Good afternoon and welcome to the Invinity Energy Systems PLC full year results investor presentation. Throughout the quarter presentation, investors will be in listen only mode. Questions are encouraged and they can be submitted at any time by 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, but the company can review all the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to CEO, Jonathan Marren. Good afternoon to you, sir. Many thanks, and good afternoon, everybody. Welcome to the 2024 results presentation. You'll see this is dated May 2025. I think we did say when we were here about a year ago that we would look to bring forward our results from the end of June. Delighted that we've managed to do that. We hit May, albeit just by one day, but significant improvement. My thanks to Adam, Stephanie, and the rest of the team for achieving that, and we'll look to continue at that in the future. I'm conscious it's only a couple of months since the last trading update, and obviously today, understandably, today's session is anchored around those results. I'm going to hand over to Adam in a moment to go through the numbers. There's understandably some questions on where we sit from a cash position, walking through working capital, particularly in relation to LODES. I'll ask Adam to make sure we address that head on. Before I do that, just a bit of a context on where we are and maybe where I see things. Firstly, just taking stock of where we were from a year ago, I think that's always useful. We'd obviously just had a successful fundraising, raising GBP 54 million net. We were working very hard to get ENDURIUM, well then it was Mistral, launched. I'm saying that was the critical product we needed to advance ourselves commercially. We were saying there were strong signals in the market, but we were still waiting for those to develop. We were confident they were coming. Roll forward, what is now 11 months, we've launched ENDURIUM, and that is absolutely critical for us. We've shipped that first product. We've shipped it to Gamesa, and really pleasingly, we have got a delighted partner, in Gamesa Electric. They were delighted with the product itself and its characteristics, how it's performing. They were delighted with how we had commissioned that project, and that really does take the learnings we have from having delivered so many VS3s into the market. We are seeing that there is now evidence in abundance that the market for batteries is there. Secondly, looking at sort of the context of what we're about to go through, what I'm seeing, what we are seeing now is that it's undeniable that batteries really are coming of age. We've been saying for a long time that if you're going to get energy security, resilience, you think what happened in Spain recently, reduced reliance on natural gas, and critically reduced prices to consumers, that's going to be achieved by increasing penetration of renewables onto the grid. With that, you also get the benefits of net zero, which is very important to us as an organization as well. That is only achievable with battery storage, and that is both on the short and long-term perspective, and that is becoming increasingly clear really on a day-by-day basis. I was recently at Intersolar, which is an exhibition in Munich, seeing our partner, Siemens Gamesa. There was such an enormous amount of space set aside for batteries. There were so many companies there and interest across the sector, it really is staggering to see the amount of both buyers and manufacturers focusing on this area with all the ancillary services that go around this. This is becoming a very, very big industry. Matt is going to talk to you in a few moments' time about the government support programs we're seeing. The obvious one for that is the Cap and Floor regime, and that first application window excitingly is closing today. From a PR perspective, I think it was just 10 days ago, we were lucky enough to have a clip on ITV News, which was really good to see that out in the mainstream media. Michael Shanks, the energy minister, had come up to see us with the chief architect for the Cap and Floor from DESNZ. At the same time, we had a thought leadership piece in one of the Scottish national newspapers on zero pricing. That was all in one day. This is the sort of PR which we might have expected once every six months if we were lucky in years gone past, and that was all came together. I think that just shows you that the way the industry and the importance of batteries is really coming to the fore. Now, a little bit on vanadium flow batteries. It's not a new technology. First launched, first found in 40 years ago, 1986. What has, though, changed demonstrably, and I'm really reassured that really in the last 12 months, is there's an acceptance that technology really does work, that it's appropriate, and there's a space for it. That first bullet point, top left-hand corner, I think is one of the reasons for that. We are able to say to our customers we've dispatched broadly more than five and a half gigawatt hours of power from our VS3 batteries. That is a calling card and time and time again, I have a conversation with some potential customers. You sort of say, "Oh, where are VFBs?" You say that, you're like, "Oh, okay. What does that mean?" That means, as we said, one of the key questions I think with that is, if that is the case, why are we not selling gigawatt hours of batteries now? I think there is a very good answer to that, and I'm really pleased with what that answer is because it's not do VFBs make sense? Do they work? It's where are we from a cost and cost of production perspective. The reason that's important is that I'm firmly of the opinion that is within our control. We're going to come onto the slide in a minute about how we are taking cost out of that. What we do know is that when we are quoting on the larger projects such as for Cap and Floor and elsewhere, that we are cost competitive. We have a roadmap to take where we are with ENDURIUM, that platform will take the cost out, and we are quoting, and we are competitive, and we know we are winning business in that. The Frontier Power announcement we put out is really proof of that. Look, lithium is our big competitor. I think the markets and those who are looking at long-duration think that there is plenty of room for all the long-duration storage businesses that have got to this stage to find a place for themselves. The real competitor is lithium. There's been lots of conversations about that. The price has dropped for lithium over the last 12 months. We anticipate it dropping further, we are forecasting it dropping further. When I say we're competitive, it's against the forecast that it will drop further. We are alive to that. There are plenty of places, though, where much of the lithium cannot compete. We're seeing tenders in New York. We're seeing a rhetoric from places such as India, where they do not want Chinese product coming onto their grid. Whether you're right or wrong, that does create extra opportunities for us. Don't lose sight, CATL, probably our biggest competitor, they have 20,000 people in R&D. They recently raised almost $5 billion, a huge market cap, they measure the number of patents they register, almost in the double digits on a per day basis. If you look across the sort of the LDES space, what we are seeing is that the number of competitors there is beginning to thin out to those that are looking at being successful. Eos, we've got huge respect for Eos. I'm sure all of you have looked at Eos. They've got a revenue not too dissimilar to us, 10 million or so in the first quarter, a bit more than us, but where we've been before. They are approaching that cost perspective by selling at a significant gross loss. We are not prepared to do that. We don't have the balance sheet to do that, I'm sure, shareholders, you wouldn't want us to do that. That does mean it is harder to compete in the shorter term. Their OpEx space, probably about four times where we are. Again, that creates challenges, we're still able to deliver on the R&D front. Their market cap is just shy of a GBP 1 billion when I looked earlier today. I think when you look at the size of CATL and Eos as our two big competitors, we have a product that competes. I am firmly of the belief that whilst it's stiff competition and we must be aware of that, there is clearly value we can create as a business when we get that right. Maybe just before I finish and hand over to Adam, I'll finish on three things. That cost reduction, I've talked about why it's important. That 24% is how we have taken the cost out of ENDURIUM since that first launch. That is really to date. It was a platform where we knew we could continue to take cost out, and hopefully we have shown a little bit of visibility as to how we are trending against where we first thought. The opportunities are so large. Matt's going to talk about what that means. Those are transformational deals that could, and we hope will come through to us. It does mean that sales cycle is slightly longer, potentially. But the transformational effect of those coming through is really interesting. The third point on strategy. I think about a short, medium, and long-term strategy. Focus on that medium-term to start with. Our strategy is to get to the position where there are significant volumes of transactions coming through from the programs that we are seeing today. First and foremost, the Cap and Floor program, again, Matt's going to come onto that. That enables us to have volume at the right price, which really does enable us to continue to drive that cost out. In the longer term, I see us being cost competitive against the competition in areas where a vanadium flow battery makes sense from a use perspective, where we can compete without additional support from a program specifically focusing on long-duration storage. That is important because we need to know we can compete in our own right, and that is what we are challenging ourselves to do, and I believe we can do. When I look at the short to medium term, we are approaching that absolutely through partners, and we have an existing partner with Everdura, but we continue to look at partners elsewhere in the world to approach some of those opportunities. Again, we are quite excited by some of those conversations we are having and hopefully more to come in due course on that front. We have got very good visibility on that pipeline in the shorter term. We are focusing on getting through a lower number of profitable deals. That is our strategy. They have to be sold at positive product gross margin. We are all frustrated they do not come through as quickly as we would like. But I am absolutely reassured by the number and volume that are in there and the traction that is there, that they will come through. We have got the experience from VS3. It was exactly the same. It was really frustrating seeing those come through. Then they did in the end. There was a much smaller pipeline of deals on those VS3s than we are currently seeing on ENDURIUM. That is why I have faith, and it is very hard looking at one individual one and saying, "Yes, we will definitely do that one" but if you look across the volume and depth of those conversations and what customers are telling us, I really do have confidence that they are going to come through. That really, I guess, focuses on that middle bullet point, increased deal size. That is just a hint as to where those average deals are going. I would anticipate, I would expect in years to come that that number would increase significantly. Hopefully that set the context for what we are all going to talk about now. Adam, if I may, I'll hand over to you. Good afternoon, everyone. I am going to lead you through two slides here. First of all, on our financial results and the P&L and a bit of a deep dive into what has been happening there through 2024, then a little more detail on our cash position and working capital, addressing some of the good questions that have been raised. First and foremost thing, we have to acknowledge 2024 as a transition year from VS3 to ENDURIUM. Revenues were down three-quarters year-on-year. Bear in mind that those are essentially VS3s that have been contracted and sold through 2022, 2023. You can see how that is playing out here in the margin position. Crucially, the first revenues there were recognized from La Plana with our partner Gamesa in Spain. It is around about a 12-month sell cycle for ENDURIUM and VS3, we are all of a sudden seeing some of those first orders come through. The gross loss increased from GBP 3.3 million to GBP 3.5 million. Around about GBP 3 million of that comprises the warranty costs and provisions, then GBP 1 million from the overheads from the new Motherwell facility. Those warranty costs you are seeing flow through relate to known issues on the S4 stack and the DC-DCs. The S4 stack has since been superseded by the S5, and those DC-DCs are being swapped out by the supplier. Those have been remedied and worked through. The gross margin loss improved year-on-year from -20% to -8%. Again, those are VS3s, but only contracts in 2022, 2023. Then looking elsewhere across the P&L, we are seeing costs control while growing operations. That 7% year-on-year increase in OpEx is predominantly driven by increase in R&D investment for ENDURIUM, whereas we are seeing some inflation increases in both our staff costs and our other admin costs in order to pursue our objectives of cost saving measures. Putting that together is 20% year-on-year improvement in the EBITDA loss after adjusting for R&D, those non-cash items we talked to, and one-off expenses, including our big domiciliation this year from Jersey to the U.K. If you say a couple of comments that have been raised on the financials since they have been released, I think there is a couple of points that have not necessarily been picked up on which are worth emphasizing here. Specifically, the GBP 3 million in short-term deposits versus now in other current assets, that has since matured, and so GBP 35 million total cash position. Secondly, LODES inventory. One of the reasons that LODES was so important for us was that buildup of inventory towards the end of last year, therefore the push to get that closed out in the first quarter of this year. Finally, the LODES ring-fencing. We will spend all of those ring-fence monies on LODES plus the CapEx for the commissioning of our Bathgate line, which will shortly take place. We do expect to then recover around about 50% of that through grants in order to reinvest back in the business. Walking through those numbers, we finished year 2024 at GBP 35 million of cash, including the short-term deposits. Around about GBP 5 million of that is ring-fenced to still to be spent on LODES. We have around about GBP 20 million of net OpEx after R&D income and GBP 3 million of CapEx. A portion of that is also discretionary. We expect to realize some gross margin through the year as well. That takes us to the cash position you're seeing forecast by the analysts across the range of GBP 8 million-GBP 13 million at the end of the year. We're delighted that BDO, after some thorough work through our financials and our going concern, and also the downside scenario, given that the business is clean for the path through to the 30th of June, and the going concern statement that you see in these financials. With that, I'm going to pass across to Jonathan to take us through our cost down. Thank you, Adam. I think in my context, I highlighted why this is so important, and hopefully this will give you a bit of a steer on really two places. First thing to point out is that we said that when we launched ENDURIUM, that we wanted to be out the box 30% lower than VS3. From the prices that we've been quoting on the deals we've announced already on ENDURIUM, we are there. That is very pleasing. The other thing we only pointed out when I took over as the role of chief exec in September was that we needed to head down that cost curve very quickly from the first units that we were shipping from the facility in Vancouver. What you see at the top there, that gray line, is where we at that point in time where we were plotting cost coming out. The firm line is what was directly within our two-year cost roadmap and then dotted to 2030 where we saw those projections taking us. That is just to give you a flavor for where we thought we were at that point in time with work to be done based on known projects within the cost roadmap. We have managed to achieve and what I've tried to show you here is that we are doing better than we first thought last August. Last August, we said we had work to do, and we are doing that work. We're doing better. That red line is where we are now forecasting where we are. That is a greater drop off. You'll see that that cost when you come out to 2030, we think will have taken 70% out of the cost from that first launch. When I talk about how we have confidence that we can compete against other technologies, both on the LODES front and on the lithium front, it's because we've got that level of confidence to be able to give you this information because we've got the work there. This is the known knowns, if I can call them that. I have challenged the team that we need to think outside of the box and try and do better because one of the things which Gamesa Electric tell us is that if you'd asked them to predict where they thought the costs were coming out of their turbine business for interest, they managed to do significantly better than they first thought. We will not rest on our laurels and say achieving this is a significant achievement. The competition will undoubtedly continue to innovate, and we will do the same. That shows when you look at the pricing there, that pricing that we are quoting there for 2028, 2029 is competitive with where we know the competition is quoting for Cap and Floor. How are we doing that? It certainly comes with additional volume. Volume is very important. The reason that we have a commoditized and modular product is so that we can do, as on a repetitive basis, take cost out of that. There is still a lot of value engineering to do and to be done. Part of that comes with developing the supply chain further as well and working with them, but also just how we put the product together. We launched our semi-automated stack line. We're about to launch, I should be clear, our semi-automated stack line up in Bathgate. I was up there twice recently, and it's a very impressive setup, and replicable as well. We can significantly increase our capacity with not too much of a lead time and not too much CapEx. That takes cost out and improves quality. Hugely important there. Then finally, the other way that we have managed to do that, and I'll hand over to Matt in a minute who can probably give you a bit more clarity on that, is, as I say, we are really pleased with how that first system at La Plana is going. We are, from that, able to increase the operating parameters and ultimately cost per kilowatt as a function of the numerator and the denominator. If we can increase that denominator, that ultimately, i.e. you get more from the system, one of the ways of taking cost out earlier and faster than you thought. Matt, I'll hand over to you if I may. Thanks, Jonathan, and thank you all for being with us this afternoon. Look, we've been thrilled with the performance of our product at La Plana, which is the first version of ENDURIUM or the first site where ENDURIUM has been installed. Not only have we been thrilled, but the most exciting thing from our perspective is the degree to which our customers have been very happy with this. You'll recall that this first delivery was to our partners at Gamesa Electric. They were enormously encouraged by three things. The commissioning time, within which we were able to get the system up and running. They were expecting it would take six to eight weeks, and it was operational in two. The degree to which we've exceeded the performance specifications within the product, the degree to which the performance of the product has indeed been as steady, if not steadier, than everything that we've experienced in the field to date. This graph you see on the top left-hand side is eight days worth of constant charge and discharge cycling over the full depth of discharge range, and we are indeed proving that this product has that same rock solid stability that our previous generations did. Jonathan talked on the previous page about how this ties into cost reduction. I think I would put it slightly differently. I would say, when we look at that product optimization bullet, really what we're trying to do is to do more with less, that's what we've proven we can do here. We have exceeded the specifications for this product, we can deliver better than the performance we expected, and therefore we can deliver at lower cost for the same capabilities delivered on site. As our partners at Gamesa are, as many of you may be aware, they are looking towards a potential acquisition of their business by ABB. ABB is very active with what they call their Battery-as-a-Service model. That's an opportunity for large commercial and industrial customers to take advantage of storage on their facilities. Especially where we have proven we have a battery that can be installed effectively, that performs reliably, and that doesn't have some of the degradation and fire risk that the competition has. We think we're going to have some really interesting discussions about how we could dovetail with similar business models to that in the future. Looking beyond that one project, of course, we're keen to see what is coming up. Really over the next three years, we've got a slightly different evolving view over time. In terms of the projects that we will be delivering in 2025, we have substantially all of our projected revenue for this year covered, with four major projects, with Everdura, STS, LODES, and HITT. Those projects are all being manufactured as we speak and are on track for delivery. When we look forward to 2026, we've got a number of very large-scale projects that are in negotiation, some of which we've publicly disclosed already, some of which remain confidential. In the U.S., we've talked about the DOE long-duration energy storage programs, where those projects remain in development. I'm sure many of you are aware that anything going on with renewables or new energy technologies in the U.S., and especially related to the DOE, have seen some not insignificant hiccups over the last few months. We are encouraged by the fact that the programs with which we are engaged are still progressing, are still going through their contractual negotiation, and we still expect to close and deliver within 2026. We are also seeing new solicitations from the California Energy Commission, and we've been successful in delivering those projects in the past. The CEC remains very encouraged by the progress that we've been able to make. They are pushing us as one of a small number of selected and encouraged technologies to go forward to their much larger long-duration storage solicitations from 2026 and ultimately beyond. Beyond that, we've got an active book of business evolving in Europe and the U.K., Asia, with our partners in Taiwan and Korea, and also, of course, in Australia, especially given Australia's interest in vanadium batteries because there is so much vanadium in the country. When you ask 2027, really what we see in 2027, and beyond around the world, is a shift from some of these earlier, long-duration storage deployments to large-scale programmatic procurement schemes that are supporting classes of technology like ours, especially high throughput and long duration proposals. Especially, what we're very encouraged by is the degree to which those schemes include carve-outs for non-lithium storage. You all will be very familiar with the Cap and Floor scheme here in the U.K., where proposals were due in today, and we've been very encouraged by the amount of interest that the developer community here in the U.K. has in deploying our projects into that program. In the U.S. we see evolving programs with NYSERDA and the CEC and similar projects in Canada as well. Just to do a bit of a deeper dive into some of those larger projects around the world. As I said, the thing that is most of interest to us is the fact that all of these have some form of advantage or carve-out for non-lithium technologies. If you add up these projects around the world, the Cap and Floor project here in the U.K. is the largest one that has been announced and formally launched to date. There are tens of gigawatt hours worth of opportunity for us that we are tracking, that we are now working with some of the world's leading project developers and owner-operators to put forth solicitations for. Just to do a deep dive into two of those programs. The first one is a program in New York that's funded by NYSERDA. It's their bulk energy storage program. They're looking to deploy about 6 gigawatt hours worth of storage, sorry, 6 gigawatts, of which about 600 megawatts is carved out for non-lithium projects. They've done that in a very interesting way, where they're emphasizing non-lithium programs by giving them a longer contract for offtake, which means that they're essentially helping non-lithium technologies become part of their grid without incurring any additional cost to ratepayers. It's something that is beneficial, not only for companies like us, of course, but also beneficial for New York's electricity consumers. Similarly, in British Columbia, there has just been announced, what's called the energy storage procurement, or sorry, the energy procurement of which storage and capacity is a significant part. This is expected to add about 600 MWh worth of storage on the grid. They have significant interest, and there are stipulations in the program about how domestically produced and locally produced technologies are going to be key to those programs. Very much of interest on our side. I think the thing that's most important about the position that we are in right now, and one of the places that we see a lot of our customers, sorry, not our customers, a lot of our competitors struggling, is in the progress towards being able to credibly deliver these projects. What's been so encouraging in our business over the last few months is that we continue to get phenomenal feedback from our customers about how our products are performing, about how our company is supporting them, and about their view of how they expect to have our products as part of their future. We talked a little bit about Gamesa and the work that they've done at their project at Athona with our initial ENDURIUM battery. Even beyond that, we've had some very encouraging feedback from our partners at Elemental Energy in Alberta with their solar-coupled battery. Pardon me. The team at Everdura in Taiwan see phenomenal opportunities for our projects, and our products on that island, especially because of their hesitancy to incorporate technologies on the electric grid that have their origin in mainland China. Finally, if we look to California, of course, California has always been a standard-bearer in how to deploy more and larger net-zero technologies. Our partners at Indian Energy have been enormously encouraged by the degree to which we are able to go in and meet their needs. As we look into the next couple of years and some very large solicitations coming out from the California Energy Commission, we believe that Indian Energy will again stand beside us as a partner to get those projects done. With that, I think I'll pass it over to Jonathan to reflect on what is a very sunny outlook. Thank you, Matt. I think I covered all of these points. I think I'd like to move quite quickly on to the Q&A because I know we've got a significant number coming through. Just to reiterate, for LDES, this really is a transformational period. We're seeing this not just in the U.K. where there's obvious moves, but elsewhere as well, really across some very interesting jurisdictions. Some which are key markets for us, others which are markets where we intend to play with partners. We are very much reassured by what we are seeing, and delighted that we have ENDURIUM there as the product. If we had not managed to launch ENDURIUM at the back end of last year, when we did it, we would not have been having the conversations we are now in the Cap and Floor program and elsewhere, both from a product reliability characteristics and from a cost perspective. I've referenced partnerships. They will continue to play a very important role for us and a large part of my role is working with partners and potential partners to try and move that forward to assist in our growth. Just to finalize what Matt has said, some of those very large-scale projects relating to payment schemes are those which we are very much focusing on, and we believe that will drive significant growth out to the end of this decade. Brilliant. Okay, I think it's time to go to Q&A. I'm delighted to say we've got a lot of questions in here. Without further ado, I think suggest we get started. The first question, I think will go to you, Jonathan. There are a number of questions going in basically pointing out today's deadline on the Cap and Floor scheme deadline. With that in mind, can you elaborate on plans to scale ahead of potential demand that could arise from the Cap and Floor and some of the other schemes that Matt actually pointed out in his slides? Yep, absolutely. Today is the closing deadline. I think close of play midnight tonight for those applications. We put out an announcement about our excitement for that scheme and also our arrangement with Frontier Power, but also talking about others. Our rhetoric has not changed from that point in time. We are very much looking forward to how those flow through the system over the next period. In terms of scaling up, we have been having conversations with potential partners, potential customers, not just on Cap and Floor, but elsewhere, and what they are reassured by. When we went through the funding process last year, where we had a number of technical consultants coming up and looking at our manufacturing capabilities was that the ability to scale up was very much within our control. That semi-automated stack line, which we've launched, which was GBP 1 million worth of investment. That is capable of being replicated in relatively short order. There is space available in the central belt. There's a reason why we are based there. We're getting an awful lot of support from local government, both in the Scottish sense, and the central government area as well. We've got a good supply chain. We work in best cost regions. There's a lot, obviously, at the moment that comes from China. We are able to make sure that that sits there at the low-tech end of the process. Therefore, there's nowhere much cheaper to buy steel than China at the moment. We get some of the tanking done there. Any other parts of the supply chain, we are concerned by, we can de-risk and move elsewhere. I am confident on our ability to scale up. Yeah, that's one of the reasons why we have the level of OpEx we do. We are not just looking at the current business at the moment. We have a lot of people who are making those plans, such that we can demonstrate to customers we have the ability to scale and fulfill those orders. Thanks. I'm gonna actually just hijack quickly. There's a question here from Greg saying, in the past, Invinity has dismissed other flow battery companies, stating, "We're well ahead of them." It looks as though some zinc batteries are increasingly looking competitive. How do you feel about competing battery providers for the Cap and Floor scheme? I think there's probably a number of parts of your question, specifically at the end of it relating to the Cap and Floor scheme, also on a more wider basis. If we have been dismissive in the past, that would not be something that I've ever been comfortable of. Hopefully under my leadership, you would not hear us being dismissive if we have done that before, if I can say that. I am firm that we need to collaborate across the LDES space, whether that be with other flow battery businesses on the vanadium side, whether it might be with other chemistries. There are some great advances being made on the organic side. Whether it's actually across batteries with different chemistries such as Eos. If you look across as a parallel to what's happening in California with the California Energy Commission, they decided to support effectively 4 technologies to try and get them to the stage that each of them could have a product to be delivered at scale at the right cost. They supported Eos, they supported ESS, they supported Redflow, and they supported us. Redflow unfortunately went into administration 12 or so months ago. ESS is clearly having its issues as well, and you can see that highlighted. You'll see that's just us and Eos left. Frankly, from the LDES space, that's not good. I want more people to survive. We don't want to be the only player in the LDES space, and we need to collaborate. I'm at the International Flow Battery Forum at the end of this month. Discussion's all going to be around collaboration, and I think that's really healthy for everybody. What I would say is across that Cap and Floor space, we haven't seen many other technologies in there. You have to be at TRL8, and our assessment of where a lot of other players are, certainly outside the VFB space, is they're not at that TRL8 space. Eos obviously announced a partnership with Frontier Power alongside us. We are working with Frontier Power effectively alongside them, and we are competitive. Again, we don't want to be the only other player in that space. They've said that they will look to set up U.K. manufacturing if they're successful. Frankly, I've mentioned that to the energy minister. I've said, "Look, you need to put in place some incentives for U.K. manufacturers." I'm not just talking our own book. There's a clear signal that if you are giving some support for locally produced content, manufacturers will come, and that is going to assist us as well. We need more people in this space, and I'm just confident that we've got the technology, and we've got the roadmap to compete. Thanks. Just to clarify that TRL stands for technology readiness level, which is a sort of government standard for the maturity of your technology. There's a number of questions here, unsurprisingly, given this is a full-year results presentation around the finances and speaking about working capital and how that breaks down. Adam, I know you covered this at the top of the call. It's quite possible there's a few people that joined late. Would you mind just sort of summarizing the position on working capital just briefly? Yeah, absolutely. Thanks, Shane, for the question. First of all, we'll start off with the cash position. There's GBP 3 million sitting there in a short-term deposit in other current assets that have since matured. Our cash position at the end of the year was GBP 35 million, and GBP 5 million of that is ring-fenced for LDES. That's the GBP 20 million net of the grant and net of what you're seeing sitting there in inventory at the end of the year. We have around GBP 20 million of net OpEx after our R&D income, and then around GBP 3 million in CapEx, which is largely discretionary. We do expect to receive some gross margin on the sales through 2025. That's GBP 28 million of outflows, plus the gross margin takes us to the GBP 8 million-GBP 13 million at the end of the year, that you're seeing forecast there by the market. That cash burn is around GBP 2 million a month. We will need to manage the OpEx and CapEx position judiciously through to the 30th of June, which is what you're seeing reflected in the going concern statement there from BDO, which takes us through cash runway to 30 June. Thanks, Adam. You mentioned LDES. There's a couple of questions here on the LDES project. I think I'm conflating three questions together here from various people. If you could talk, in terms of the strategic importance of LDES. There's one question here asking why is it with VS3? There's another question asking about how does this drive future sales? Why does it represent a good use of funds? Jonathan or Matt, do you want to take this? I'll maybe answer some of that. The reason it's with VS3 is because the grant was specifically for us to deploy VS3 batteries and not ENDURIUM. I think if we tried to switch it, that grant wouldn't have been there. Number 2 is we have an inventory of VS3s, which are on the balance sheet at the end of the year. One of the reasons why we are keen to push this through is so that we can turn that inventory into cash. When we have been talking to potential competitors, really across the stakeholder base, being able to say we have our own project of this size, which is coupled to is hugely important and very helpful. It's also, frankly, really improving our understanding. We are selling batteries into a project, those batteries are an important part of it, there's many other aspects that go on that it is helping us, frankly, to understand more of the sales cycle. There's a huge number of learnings across that. Matt, anything that you wanted to add on that? No. Look, I would just reinforce, it's in big part about walking in our customers' shoes. That is from a development perspective, from a revenue perspective, from a lifetime operation perspective, and just in terms of structuring and transacting around projects like this. The more we know how it works, the better we'll be able to support our customers, there's no better way to learn how it works than by doing it ourselves. Yeah. Adam and I were at a town council meeting last week. Where they were initially concerned by the application because they were worried about the fire risk from our batteries, which is a standard response when you see a battery project. Adam and I went to them, talked them through the technology, why we were doing it, how it was looking to progress, by the end of it, they were delighted. They wanted an invitation to the opening launch, discussions with, there's various developments going on outside, is it a possibility to create a PPA potentially from that site to our battery so you can start to put an off-grid solution, reducing power to cost to the consumers to create an island solution net zero. The learnings for us and just to see how those conversations are taking place are really exciting. It is not going to be our core business. I don't want anyone to think that we're going to continue doing this elsewhere. We simply don't need to. I think when we first looked at raising money and having it deployed here, we had not anticipated capital coming through nearly as quickly, and at such scale as we do now. Therefore, I think this is a good use of the monies, I don't think we need to look to replicate that anywhere else. Thank you. I'm going to go to, there's a question here from Steven, a question here from Peter, which I'm going to sort of slightly bolt together. First is around, and Matt, I'll aim this at you, I think. Can you elaborate on what the most promising new customer segments are? They go on to list a couple of data centers, microgrids, grid resilience. Before you answer that, the second part of this question is, there was obviously a TR1 received recently from an Indian investor in the company, this question is asking, how do we look at India as a future market? If you could look at it, if you answer it first from the perspective of the customer segment, then maybe on a broader geographical segment, thinking about India in particular. Thanks. Sure. Look, I would say, broadly, if you were to look at that slide that I showed earlier on in this hour, the most exciting thing that's happening is that all of the world's regulators are looking at what storage is needed on the electric grid. They are realizing that it has to be ultra-high cycle, long-duration technologies. They are realizing that the current incumbent technologies are not going to fit the bill for everything that is going to be needed. That may seem like a triviality or it may not seem significant for some of you who've been following our company for a while, because I think we've been sharing that message with anyone who will hear it for the past several years now. The fact that the regulators all around the world have turned around and have developed programs and are launching multi-billion GBP programs to address exactly that challenge is hugely significant. Outside of that grid space that we've been looking at pretty extensively, I think one of the things that we're very encouraged by, Joe, you talked about this a little bit, was the degree to which large industrial sites, especially data centers, but also more conventional industries as well, are looking more and more at storage as a way of decarbonizing and driving costs out of their operations. One of the things that has been very encouraging for us as we've gotten under the hood, as it were, with some of the data center providers we're speaking with, is we found that the load at a data center is highly variable. In order for a battery to serve that load appropriately, it has to be a battery that can do ultra high cycle counts. Not just one or two cycles a day, but cycling almost continuously over a 24-hour period to be able to regulate the energy flowing into one of those data centers. That's a duty cycle where we are ideally suited, and especially when you layer on some of the additional benefits of our batteries like the non-flammability, it means that it is a technology that is very well suited for being close coupled with those large data centers as they get built out. Finally, Joe, you mentioned new market segments, we talked about India as an example. Look, as we've always said, we do not have ambitions to be a global seller of end-use products to end customers. It's our view that the fastest way for us to scale our business is to work through really talented, really capable partners in individual regions. That's why we signed our agreement with Everdura in Taiwan. Nothing to announce here today, obviously, but we are actively looking at what other partners could be helpful to us in other parts of the world, including, of course, the Indian subcontinent. Thanks, Matt. There's a question here from Gareth around partners. Invinity's built an impressive network of partners. As they mature, do you see potential for certain key partners to take equity positions in the business that align long-term interests and de-risk our ambitions for global growth? Jonathan, do you want to take that one? You're on mute as well. Apologies. Matt's just talked about the significance and importance of partners, I will reiterate again, I want us to push for more partnerships. Listen, there is no better way of aligning interests than if there is some sort of equity ownership stake. It certainly happened when we signed a deal with Everdura. Everbrite made a small investment at that stage. We are certainly alive and welcome any such possibilities with any future partners. That's not to say it would happen or must happen, certainly wouldn't rule it out. Thanks, Jonathan. There's a couple of questions here from multiple people asking around the tariff situation and how we're managing that. This question is asking about how the U.S. situation is, how our Chinese supply chain is affected, and also perhaps the benefit of being in the U.K. and our plans to move into the U.S. I've conflated about five questions there. Can you talk in general about how we're managing, I guess, some of the geopolitical things that are going on and especially concerning the U.S. and moving stuff in and out? Yeah. I think the answer is we are trying not to be too reactive because things are changing rapidly. That in itself is the challenge, is that it's very hard to come up with a plan when there is a risk that everything could change on a sixpence, in short order. We are fortunate that we have capability across the globe. Obviously, we've got manufacturing presence here. We've got manufacturing presence in North America, in Vancouver. Obviously, we can fulfill directly from China, and we've got a partner who is working to spin up in Taiwan. That creates optionality. At the moment, we seem to have negotiated as benign a tariff regime as anyone else from a U.S. perspective, from the U.K. It is feasible that we can fulfill into the U.K., sorry, into the U.S. from the U.K. It has always been within our plans to start to produce in the U.S., so that remains the case. We are not going to commit capital to the ground to do that up until we've got the projects in place. The Department of Energy Awards, which we announced a while ago, are still there and still very much alive. There are other projects in the U.S. as well. I am hopeful that we will be able to drag some of those through and start to set up capability in the U.S. Also there's other jurisdictions we are looking at as well with partners, that could potentially come into that mix. Thank you. Actually, on the subject of partners, there's a question here asking around about STS Group. Obviously our Hungarian partner saying it's good to see repeat business. Is our relationship with STS Group something that we'd like to model for future partnerships? Matt? Look, absolutely. I think if we look around the world, there are a number of companies already where we've had those kinds of partnerships. Certainly STS is one, but Indian Energy, and Everdura would be other ones that I would point to. The easiest way to build our book of business is to work through partners who have already installed our products and almost I'm trying to think of an example. I would say the vast majority, if not all of the companies that we've delivered to already, we are currently exploring with them how we would turn around and go and build the next bigger projects. Almost universally, especially our customers who are in the grid scale storage space, the grid scale renewable space, they are looking to continue to build their book of business as we are ours. For them to go and deploy known product in a known fashion using a known technology is something that is very much of interest to them. Thanks, Matt. I think, sticking with you, please, there's a couple of questions, specifically one from Richard here. Just asking around to, for those that are a bit new to the story, what are the one or two key competitive differentiators that we have that allows us to win business? As your position in the conversation, you're probably the best place to answer this. Yeah, for sure. Look, if there were two things, I would say it is durability. This is a technology that can be deployed alongside wind or solar projects and can be relied upon to deliver the regulation of those projects over their 30-year life. That is not a capability that lithium-ion batteries can offer. Second of all, the degree of throughput that we are able to put through one of those batteries on a day or a week or a month, is totally unlimited. A few minutes ago, we were talking about how data centers have a highly stochastic load profile. For us to be able to regulate that load 24 hours a day, and do so in a way that keeps our customers' electricity bills as low as possible is not something that lithium-ion batteries do well. They tend to experience very much accelerated aging or capacity degradation when you run them continuously like that, when you run them in highly variable duty cycles like that. That combination of lifetime and throughput are probably the number one reason why people are looking at buying our batteries over the other things on the market. Thanks. Question from Paul, asking specifically around some of the criteria under the Cap and Floor mechanism, I might put this to Jonathan, considering the people he met last couple of weeks. Is there any specific benefit to U.K. manufacturing under the Alders Cap and Floor evaluation criteria? Thanks, Joe, Paul, thank you for asking that question because, this is probably one of my key points at the moment. The answer is possibly. The reason I say possibly is because whilst there is an awful lot of documentation around Cap and Floor, it hasn't gone into any specific detail on this point. We are told that there will be, we're told that it is certainly something they want to push forward, but there isn't a huge level of detail. I am talking to anybody that will listen from Michael Shanks, Head of DESNZ, to Ofgem, to our National Wealth Fund shareholder, to GB Energy, to anyone else, to say, look, within the wind regime, there was the CFD regime there. There was a financial incentive for local content. There would be a huge lost opportunity if that isn't replicated in the U.K. I think when you look at some of what's within how Cap and Floor has been put together, there must have been some uncertainty as to the level of interest and the ability for manufacturers to build up capacity here. We are the only U.K. battery manufacturer, therefore, it's difficult to just support one. I'm really pleased that EOS said that they would potentially look to set up manufacturing here. We have been, I said very specifically to Minister Shanks, "Look, if you provide an incentive, we will build extra capacity here and jobs going into the hundreds. We have the MP for Bathgate with us, whose eyes lit up at that thought, and Minister Shanks is actually the MP in the area next door. Yeah, there is a real incentive and I said: "Look, you've got to bring together what we talk about, that just transition and the industrial strategy, to be very specific as to how manufacturing businesses such as ours will react." Because the alternative is our clients will say, we need the absolute low cost. There's no benefit from U.K. manufacturing. Every other battery arrives on a container ship from China, deliver one from China. We can do it. It's a little bit less. It's not a significantly greater cost than the U.K. The benefits to the U.K. will significantly outweigh what would be. Doesn't need to be a significant incentive. It's within our gift to do that. I am pushing anyone that will listen to hopefully give us that advantage. If not, we have the ability to fulfill from elsewhere, and I really hope we don't have to do that because we've got the chance as a U.K. of creating something really exciting here. Thanks, Jonathan. I think we all agree with that. I'm just going to slightly carry on from that point. There's a question in from Peter, asking if there's any risk of price turmoil caused by product dumping, so triggered by the stuff coming in from China and dropping the prices. I know you talked about lithium ion prices when you opened the call. Is this something that we're still looking at, so we're having to deal with in the future? How does that link into our cost competitiveness and the product cost down roadmap we've got? Matt, do you want to take that? Yeah. Happy to. Usually, when you talk about dumping, it's where there is an equivalent product that's being manufactured in country, and where one country is providing that product at below cost. We don't see direct equivalents where there are no lithium ion batteries being manufactured in the U.K. I don't know if you'd necessarily call it dumping. What we have absolutely seen is that, in terms of getting lithium ion costs down, we've seen some anti-competitive behavior coming out of China, and using that anti-competitive advantage to try and squeeze out all other forms of storage, not just ours. It's not just a question of trying to replace something with a cheaper version of that same thing. It's trying to use ultra low manufacturing costs supported by, let's call it, non-market incentives, to basically skew the entire movement of the industry in a single direction. To the degree that we think this is why we've seen all of these solicitations that I was talking about earlier have carve-outs for non-lithium storage. If you are going to make the case that dumping is happening, you want to have a domestic industry that's manufacturing goods at scale, to be able to make that comparison. When we, or if, I guess, to not say anything too forward-looking, if we are able to spin up our manufacturing at the scale that we intend under programs like Cap and Floor or some of the programs in North America, we will have that proof in hand, and I think that that's when a more comprehensive case for dumping and potentially anti-dumping legislation will be available to us. Just to add to that, there's been broadly two phases of storage. The first phase has been about short, sharp bursts of energy for ancillary services. Lithium did that very well. That market became strong quite quickly, which is why those assets became less profitable. The next stage is really about assets that last a long time and that can work much harder. That's why you see in Hungary, in the MACSE, there's a real benefit there to long-dated assets which manage their state of charge better. In the U.K., there's a lot of benefit to assets that will last 25 years and not degrade. In the MACSE in Italy, there's a degradation limit. They really are looking for different features that that first generation couldn't necessarily provide in the same way. That's where we're looking to position that on top of what's becoming quite important issues around safety and fire, and also security in terms of the access to critical grid infrastructure. There's a couple of important differentiators to add to that beyond the cost piece that you're seeing from China. Thanks, both. I'm noting we're almost at time. I might just do one last question, which, Jon, I'll point this to you, and I'll let you answer that and maybe give us some closing comments. Can you explain the current market disconnect that sees the company's share price valuing Invinity at GBP 70 million, close to net cash and a fraction of the potential value of even one or two large LDES projects? I can sense the frustration in that question, I think it's one we all share. I'll let you answer. My understanding of the way U.K. markets at the moment is that this isn't an issue just for us. Very specifically, what you are seeing is fund managers who are lending money are seeing significant outflows, and they are effectively forced sellers of companies that are relatively illiquid. What happens is on any amount of buying interest or news flow, you're creating a trading opportunity at that share price. What you're not getting is any positive movements up from that sort of activity that would ordinarily drive it up. We've seen that with some of our shareholders who we've got good relationships with, who are supportive, who've just had to find cash from somewhere to pay for those outlays. In the very short term, that's fundamentally what is driving share price performance across the U.K. market, particularly the U.K. small cap market. There is talk about inflows coming in for various reasons, and hopefully that will start to sort of address some of that balance because it is very hard to explain on a practical basis, the valuation differences between us and others. But once we do start delivering, I'm sure that will resolve itself. It's just really quite frustrating to see in the short term. I think I certainly share that, and we will do what we can to resolve it as we can do. Thanks. Jonathan, I'll hand over to you to wrap up. Okay. No worries. Thank you to all of those who've attended today. Thank you also for your patience. Your concerns on where we are from a commercial perspective, where we are from a working capital perspective are shared by the wider board, and we have those discussions on a regular basis. Be reassured that we are putting our shoulder to the wheel to make sure that we address those judiciously, and deliver on the opportunity for this business which we think is very significant. Thank you again, and I shall say my goodbyes until next time. That's great. Thank you all for updating investors today. Could I please ask investors not to close the session. As you know, we automatically redirect it to provide your feedback so the management team can better understand your views and expectations. 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.