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 any time via the Q&A tab situated in the right 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 can review all the questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you up to Larry Zulch, CEO. Good afternoon to you, sir. Good afternoon. Very good to see all of you today, or not see you, but to be able to talk to you about our 2023 financial results. Many of you have seen variations of this slide before. You know Invinity well. I thought it might be most useful to mention two events that I attended in June. The first was the Long Duration Energy Storage Council's annual meeting in Washington State, and that's where the long duration energy storage providers generally come together to discuss the market opportunity in front of us. The second was the International Flow Battery Forum in Scotland, that just concluded last week. There, everyone in flow batteries from beginning to end are presenting and talking about the technology and the opportunity. These are two quite different sessions. The first one characterized by companies with offerings on the market in a variety of different technologies. The second all about technologies based on flow, on flow batteries, such as Invinity's. In both cases, what was very interesting to me, and I felt almost a certain humility in the sense that Invinity was clearly in the lead in terms of our product offering in both cases. We were with peers who also have, and you could call them competitors, but the truth is our competitors are lithium batteries. What we could see was we have been making great progress, I'm proud of the team for that, and we have a ways to go that we are in progress on as well. For all of those reasons, my confidence in the opportunity in front of us continues to grow. The suitability of our product and the product plans we have is very encouraging. My optimism about our company has been growing from, and already as we, those of you who've heard me before, know that I'm positive and have reason to be positive, this was further support of that. Invinity has been making great progress, and we're here to tell you about some of that. For that though, like to start by talking about what we've announced recently, our 2023 results, and turn it over to Jonathan Marren, our CFO and Chief Development Officer, and has been instrumental in many aspects of the progress that we've been making over the last year and a half. Jonathan? Larry, thank you very much indeed, good afternoon, everybody. I'm delighted to be here today presenting the 2023 results. There are some noticeable changes from when I gave this presentation last year. I'll just highlight maybe on two of those. The first is a very sizable increase in revenue from last year. We'll touch on that obviously in a bit of detail in a moment. Also, we announced a clean going concern statement from the auditors. Both are incredibly important from going forward. Both give credibility to customers and suppliers and show that we're really making good progress. A note, we had new auditors this year, so there was a very thorough process which those auditors went through, no stone unturned. It's one of the reasons why our results are out towards the end of the period. Also, obviously in the first half we were focusing on the fundraising, it is an aim of ours to get those out sooner. We're very pleased with what we have presented last week. Looking at the top line there, a 511% increase in revenue, in total income. That was marginally ahead of the guidance that we provided slightly earlier in the year by GBP 400,000. Trading overall was in line with those forecasts. That was driven by an 800% year-over-year increase in product shipments. Whilst it's clearly delightful to see the financial aspect of that coming through, that does very much point to the operational ability of Invinity. When you look forward to our future projections, it is important to realize that we are shipping a significant number of product through our manufacturing, through our operations at the moment, therefore that we have sort of started to demonstrate that we can scale that business. From the commercial side, during 2023, we signed 136.7 MWh of orders. Sorry, signed or awarded funding in 2023. Those are for deliveries this year and next year. Again, that's a sizable increase on what we'd achieved in 2022. That does include 100 MWh of Mistral orders. From a commercial pipeline perspective, Matt will talk a little bit more about that in the meantime, again, a substantial increase when you look at a year-over-year increase from where we were sort of roughly this time last year. Now we're still recording a loss from operations. That has grown by about GBP 3 million from last year. When you look at that is almost entirely due to an increase in the gross loss in 2023 versus 2022. That does relate to two projects which we signed quite a number of years ago that we'd flagged at length were in a loss-making position. We signed those, if you recall, to prove that we could get substantial product to market and demonstrate the supply chain and our operational abilities. I think you've seen that come through, the benefits of that in the other projects which we have signed. All of those others were flats or small positive gross margins at the project level. I know there is a question coming on a little bit later as to what we mean by that, I'll cover exactly what I mean by that when we get to the questions. We have managed to reduce cash outflows, that really was as a result of an improvement in the working capital position. Admin costs were unchanged broadly, year-over-year. We are debt-free, we finished the end of May with cash of GBP 53.2 million, substantially increased from the position in the prior year, of course that reflects the recent fundraiser, which was cornerstoned by UKIB. Just giving a little bit more detail on that. That revenue growth came from shipping projects, 15 projects across Australia, the U.S., Canada, the U.K. and Europe. I think when I take a step back I consider the size of business we are, where we are positioned in this clean tech space, that is quite an extraordinary achievement, I think it's difficult to look at anyone of our ilk who's managed to deliver projects across that number of continents and put GBP 22 million of revenue. When I take a step back and consider how that has changed over the last couple of years, it is substantial progress. The significant contributions came from Elemental, Spencer Energy and of course, the Viejas Casino's project in the U.S., which is being commissioned and installed at the moment. We talked about the majority of that loss relating to 2022 projects. The staff costs number has increased as a result of investment in headcount. People are the core to this business across the entire organization. We touch on a very sort of, almost heavy duty manufacturing to an extent with lots of steel running through factories. Equally, we're doing a lot of high tech development. People are key to that, we will continue to invest in them for the benefit of the business. On the R&D side, you'll note there's actually a net income position from R&D. That's because of recoveries from Gamesa Electric under the joint developments and commercialization. We have agreement with them under Mistral. That's an improved performance on last year. I've lumped professional fees and other admin expenses together. You'll see there's a net decrease there of GBP 1.3 million. The movement between those is really a reallocation between years, but the overall net decrease of spend of GBP 1.3 million really does point the focus on keeping non-essential expenditure down to a minimum. I say to those, anyone who knows me, I do really dislike signing invoices off, I will continue with that thought process. That doesn't mean that we don't invest in R&D, but when it comes to paying unnecessary fees where we can do things better, I will do my best to make sure we do that. Then critically, no P&L charge for onerous contracts. That is a position where we talked again about margins moving towards positive. That means we've got no provision booked in this year. From a balance sheet perspective, the large inventory position you saw at the end of last year was a result of us delivering very shortly into 2023, the projects in Australia and Canada. When you look at a net basis across the year where you take account of not just inventory, but also amounts owed to suppliers, deferred revenue and any onerous contract provision, there's actually an improvement on the balance sheet. A small improvement from GBP 3.2 million to about GBP 3.6 million. From a net cash position, last year we still had the Riverfort facility in place at the year-end. That was $2.5 million. That has obviously been repaid in the year, and that gives us a net cash position of GBP 53.2 million at the end of the year. That last bullet point is quite important because there's been at least one or two comments which have been reported back to me that given the size of the fundraising, that if our cash balance has moved down to that level, that must be a reflection of our OpEx spend. That is not the case. We did manage to work with our suppliers through the first half of the year to ensure that we could continue building inventory and building product looking at this year's revenue. The fact that that balance has come down is because we have settled those balances and then continued to work with those creditors to build that up. You don't see that in these numbers other than that one isolated position. With that, I will hand over to Larry. Thank you, Jonathan. I mentioned that we were in a lead position in both of the conferences that I attended in our industries. This is the reason why. These series of accomplishments that we've done that Jonathan referred to, it shows a great deal of dedication and hard work. Of course, I'm not going to take you through all of this, but I'm going to point out one month. The month of September 2023, we got our first Mistral order. That's amazing, and I call it amazing because it was not yet an announced product. Yet they were confident enough in what we were able to show them that they put money down, signed a contract and said, "This is the future." They're right. To further support that concept, U.S. Department of Energy also awarded funding for Mistral projects, further corroborating that concept that we have the right product focused on the right market. Talked about our half year 2023 results, which were impressive and led to the numbers that Jonathan just went through. We also took the largest flow battery in Canada, and at the time, and still to this day, the largest flow battery in North America, took that live. I will tell you, since then, it has been making money. It's been trading very successfully. One of the areas where our product is differentiated from lithium products is the ability to operate in a continuous fashion, including multiple cycles during the day, whenever the opportunity presents itself. This is a merchant trading opportunity or merchant trading battery. They take the energy that they have, they get it from solar, then they use it to either stabilize the grid or to sell it into the market when the prices are favorable. That kind of very flexible use of our batteries is a hallmark of what we do. All of this is an indicator of the direction of travel that Invinity's taking. Let's be more specific, and I'm going to turn it over to Matt to tell us about the commercial activities in front of us. Matt? Thanks very much, Larry and Jonathan. Look, we've talked in the past few minutes about the financial success of the company over the last year and the operational success of the company over the last 17 months. What I am most excited about is not the success that we've seen looking forward, but the success that we've driven that will see the company grow and build in the future, and that's the success in delivering to our customers. What we've seen over the last six months of last year is that we have delivered the largest flow batteries in all of the jurisdictions in which we operate. We have come to the forefront of what is a recognized need for long-duration non-lithium storage solutions for the grid the world over. Because we are delivering, we are painting the way for a tremendous amount of growth in the company in the future based on delivering to happy, profitable customers. What you see on the left here is the most recent delivery that we've just executed. This is our 10 MWh project to the Viejas Casino & Resort in Southern California. At the top right, you see the two largest projects that we had delivered midway through last year, which was the 8 MWh project to Australia and the 8.5 MWh project in Canada. Some of our smaller commercial and industrial projects into Europe and into Asia. Because we are delivering to our customers, because that's giving our future customers tremendously increased confidence in our ability to serve their needs, what we've seen over the last year is a huge uptick in our commercial pipeline. You'll recall that when we talk about our pipeline, we talk about it in a couple of different categories. Qualified deals are ones where we have confirmed that there is a need for the product, that there's money to pay for it, and there's a reason why our battery is going to be the right fit for the project. If those three characteristics aren't there, we don't include them in this group. We've seen a number of companies in our space over the last few months who have stumbled because they have announced projects for which there were not those three different characteristics, and they've had some negative impressions of their companies and of their share prices because of that. We don't do that. We are very, very explicit that we don't put anything into this group unless it is a real opportunity. As deals progress, we move them into what we call our advanced category. This is where we've been selected as the provider for a particular project. We had a couple of very exciting movements over the course of this spring where some existing customers who already have our batteries, who are already operating our batteries, have come back with projects that are orders of magnitude larger than what they had previously contracted for. That's driven a very big uptick in that advanced group over the last year. Finally, our base category, those are the deals where we are in final contracting. We call it our base because those are the projects that we are basing our business on. We are reserving working capital, we are reserving production slots, we are in the final stages of negotiating the commercial details of those projects, pushing them towards close. Underlying some of these numbers are a couple of interesting points that I would draw your attention to. We are focusing more and more of our direct sales pipeline on key markets, North America, the U.K., to some degree the E.U., working with some of our partners to explore those non-core markets, especially in Asia. One of the things that we've seen, especially as we are gaining more credibility in delivering these projects, customers are looking at us as a potential supplier for much, much larger opportunities. The average opportunity size in our pipeline now is over 100 MWh. Which is great for us because it means that we can deliver much more efficiently, at much better scale, and ultimately more competitively and at lower cost. The other thing I would flag is that there's nothing in this pipeline that is originated from Siemens Gamesa. You all know that they are our development and commercialization partner for Mistral. We ultimately will be selling alongside them into some of these key markets, but nothing in their sales pipeline is included here. We have presented alongside them a number of times over the last year. We've attended trade shows alongside them. Their sales team is getting extremely excited about the potential that is embodied in this product. Once we get through the commercial release that we expect to get through with them later this year, that number is going to go way up and those sales that they have originated will ultimately become part of our broader pipeline as well. Moving beyond the numbers a little bit, if we look around the world at what's driving some of this interest, really it differs a little bit by region, but the themes are all the same. It's all about the further integration of ultra-low-cost renewable power. It's all about domestic energy security, it's all about the need to drive domestic jobs around that energy security point. In North America, a key driver primarily has been the Inflation Reduction Act, and we are working very actively with some of our partners to make sure that we can meet the Made in America stipulations under that program. Good thing being that, as we're showing in Motherwell, that Jonathan will talk about in a moment, we can spin up new manufacturing capacity fairly easily. We think we'll be very well-positioned to deliver into North America over the coming period. In the U.K., primarily all the conversations that we're hearing are around energy security, making sure that the U.K.'s energy needs are being served by domestically produced energy, not imported gas, not imported electricity. Very similar story in Europe. That's a market that, especially as we gain more traction and advance our relationship with Siemens Gamesa, we think the opportunities there are going to grow significantly for us. In Asia, the primary driver is all around eliminating Chinese-based products from the supply chain. Japan, Taiwan, Korea, all of those are markets where we've got tremendous interest from existing and potential customers. All of them want to make sure that they don't have critical infrastructure being provided by a nation that could be potentially unfriendly. Down in Australia, we're very excited by some of the developments down there. What's notable about Australia is that they have one of the world's largest proven reserves of vanadium. Again, that theme around the domestic production of energy sources for the energy transition, where you've got a country that has a tremendous amount of that resource at hand, that's something that they view as a huge strength of our products in that market. Just to touch briefly on one final point, we can't be everywhere all the time. There are, as you see on this slide, enormous opportunities around the world that we want to be able to address, that we need to be at the forefront of with our products if we're going to have the kind of success that we want to have on a global basis. The strategy that we've been evolving over the last 6 months in particular, and really 18 months in general, is one where we focus on core regions, primarily the U.K. and North America. We retain the manufacturing capabilities that we already have. We have direct commercial engagement in those markets because we already have significant presence, significant traction, and the ability to drive a lot of deals in those regions directly by our existing team, through our existing capabilities. Outside of that, what we've been focusing on is developing what we're calling our license and royalty model, which is a way of making sure that our products can be at the forefront of serving markets like Taiwan, where we are advancing our partnership with Everdura, for example. At the same time, not have to have the kinds of boots on the ground and the kinds of manufacturing capacity in-country ourselves that could take years for us to develop and that could take a lot of our working capital to put in place. We will always maintain the very tight hold on our core intellectual property, particularly in our cell stacks and in our core materials and in some of our control systems and software. Outside of those, it makes a lot of sense for us to advance our capital-light model by licensing the balance of system to those manufacturing partners, having them manufacture them in country, and then having them sell, install, and support those products over their lifetime on our behalf. That commercial strategy is only so good as it's backed up by a sound financial strategy, so I will hand it back over to Jonathan to walk you through that portion. Thank you, Matt. The financial strategy, in some senses, can be boiled down to one word, and I use that word, which is Mistral. We have developed with VS3, a product that's proved the technology, it's proved the business, it's proved supply chains. No one talks to us at the moment, sort of asks what a flow battery is anymore. No one really asks about vanadium. They don't ask what the technology works. They now ask us about price. They ask us about delivery timescales. VS3, as I say, is a product that works, but, as you see from the gross margin discussion earlier, it is priced at a point whereby we are not earning a sufficient gross margin from it, but nor is it really priced at something that can unlock the significant demand which Matt talked about earlier. What Mistral does for us is two things. It enables us to drive down the average selling price per unit to a level where we think we can unlock significant demand. Not only that, it is designed in a way that we can reduce the cost of manufacture to deliver to us what we see as an industry-standard margin. In the modeling, we talk about 20% plus, but actually we're looking for sort of a little bit north of that, up towards the 20%-30% range. That really is critical to the strategy, and that's why there's been such a huge focus on developing the product and why we're very excited with what's coming down the track. In terms of the cash profile of a sale, we do have a supply chain that crosses the vanadium side, it crosses steel, it crosses membrane felts, et cetera. Those all come with different lead times. We take a deposit up front that enables us to lock in lead time items and lock in the price of vanadium, because what we mustn't do is start taking vanadium price risk. The aim is to have payments coming in from customers that broadly match where we sit with payment terms with customers, and such that by the time we ship the product to site, we have received the vast majority of the funds for us. We are still working through exactly whether we will match that perfectly. My suspicion is that there will be a little bit of a gap, and we are talking to a number of players across the industry who are very keen to fund that working capital cycle if it ends up being in that position. What we're not planning on doing is using shareholder funds for that. At the bottom right, reducing operational costs, because gross margin is one thing, we need to make sure we maintain financial discipline below that gross margin line. Continuing to invest in R&D, our modeling shows that we will continue to invest not just once Mistral is there, to keep that product innovation going such that we can reduce cost and increase performance, just keep our OpEx down such that we deliver a sensible net margin across the business, and therefore profitability and net cash generation. It is essential that we are in a position where as soon as possible, we can start paying our own way and not relying on shareholders for further funds. That is a key point that all of the board, across the executive and non-executives, are focused on. When you look at that margin improvement, it comes from a number of different positions. As we talked about, it comes from delivering and driving the cost of the products down through design and innovation. It also comes from furthering supply chain efficiencies. You don't just reduce costs from a volume perspective from making things a bit better, you also understand how a product is made, and therefore you can do that more efficiently and also you can put greater volume through the supply chain. You can have more than one supplier and then use that position to be able to get a sensible pricing from those suppliers. That's why scale really helps. The third bullet point, Matt talked about this earlier on the license and royalty model. That is a potentially very significant and interesting enhancement to royalties. If you look at the Everdura deal, which we signed at the beginning of this year, we will continue to manufacture the stacks and we will transfer the stacks to them as a nil profit, nil loss basis, so at cost. What we get back from that is that when they make a sale, we will get a very healthy margin as a percentage of their sales as they receive cash. We haven't disclosed what that is, but it is certainly north of 10% margin. That is a very exciting place to be. What that means is that that effectively flows through entirely to the gross margin line, so enhancing margins. Also frankly through quite significantly to the net line as well. Therefore that will really enhance our gross margins and net margins. Everdura is one of those types of deals, we're actively looking at seeing which other ones we can pull together as well. In terms of capital deployment, that is a picture that was taken. I was in Motherwell last week at the time of the International Flow Battery Forum. That is a very significant facility. Hopefully, I've captured the scale of that. That is our facility. Hopefully, you've all seen the announcement about the capital markets event, which we are hosting in Motherwell towards the end of this month. You're all cordially invited to that, I would be delighted to meet as many of you in person as possible. You won't just be seeing this facility, but also the Bathgate facility as well. This is a 26,000 square foot facility, which will enable us to significantly increase our throughput of final assembly of both VS3 and Mistral units. I think I managed to capture the crane at the top there. That is a crane that is capable of lifting, I think it is 30 metric tons, may even be 35 metric tons, but 25 is what it needs to do. There are two low loaders in the country capable of taking a box of that size off a lorry, and moving that around a factory. That is about GBP 1,000 and a half a day. As I say, there are two in the country, and they do not like you taking it for longer than a couple of days at a time. That is what we have to rely on at the moment in Bathgate. With this crane, we do not have to do that at all. We can put as many boxes through as we possibly can do. We have signed the lease for that, and we are busy fitting that out as judiciously as possible, i.e. not spending any more than we need to on that. Delighted for you to come and have a look. What that does do is free up some space in Bathgate, that will enable us to put in a semi-automated, another stack line, but this time a semi-automated stack line, which is about 200 MWh of stack production. Bathgate becomes a center of excellence for producing stacks, also R&D and some of the other activities. Motherwell is where the real heavy lifting takes place. The second bullet point there talks about the investment into long-duration storage projects in the U.K. In the fundraising recently, part of the monies which were invested by UK Infrastructure Bank are targeted to do just that. The U.K. has one of the most complicated revenue stacks across the world that we have seen. What that means is when an investment committee is looking at a project and trying to get to a position where it can sign off an investment case, it becomes harder and harder to get empirical evidence for new types of revenue streams that are coming out. What this money will enable us to do is to help shift some of those returns around to give some confidence to those investment committees to sign off those decisions. That will enable us to get, we think, 2-3 Mistral projects, as well as the largest projects onto the grid. I am sure we will talk about in a little bit further in detail about the cap and floor regime, which is being proposed. At the moment, there is outside of pumped hydro, there is one long-duration storage asset really on the grid at the moment. That is our current Energy Superhub Oxford, where we will be in a position to have three or four more of those. We will also have the trading data for that. At the moment, we can see our assets are performing very well operationally, but it is very difficult for us to back calculate that to find out how well they are doing financially. As part owners of the business, we will have that access to that data, and we think that will be an extraordinarily helpful tool in sitting down with other investment committees and developers, and getting them comfortable with the economics of a project. As I say, this really is about economics. It's not really about performance and technology. That's done. It's about the economics. Us having this extra tool in the U.K. we think will be very helpful. Finally, that capital appointment will support the final development of Mistral and its launch. Larry, over to you. The title of this slide, Building a Sustainable Business, really has three parts to it. One is: what is a sustainable business? It's a company with a compelling product that has a market, where that market is willing to pay enough for it that we can make enough profit to wash our own face, as we say, to pay our wages, to pay our expenses. That's the sustainable business, is one that is doing those things and growing and meeting more and more of the market opportunity. There's also the development phase business that we have been in. Development phase, we've been spending shareholder money to develop a market, a product suite, the capability to deliver that suite, the organization around all those things. We have worked very hard on that. The third part is the transition from one to the other. Generally, that's full of risk. Because moving from one product that may not be profitable or particularly profitable, like our VS3, to a new product, always has the risk that customers only want the new one. There's risks involved in terms of scaling up and then having delays somewhere that cause the expenditures to be wasted or just utilizing capital inappropriately. We're always very conscious of the fact that everything we're doing is using our shareholder capital to build this sustainable business. I'm proud of the transition we are going through. We are doing our very best to manage it. We're not perfect. We've made some mistakes. We've learned from those mistakes, but what we have not done is make the fatal mistakes that we have seen in other industries and other businesses, in other businesses in energy storage. We are in the middle of the transition from development phase to sustainable, your support in doing that, and the recent fundraising that we were able to accomplish in support of that is critical to our future. We have a number of very good questions. I think we will get to that and end the formal part of the presentation here, and I'll turn it back over to our moderator. Perfect. Larry, Matt, Jonathan, 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. While the company take a few moments to read the 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, both pre-submitted and throughout today's live presentation. Larry, if I could just hand back to you just to read out those questions where appropriate to do so, I'll pick up from you at the end. Absolutely. I'm going to take us through these questions very quickly. I'll direct them to Jonathan and Matt as appropriate. We're going to answer them in a fairly short manner so that we can get through as many as possible. Key question is when do you expect Mistral to launch? That is the key question. That's absolutely right. We have been saying this year, we're standing by that. It's a big project. It has to be right. You make a mistake. At Energy Superhub Oxford, we had 160 flow battery modules, and we had some teething problems, as we would say. We fixed them all, but we had to do a few things across all those modules. Didn't have to do them again because we learned. In Mistral, the scale is larger, the opportunity and challenge is larger, and therefore, we have to get it right. I still say this year, we're standing by this year. The next question, are any projects that involve Gamesa included in the Invinity project pipeline? If so, what percentage are we talking about? Matt? Yeah. Look, the answer is all of them. Because Gamesa is not only our partner in this program, but they're also a supplier of some of the key components into Mistral. Now, I suspect what you're asking is, are there projects that are sold by Gamesa in that project pipeline? The answer is no. All of the projects in that pipeline as at today, though they include some of the power management components from Gamesa, though many of them include the inverters that Gamesa is manufacturing, none of them at this stage are deals that are sold by Gamesa directly. The next question, when can we expect news on the expansion of U.S. manufacturing, and is the company U.S. Vanadium still involved? The answer there is we are very conscious of the fact that our DOE projects require a degree of U.S. content. We intend to meet that content requirements, and we're working closely with the purchasers of the DOE-funded Mistral deals to make sure that we meet those requirements and meet their timing. It's still something that we're not ready to announce yet, but we're making progress. There's been a substantial lull in contract announcements. When can investors expect that to start to change? Matt? Look, the one thing I would say is that one of the significant hurdles that we had in closing deals up until The last couple of weeks, it was around our capitalization. Our customers were looking at the kind of multi-million or even tens of million GBP worth of deals that they were trying to get done with us and were very nervous about our financial position. That has changed significantly. That was a big reason why we were able to get the 4 MWh deal with Rincon contracted and announced just a few days ago. We think that that momentum is going to carry forward now that we are operating from that much more stable financial position. We had the question, what do you mean by before allocation of facility costs when talking about the margin on battery sales? Jonathan? Yes. If I can answer that simply, I think what I mean by that is at the end of the project have we added to the cash balance or have we deducted from it? I.e. is this incremental from a balance sheet perspective? By that, we could get into a detailed discussion of absorbed, unabsorbed overheads. What I've included in there is all direct labor, all direct costs. What I haven't done is done a sort of an allocation of facility costs based on sort of average number of units across that, as those are obviously fixed costs and would be there in any case. Vanadium flow batteries have major advantages over lithium-ion batteries for LDES, will they ever be able to compete on price? Matt, how would you answer that? I'm sure all three of you could have an opinion. Look, I will answer the question explicitly, then I'll ask and answer the question that I think is actually underlying the question. Will we compete on price? Probably not, right? Lithium-ion batteries are becoming very, very inexpensive. With that said, we don't compete on price, we don't intend to. What we intend to compete on is the cost of energy out of the system over its lifetime. Right? There are various forms of calculating that, whether it's the levelized cost of storage or whether it's the total cost of ownership, or whether it's simply the cost of delivering a megawatt hour out of our batteries. We are today significantly less expensive than lithium on a per megawatt hour of energy delivered. That's the metric that as all energy industries mature, solar was the most recent example of this, batteries will end up being the same way. It's that cost of actually generating power that ultimately is going to drive our success. Like I say, we are today ahead of lithium in that regard. The reason that we've been so successful, for example, in advancing the case for our technology with the U.S. Department of Energy and with DESNZ in the U.K. is because they see us as the most clear line of sight towards the kind of costs of delivered energy that they know that the electric grid is going to need 5-10 years out. Because of that, even though the absolute capital cost of our product may be somewhat higher than lithium in the long run, because of the cost of delivery is so low, we are going to be very, very competitive and significantly out-compete lithium in the areas that we're targeting. The capital market event is to be held on the 23rd of July, as Jonathan mentioned. To paraphrase, I had mentioned that we're very focused on shipping Mistral. The real question is, are we going to be talking about it? Are we disclosing it at the capital markets event? Short answer is no. I've said this year, I mean this year, and that includes first customer ship, that includes quite a bit of additional information. That said, we're likely to show a little bit more about Mistral than we have shown in public before, just to keep you abreast of the progress that we're making. With strategic investment placing success, listening to a VSA podcast, will there be more announcements on partnerships in the coming months? We have partnerships on different levels as Matt referred to. Matt, what would you say about that? Sorry, Larry, you'll have to repeat the question. Just are there more partnerships coming along that we're going to be talking about that we can mention now, I guess is the real question. No. We won't mention them until our partners are happy for us to go and announce those publicly. I would say that if you look around the world, there are some very exciting regions for energy storage where we do not yet have announced partnerships. The Middle East would be one of them. Some of the largest renewable energy projects in the world are being built in that region, we have some very active industry discussions there. It's not a region where we would want to enter ourselves, it is a region that has tremendously capable partners and tremendously capable organizations that could take our product and really make it a meaningful part of the energy mix in that part of the world. Will Mistral launch come with Gamesa-related projects attached? Matt, do you want to answer that? I don't think we can talk about projects. Yeah. We've already announced Mistral projects on our side that Invinity will deliver. I would be answering on Siemens Gamesa's behalf if I was to answer whether their projects will also come along with that announcement. I think the intent between the companies is that that announcement is an open authorization to sell. Right? That's the day that the products will be going live on our websites, that we'll be talking completely openly about how they're going to be delivered, when they're going to be delivered, and how. Will there be explicit projects announced alongside that? Possibly, but I don't think it's a definitive condition. Jonathan, I'm going to sort of throw this one to you. I'm giving you advanced warning, but Matt can jump in, too. Between the two of you, what are the main drivers for U.K. projects now? Is it first the cap and floor policy conclusion, or is the recapitalization already enough to drive contracts wins? Is the U.K. government consultation period on the cap and floor mechanism being held up by the general election in the U.K.? I'm not quite sure about the answer to that last one, because you don't tend to get too much of a steer from government during that period of time. We've had no indications to suggest that it is, and actually, we are still having almost daily calls behind the scene with DESNZ in various guises. Our experience is no. Whether higher up the echelons it is, I don't know, but there's absolutely no visibility from our perspective that it is. The main drivers for U.K. projects, it certainly was our capital position, that has unlocked a lot of discussions. Also cap and floor. I was there at an energy summit in London just as cap and floor had been announced, and our stand was inundated with developers, utilities, financiers wanting to come and talk to us. Very much, a 50 MW 6-hour system is a 300 MWh system. Without giving any pricing away, that is probably north of GBP 100 million-GBP 120 million of revenue from one single project to us. Those are enormous opportunities. The regime is focused very much on seemingly exactly the technology we have. Could you say that again? That's Apple listening to my comment. Matt, I maybe hand over to you. Sure. Look, the only thing I would add is that while yes, one of the near-term drivers for U.K. projects is some of those sort of near-term regulatory developments like cap and floor. Without giving away too much, when we look at the companies with whom we are in the advanced stages of commercial discussions, the majority of them, or a lot of them, are global players. Right? We just announced our second deal with EDF Renewables. They're the ones who are executing the project at Rincon in California. They're the parent of Pivot Power, with whom we did the Energy Superhub Oxford project. Organizations like theirs, I'm not talking about them specifically, obviously, but organizations like theirs are starting to see that there is a global need for non-lithium, long-duration storage for electric grids worldwide. Cap and floor might be the thing that will get those projects done in the U.K. in the sort of next 3 to 4 years, it's the global perspective around needing to understand these projects at a GWh scale and then being able to deploy those projects all over the world that those kinds of organizations are very much focused on. We think that it makes great sense to have some of those pioneering projects located in the U.K. and are looking forward to engaging and building some of those. Nigel asked a number of questions, some of them would take a long time to answer, we're going to have to do a little bit of a lightning round here on this. What remains to be done before Mistral is launched, how long will that take? Still saying end of year. There are risks attached. We have to get it right. It has to be right. That means it has to be proven to perform well under a series of escalating stages. The product is designed. Now it's a matter of really pushing hard on it in simulation of what the customer will see so that we can find any areas of weakness and address them. We're already building Mistral at pilot level, and it's working. Now it's a question of what does that mean for the customer? We have to deliver something that is as proven as we know how to make it, that's going to take through the end of the year. There are risks that it could move beyond that, but I'm not aware of anything that will cause it to be delayed beyond the end of the year. The capacity for Mistral, the great thing is we can bring together a global supply chain to build Mistral. We're not having to build gigafactories. That's terrific. The time to build a Mistral, the final assembly is relatively fast. The supply chains, some of them are long lead time items. We have real expertise in this area that people, I don't think, fully appreciate what expertise it takes so that when we deliver a fully factory-tested product to the customer, it's working, it's ready, it's been tested. Many things have had to come together to do that. Already with our VS3 product, we're doing that. It's essentially the same technology scaled up for Mistral. I remain quite confident we are going to be able to do that. Round trip efficiency is going to be in the 70s. Not saying more than that, but we're making progress in the electrochemical sense as well. Then there's the labor government question. I'm very optimistic about our U.K. prospects, which is good because every once in a while I get a little discouraged by what goes on in the U.S., and back and forth. We are optimistic in general about the need for us in front of us at this point. Larry, can I jump in? We've got about nine minutes left, and there's a number of questions here that I think can be kind of swept up in one envelope. There's a lot of questions around competition from other emerging battery technologies. Steven asked about Ambri. There's another question coming about some of the other vanadium flow players. Look, the thing that I would remind everyone of, and that we remind ourselves constantly, is that the number 1 characteristic for success with our commercial projects and the projects that we're chasing is being able to point to existing examples and recent examples of successful deals that we have delivered and customers who are actually making money with our products. Very few of those other players can point to that right now. I often joke that everyone's done the high school science experiment where you put a nickel and a penny into an orange, and you get electricity out of it. There are a lot of energy storage technologies that are very much the development stage that have not crossed the gap to being able to be profitable and deployed in the field. We have overcome that barrier. Our customers are making money today, and that's what's giving us the platform for growth, the platform for wider acceptance of our technologies. That is not true of a lot of the other new entrants. That's not true of a lot of the other vanadium battery companies at this stage. While we are always aware of and watching developments across the industry, we remain very confident that in terms of delivering on our customers' needs, delivering profitable projects, we remain well ahead inside this category. There are a number of questions about vanadium. I'm going to wrap them all up into a lot of vanadium in the world. We are projected to be one of the biggest, probably after certain internal to China batteries, we're the biggest consumer of vanadium electrolyte, and we have supply chain that we're working on with many different-- Actually, I was talking with our head of operations, 10 different paths right now for getting the electrolyte we need, including working with U.S. Vanadium and others for domestic U.S. production. For all of those reasons, we are confident that vanadium will be available and hit the price that we need over time, and we're working there. I want to turn it back to Jonathan on the Labor government side. Jonathan, what would you say? Well, there's quite a number of questions coming in on the basis of assuming that a Labor government is the one that's announced on Friday. Without betting on the polls, I have to say that is looking remarkably likely at the moment. We have engaged with both the Conservatives and the Labor parties over the last six to 12 months, if not before. We've obviously been very grateful to the incumbent administration for the support that's been received. We spoke with, I think it was Alan Whitehead back in January, who is the Shadow Minister for Energy Security, about where they stood on long-duration energy storage, and we were very pleased to hear his response. He knew an awful lot about the sector, and he pointed us towards GB Energy. If you look at what the themes for GB Energy are, they very much are focused on energy security, not being reliant on, as they say, dictators. That does include China. Lithium from China is very much out. Also being in control of our own destiny, and that's not being lithium. He was very positive, and suggested that there could be a lot more support for businesses such as ours in our space. Reassuringly, he also knew an awful lot about us already. We came away from that conversation, should we say, not concerned with a change in government and there's certainly some opportunities there, but that's without making any sort of assessment as to how we hope it goes tomorrow. All makes sense. There were so many questions, and they are all interesting, and we would love to answer them. One of them, that's adjacent to what Matt said, but it has to do with liquid air and a major investment that UK Infrastructure Bank put into liquid air, but also has to do with the larger issue that as markets mature, as the long-duration energy storage market matures, it will tend to segment. What that segmentation means is there's a place for batteries that are used occasionally. There's a place for batteries that have a relatively small amount of energy compared to their power. There's a place for batteries that have an enormous amount of energy compared to their power. Then there's the question is, well, where does Invinity fit into that? We're fortunate in that we've addressed the highest value portion of that, which is the major throughput, the heavy use, heavy cycling. We cost more, as we've talked about, than lithium batteries, and then we also cost less than lithium batteries if you look at the use over the lifetime and the energy going through it. It only costs less if you're really using the battery hard, and our batteries are designed for that. Form Energy is an iron-air battery, hundreds of hours of discharge. Fantastic. When there is an interval between renewable energy, that's when a battery like that is required. Not at all appropriate. They only can go through 13 cycles a year before violating the warranty. Not competition in the slightest. In fact, exactly the opposite. We need that kind of battery system or the liquid air system to support the other use cases that we don't address, and that the ones we do address, daily heavy-duty use. That's the one thing I'd say. Another thing is that another series of questions have come up, and I'm going to throw it to Jonathan on that. There's been a gap, Jonathan, between our perception of the opportunity and value and the stock price. We are all hyper-conscious of that. We're conscious of the fact that all three of us have substantial portions of our net worth invested in Invinity, and that is true. I've had direct cash outlays into Invinity, and into Avalon Battery before that represent a lot for us. For all of those reasons, we're hyper-aware of the stock price. Do you have any answers on why there is that gap between where the value to the market is and where we believe we should be? I mean, Larry, thank you. In a couple of minutes, it's something you could talk about for hours. I mean, at its core fundamental, it's supply and demand, and it's liquidity. At the moment, across the small cap market, there is very low liquidity and therefore, if you get to a position where there are a few number of sellers, the market makers just won't take a position or move the stock down. We are conscious that a rising share price is important to all. It gives our shareholders a warmer feeling that everything's heading in the right direction. Our staff are all shareholders, they're all option holders, and we want them to feel that they are incentivized to stay with Invinity and see the growth in the business. It helps our customers to see a rising share price as well. If you look at the timeline of developments of Invinity over the last 17 months that was earlier, a lot has been achieved. I think we got into a position on the funding side where it took longer than we'd hoped to get the fundraising with the UKIB cornerstone and announced. That was a fantastic transaction. I think the open offer period and the three weeks thereafter, it probably sort of took out any of the additional buying interest, and we're in a position now where we need to try and sort of build things going forward. Yeah, it is supply and demand in a thin market and it's really frustrating, but I think we're cognizant of it, but need to, from a day-to-day basis, not get too worried about that. Otherwise, we'll spend our time worrying about share prices and not growing the business. Fundamentally, I do believe the two come back together at some point in the future. I'm afraid that's all the time that we have to answer questions. There's so many that I wish we could because I think we do have good answers for them. Grateful to everyone for their engagement and participation in this session today. We will be publishing some answers to the questions. Not sure exactly the mechanism for that, but we'll let you know. Perfect. Larry, Matt, Jonathan, thank you very much for updating investors today. Could I please ask investors not to close the session as you'll now be automatically redirected to provide your feedback in order 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