hopefully, we've made it clear our absolute number one priority is to get a strategic investor who would look to bring some capital with us to the business. That would not be coming back to the capital markets. That is going to an external strategic investor that would not only give us some strategic leg up, be it on the supply of vanadium side, be it on possibly the project development side, be it on the manufacture side, elsewhere in the supply chain. It's not just someone coming with a checkbook. It is someone coming with someone who can help us out strategically. I've got two hats on, the CFO and the CEO hat on. The checkbook is very useful. That is absolutely our number one goal. It would be our number one goal at the moment, even if the capital markets were very buoyant. I think we all know the capital markets are not buoyant at the moment, we've all seen where share prices have gone. That being said, we are alive to that. We are absolutely focusing our time on that, and that's where I'm spending an awful lot of time on that. From a personal perspective, I've invested a lot of capital over the years. I'm certainly looking at red numbers when I look at my portfolio. I am very aware of dilution as well. Hopefully that'll give you some confidence that we are aligned on this front. We are absolutely trying to do the right thing by shareholders. The assumption that clearly the company's out there raising money and we're going to do a deeply discounted issue is absolutely, would not align very well with what we've said there. I'm absolutely giving no assurances at any point in the future that things can change. Absolutely our number 1 priority is where we are now, and I wouldn't be able to say that if that wasn't exactly where we are. Thanks, Jonathan. Okay. One eye on time. I'm going to try and take four more questions, I think. There's a question here around manufacturing. There's a few questions asking around manufacturing scale and that sort of stuff. Specifically, there's a question here saying, what changes are being made behind the scenes to reflect the success in generating orders and how to scale up manufacturing? Larry, maybe, do you want to take that one? We're putting in a tremendous amount of effort in that area, we have to. There's the IRA, the Inflation Reduction Act in the U.S. It's providing financial incentives. There's domestic content requirements. There's the fact that we successfully moved to a manufacturing partner in China who is able to dramatically increase their capabilities, and they have sites that are outside of China that we can ramp up on. All of these things are coming together, plus the need for very large amounts of vanadium electrolyte, which, by the way, is a commodity now that is not where the capabilities, the supply capabilities, are not fully utilized. There's a lot of excess capacity in electrolyte production because there was an anticipation that vanadium flow batteries would accelerate faster than they did. Now that they are, we're going to be able to take advantage of that excess capacity. That won't be enough some years down the line. Fortunately, there is enough time to change that by the time we get to the point where we've used up global capacity. Make no mistake, we, Invinity, are looking to use up global capacity. We don't see the other players in this market with a significant impact on the vanadium supply, on the global vanadium supply outside of China. Thanks, Larry. I think this one probably for Jonathan, there's a question here asking when shareholders will see the sort of We've said we're making positive gross margins on sales. When will shareholders start seeing that flowing through into the numbers? I think if I take a slight step back and make a sensible statement from a U.K. perspective, U.K. markets and U.S. markets are slightly different. U.K. markets are very focused on companies delivering profits. That tends to be what drives share prices. I am very clear to the board and internally, I can see Larry nodding, it is all about delivering bottom line profits. If we are, I suspect if you look at our peers, our peers seem to be spending a lot more money than us. They seem to have lower revenues than us. They have a greater market cap. That's one of those things, we're in the U.K., we need to deliver profits to our shareholders. Our share price will appreciate, or at least once we demonstrate, as I think we are, that pathway to there, then we'll have that appreciation in share price. Mistral does exactly that. That will do that. The industry standard margins we talk about happen when Mistral ships. Mistral is shipping in volume in 2025. As we sit here in the autumn of 2023, that is absolutely visibly in sight because we know where we are from a price point with customers. I think we set out in the recent announcement that the price point we had got on those DOE sales is exactly where we expect it to be. It's almost entirely in line with where my model was. We know where we are from a cost perspective on Mistral. We know where we are on the development side, we know what is needed on the supply chain side, and we've worked through that. We are very confident those margins are coming through on Mistral. It is the journey to get there, and you will see that start to transition through 2024. I'm not going to forecast exactly when we are hitting profits because I can't do that. Mistral, which is shipping volume early 2025, is where you start to see that coming through, and that is pretty soon. Thanks for that. The next question is always a fair question I think we see asked, but I think it's always worth making sure it's asked is, what do you see as the biggest challenge to getting to profitability for Invinity? Perhaps I'll come to all three of you maybe, but starting with Larry. We have ambitious plans, and we have to execute against those plans. I put up our strategy with four simple components to it. The reality is, each one of those turns into a great deal of effort and work, areas where I'm very proud of our team and what they are accomplishing, but we also are limited in our capabilities. Fortunately, we don't have to build gigafactories. That would be a huge risk if there was real complexity the way there is in a lithium system. There still is significant manufacturing requirements, significant development requirements still left to do, though we're not seeing technical risk implementation issues. I would say, if we identify an area that is an impediment to getting to profitability, it becomes our focus, and we do whatever we can to overcome that. I can't point to any specific thing other than to say that it is a complex business. It's taken a while, we know that, and it will take some time longer. Right now, we're on track. I'm happy to jump in because I think I'm just going to reinforce some of what Larry said. Look, the vector towards which we will progress towards that profitability is already set. We are progressing with the right product, we are progressing with the right partners, we are progressing with the right operations and industrialization strategy. All we need to do is make sure that we continue to tread that path. The comment I would make is that there's been a lot of discussion over the last, since our results came out about future funding scenarios, that is absolutely something that we are actively considering. I will say that as we are ticking off these boxes that materially demonstrate success, validation by DOE of our future path, validation by Gamesa that we're doing the right things, validation by our customers that they believe in what we can do, the avenues through which we will be able to unlock that funding in manners that are incremental to the value that our shareholders hold in our company is only getting significantly larger and significantly more compelling. Jonathan? Yeah, I think certainly the risk of not wishing to repeat both of you, just taking a step back, in my experience, I've been working with small mid-cap companies for well over 20 years, and I've not seen a similar opportunity that is so almost obvious near term and so vast. It is truly quite extraordinary when you look at it, that's what really excites me. Equally, getting there is complex, it is challenging. There are a lot of things for us to get right, we are looking at some significant growth. I think us just making sure that we have the time to plot that sensibly, I think is probably one of the biggest challenges. We've got some fantastic people within the organization, all of whom are committed. It's making sure that we look after them, make sure that they are supported, that we invest in them, we invest in the infrastructure around them such that we can deliver it. That for me, I think is the biggest challenge to deal with. Thank you very much. I'm going to just do one quick question that's just come in because I think it's relevant and important, then we'll do the final question. Question to Matt. Just regarding the recent DOE news, can you just briefly talk through what steps are required? We said there's the final negotiation which we're hoping to occur by the end of the year. Could you just briefly talk through what that means? Look, I would say the price is the easy part. It's the rest of the contract, both between the DOE and our partners, between our partners and us. That is the work that is yet to be done. Between the DOE and our partners, those contribution agreements are always fairly significant because they talk not only about the amount of money to flow to the partnership, but also the degree to which that partnership will engage with the DOE and really make the most use of the successful results from the project. On our side, it's really around the commercial details of those projects. How we make sure that notwithstanding a price that's acceptable to us, that the rest of the stipulations around how the project will be built, how it will be delivered against, and how it will be operated, are consistent with what we know is best for not only the company, but for the operation of the product itself. Thanks. Somewhat related, the final question, which I think is always a good final question to end on is, what can shareholders expect from us by the end of the year? What are the big things to be looking out for as an Invinity shareholder? Larry? We are always looking to follow those four strategic points that I talked about. We want to be able to talk about new deals as we sign them, new deliveries as we make them, energizing products as we energize them, progress with Mistral, not just on the development side, but also on the partnership and support side. All of those things are things that we are actively working on to be able to make public as soon as possible, and look forward to doing that whenever we are able to get any of those goals accomplished. Perfect. Joe, I might just jump in there. Larry, Jonathan, Matt, thank you very much for addressing those questions from investors. Of course, the company will review all the questions submitted today and will publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which is particularly important to the company, Larry, could I just ask you for a few closing comments? We all depend on a reliable electrical grid. We take it for granted, but as we move to renewable energy, we can't take it for granted without energy storage. That energy storage will be provided by a number of companies. We see ourselves in a leading position to provide the energy storage required to stabilize the grid and stabilize the use of renewable energy. We appreciate greatly the patience that our shareholders have shown, the support that we have seen. We appreciate our customers, and we appreciate our staff. All of those together have put us in an extraordinary position in terms of potential. We are delivering on what we said. Thank you for your time today, for your attention. Do give us feedback, do ask us questions. We are very much interested in the interactions we have with you as shareholders and potential investors, we look forward to continuing to deliver on the promises we make. Thank you very much. Perfect. Larry, thank you for those closing comments. Could I please ask investors not to close the session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of Invinity Energy Systems plc, we'd like to thank you for attending today's presentation, and good afternoon to you all.