Good afternoon, ladies and gentlemen. Welcome to the Invinity Energy Systems plc results presentation. Our apologies for the slight delay. Throughout today's recorded meeting, attendees will be in listen-only mode. Questions are encouraged and can be submitted at any time just using the Q&A tab situated on the right-hand corner of your screen. Before we begin, we'd like to submit the following poll, and I'm sure the company will be most grateful for your participation. I'd now like to hand over to the presenting team. Good afternoon to you all. Thank you. Good afternoon, everybody. Firstly, I'm going to start with a couple of apologies. Firstly, we're a few minutes late, and secondly, I recognize the visual here probably isn't as we'd anticipated. We're all in a different room, for some reason, it couldn't cope with bandwidth settings, all of us coming in separately. We rapidly and hastily reconvened in the same room. I hope you can hear us, I hope you can see us okay. If for some reason this doesn't work, I'll make the decision that we will do a recording of this and send it to everybody. I hope we'll be able to get through the next hour, and apologies if it's not quite as perfect as we'd first hoped for. Anyhow, if we can move on. This is the results presentation for the 2025 year. In a moment, we'll hand over to Adam to run through the numbers. I anticipate a lot of the questions and a lot of the interest is probably a little bit further than just financially what we did in 2025. I'll just briefly cover what we're going to talk about, in that regard. I recognize as well there are likely to be a few listeners to this call who haven't heard as much about Invinity as others, so there will be a few slides on us. Forgive me for those who've heard that before, but I think it's useful to go through that. In the last couple of announcements we've made, there have been a number of strategic themes which we focused on. That really is the basis for the success commercially that we started to see come through. The first and foremost on that is product cost. This is fundamentally a technology. I don't think anyone can think about battery storage as an important technology when you look at the energy transition and what's needed globally. There are many different characteristics of many different batteries, but ultimately, what is important is product cost, and that's the thing which we have been most focusing on. You'll see that we are well ahead of where we first thought we would be a couple of years ago. We'll come onto this stat again, but within two years, we'll have taken a minimum of two-thirds of the product cost out from VS3 to ENDURIUM. That is a great achievement from the team with further to go. That's exactly what's needed to accelerate the commercial development that we're seeing. The second thing which I am really, really proud of is the response we get back from our customers as well. We will cover that in some detail. That leads to the track record you see there as well, 9 gigawatt hours of energy dispatched from our batteries and growing. That is the proof that our technology works, and we are very proud of continuing to publish that stat, and we'll continue to do so. When we talk to clients, that makes a big difference as well. Then scale. The numbers for last year, which Adam is about to talk about, are a growth from previous years, but equally, I would suggest not representative of where I certainly, as chief exec, want to take this business and where we see the opportunities coming forward. We need the manufacturing capability for that, and that's what we've been working on. Very much, what we said at the bottom, it's building those foundations and removing those barriers to scale. We believe we're accelerating into that next phase. With that, Adam, I shall hand over to you. Thanks a lot, Richard. I'll take you through the key financial highlights that we reported through the year. Revenue and public grants of GBP 17.8 million, up 2% year-on-year. That is principally Copwood, which we've now completed. That includes GBP 9 million of approved grant funding from DESNZ, and the GBP 8 million of custom revenues reported there. You'll see a reduction in the gross loss year-on-year, 35 basis points improvement in the gross profit margin. That's just what we've been working on through Australia starts to feed through in terms of project economics and our cost-down initiatives start to take shape. You're seeing a reduction there in net R&D. That reflects the conclusion of the Gamesa joint development agreement. Now that we've now fully commercialized ENDURIUM and started shipping that out to customers. That's boiling down to improvement adjusted EBITDA at 7% year-on-year. You're starting to see the reflected scaling on commercialization of our ENDURIUM product platform. Next slide, please. Looking through then what's happening on the balance sheet. Our net operating position has decreased year-on-year by 18%. That's really a reflection of releasing that inventory for LoDES onto the site, and an increase in trade payables there. Really year-on-year from GBP 2.4 million, and that's essentially legacy systems and a couple of elevated logistics on some remote project sites. We rounded up the year with GBP 28.8 million and we're pleased to report a positive going concern assessment from BDO through to June 2027, which was the basis of the opinion here. With that I'll pass back across to Adam. Thank you, Adam. A couple of slides here are just as a refresher on Invinity. As a strap line, as a headline, we deliver what we feel is the world's most proven and most mature non-lithium energy storage technology. We've said that for a while, and we've said that with our understanding and belief that's the case. We will talk in a few moments about FlexBase. It was extremely reassuring to see after a very, very competitive and thorough RFP process that our technology came out on top. That was across flow batteries, not just vanadium flow batteries, that was all flow batteries they've looked at and also some other non-flow technologies that looked to get involved there. We have demonstrably some external validation at scale and the size there. I think we can point to the fact that is something which we have achieved. You can see that from the nine gigawatt-hours of batteries dispatched by our customers, and that comes from over 2,000 individual battery modules that have been deployed. As a reminder, the previous product had six flow battery modules within a shipping container, and of those individual modules, there are over 2,000 now out in the field. We are a global business, there's a couple of slides in a moment just to see and to remind everyone sort of how that presence is growing. That's from a customer's perspective, but also from a manufacturing perspective. What we like to think is, there is a well-known retail bank that talks about being a global bank in a local market, and we see exactly that. We have local employees on-site to make sure we deliver that local service, that for us is really important. We deliver our product as a modular product, but we can build that in different ways depending on that local market. We have building blocks that sit within that and gives us the flexibility to be able to pivot that to whichever market it might be. From a U.S. perspective, there are some strict requirements for projects that benefit from various tax outcomes. We can do that in that U.S. market, from building a certain amount of the product there. We can do that within the U.K., we can do that within Europe, we can do that within China, that comes from the way we've architected that product. We have 180 employees that is spread across both Vancouver, the U.K., U.S. and elsewhere, we've got centers of excellence there. We manage those time zones, but it is appropriate when you look at where our supply chain, where our customers come from. That 20 years investment in the product is now really starting to see the commercial traction from that. When you actually speak to our customers, they see us as a business that's got the technology right. They recognize that we have deliberately not shouted from the ramparts as to how great we are because we've wanted to be able to prove that is the case. That is the sort of customer we talk to. They want to see the data. They want to see the operating data. They want to see when there are problems. There are always problems on site. How do we get out there? How do we fix that? You will now see the testimonies that come through that I think is what we have managed to achieve and is enabling us to progress further. In terms of this technology, that best-in-class performance. Bit more please, Jeff. Thank you. The battery lasts for over 30 years. That comes from the inherent chemistry that sits within it. We separate power generation and energy storage, that means we don't have the degradation that other chemistries do. That's really important because then again, these are significant capital investments and the customer wants to know that this product will be there for at least that period of time. They also don't want the restriction on how they use it. The energy markets are changing very rapidly. Even when you look at data centers, everyone talks about data centers. We obviously have some data center customers. It is still not that clear as to what the power requirements will be for the future data center. With our battery, we do not mind how that battery is used. As that use case changes, our battery will continue to perform. Rather than having to affect a solution around how our battery operates, we will charge those electrons or dispatch electrons, however you wish to do that, without any implication on our warranty. That becomes a very powerful selling point. It is fully configurable, fully scalable. In terms of our other advantages over specifically lithium, which we see as the competitor, there is absolutely no fire risk. What that means particularly is really from a permitting perspective, there are many areas where, from a permitting perspective, you would not put a lithium battery, certainly parts of California, beneath a data center, near conurbations. We regularly speak to customers who see that as a particular USP, because it's simply not possible to put a lithium battery there. The fast response times, there is sometimes a perception that a flow battery, because of the pumps, will not respond as quickly as a lithium system. That is not correct. We've got some from DNV. We've seen that from our data that shows that because of the electrolyte that sits within the SAC, we can perform and react equally as quickly. We are quieter than lithium, which makes a big difference as well. We don't have any air conditioning that sits within that, therefore we don't have the noise from that. At the end of it, we are 99% recyclable. You can take the electrolyte out, it sits in the tanks, and fully recycle that into another battery and everything else you can put through the usual recycling chains. Again, some great performance that sits within the business and the product, sorry. Moving on to our customer base. This is a slide you may think you've seen before, but actually what I've done is asked to take out our manufacturing and take out our partners. These are where projects we've either delivered to now or announced deliveries to. You'll see there is a very significant number of projects within the U.S., and that's really interesting. You've seen Department of Energy projects there, two announced recently. You've seen support from the California Energy Commission. In terms of our credibility, that is very significant and the U.S. market is growing rapidly, and is still very supportive of batteries and long-duration storage batteries. We are really excited about that U.S. market. From a U.K. perspective, we'll talk in a minute about Copwood. That is our U.K. site. That will be hopefully operational within the next quarter, just as soon as that's actually connected to the grid. That'll be a fantastic reference site for us. Of course, you see FlexBase that sits there as well, and we'll talk about that in a moment, but as a wonderful reference site for us. Across Asia and Australia as well. We've got a number of projects that sit within there and a growing pipeline of those opportunities as well. That is supported by the manufacturing base and partners, and that's why we're in Vancouver. That's why we have sales and customer support in the U.S., and we are fully intending to set up manufacturing in the U.S. to be able to support existing and future customers there. We've got a wonderful facility in Scotland in both Bathgate and Motherwell. We are calling you here today from Bathgate. We've got a great delegation coming up from DESNZ tomorrow. We have customers coming up and seeing us here all the time. We've got an ENDURIUM unit here. This is a great site to show those customers. Then we've got partners in India, in Taiwan, and in China as well. We bring all of that together to be that global business on a local marketplace. Matthew, if I may, I'm going to hand over to you. One of the exciting things, thanks, Jonathan. One of the exciting things about having this global base of development facilities, manufacturing facilities, and partnerships is that this entire team is today galvanized around one of the most important development aspects inside the business, which is our cost reduction program. We've talked extensively in the past about how we view cost reduction as one of the most important aspects of driving this business forward. As much as we've been very successful delivering batteries into specific projects, into specific applications up until now, unless we are able to continue to remain competitive with the cost leaders in the market, we're going to see our commercial traction stall. What we have initiated about two years ago was a cost reduction program that we believed at the time, and continue to believe, would get us to the point where we will see that cost competitiveness enhanced and therefore enhancing our commercial opportunities over the coming period. What we've announced in our results this year is that we're very pleased that that combination of partnerships and manufacturing capabilities and development capabilities has seen us accelerate against those cost reduction plans to the point where we are significantly ahead of the plan that we had previously proposed and announced. We have achieved about a 66% reduction in our product costs from where we were two years ago for projects that we are currently quoting on delivering for the end of this year and beyond. That's a combination really of three things. It's a combination of value engineering, so looking at how we design the individual components that go into the product. It brings in some higher volume and lower cost manufacturing, procedures and processes that are really being brought into play by different partners within that supply chain. Finally, looking to outsource some of those activities to best cost regions using some of the new and existing strategic partnerships that we have, both on the manufacturing and the supply chain side. In the long term, our cost target is to get even further below where we are currently quoting. We are laser-focused right now on the cost reductions for our product to be delivered in the immediate term. That more R&D-focused, more development-focused work is also going on in the background so that we will continue to hit those aggressive targets between now and the end of the decade. I think if we were to think of the pillars of excellence inside our company right now, really cost reduction is a big part of them. The other one is how we support our customers. We've been thrilled over the last couple of years about the feedback that we've gotten from customers in the field. Invinity have consistently been able to deliver the products that we've sold. We've been able to deliver the performance with those products that our customers need. Our customers have been able to turn around and operate those systems profitably, in some cases even over and above, the way that they originally expected to be able to make use of those products. The graph on the right is one of the simple ways that we track those metrics, just by the amount of energy dispatched out of our batteries. We've crested over 91 hours now. That is a number that we expect is going to continue to grow aggressively as more and more of our batteries come online. That combination of proven experience and rapidly decreasing product cost is what's leading to probably the third most exciting thing, which is growing commercial momentum. We are seeing a much greater amount of inbound interest into the company, driven by some of the big wins that we've had on the commercial side over the last couple of months. Not only are we getting more interest, when we start to get into customers and they start to look at, "Well, what is this thing actually going to cost me? Are there other people out there who are actually reinforcing Invinity's ability to deliver?" In both cases, we can answer yes. Yes, we have a competitive product. Yes, we can deliver value over and above what other companies are doing. Yes, we can prove that the product is actually doing what it needs to get done. We see that kind of traction increasing across the four different areas that we typically focus on, four different market points. Standalone batteries, which is long been one of our major focuses. Renewable co-location, where we are taking our batteries and using them to dispatch renewable generated power at the most appropriate time of day. Commercial and industrial applications, which especially as energy consumers are looking to take more control over their electricity bills, is a large and growing segment within our overall product base. Finally, as we'll talk about in a minute, data centers, where we see all over the world a tremendous need for appropriately managed flows, and to provide low-cost power and very robust and reliable power for this digital infrastructure. Where we've seen some great growth in both our pipeline and our project mix over the last couple of years. I think if we look at one specific instance of those commercial segments in the behind-the-meter market, we announced earlier this week, something called Project VITALITY. This is a commercial and industrial opportunity or a commercial industrial project that we are doing in the U.S., partially funded by the U.S. Department of Energy. This was a project that had been funded some three years ago or so, but with the change in administration in the U.S., a lot of the approvals of these funds have been held back temporarily. Because of the benefit of projects like this to the overall U.S. electric grid and U.S.-based domestic consumers, the DOE has sought fit to go forward with this and a great number of other projects. We're obviously very happy about this one in particular. This is going to see us deploy our batteries behind the meter with a new partner called muGrid Analytics, who are a specialist in microgrids, to be able to deploy these batteries not only at this particular site, but into a larger and growing portfolio of microgrid projects in a way that fully maximizes the value that our batteries deliver to those electricity end-use customers. That is one of a number of projects we're very excited about. Jonathan, back to you to describe some of the other ones. Great. I'll move on to talk about the FlexBase project, which we announced some 10 days ago or so. Maybe if I start by talking about Laufenburg, which is probably not something which all of you on the call are familiar with. I would recommend having a look and doing some research into the Stadt of Laufenburg. The Stadt of Laufenburg is the birthplace of the European connected power grid. 1958, I was just checking my dates. It was the first site to successfully connect the grids of Germany, France, and Switzerland. It was basically the inception of one of the first super grids, and that now forms obviously the backbone of some of the European power networks. It was the original building where Swissgrid were based, and even now it forms a vital heart under Swissgrid. The battery which is going to be installed here, yes, it is connected to a data center. That is obviously a use case and something where we are looking to further deploy batteries across the world. But actually, this is designed to be an asset which will form a critical part of Switzerland's energy power infrastructure. If we take a step back, I am humbled by the fact that an Invinity-designed battery has been assessed as being capable of achieving it. I think from a credibility perspective, that is enormously helpful to us when we talk to other customers, when we talk to suppliers, and when we look at where this business could be taken. The process to win this really took about 1 year. There was a lot of engagement upfront with the customer, talking about our solution. They were looking across all flow batteries, not just vanadium flow batteries, and across other technologies. There was about a six-month RFP process, which was very involved. It involved a lot of diligence on us as a business, our ability to scale, how our projects have performed. There was an awful lot of getting to know the team as well to make sure they was comfortable that we could deliver this project. So where we are to date is we are now the sole party doing the engineering phase. That six-month process involved us fully designing the battery. When I say fully designing the battery, certainly pulling together a significant amount of design alongside our partners. We partnered with two very reputable Swiss firms, Equans and Georg Fischer. They were actively involved in our bid, and I think collectively we brought together that concept of being a local party. I think that was one of the key reasons, again, why we won the bid. We listened to our customer and made sure we proposed a bid that worked. That is something, again, which as an organization we are good at. That engineering phase we would expect to last a year. Their anticipation is that they will then move forward to full contracting for the battery with the idea that battery will be commissioned by 2029. I am not sure the photos quite do it justice. This project is simply stunningly staggering from just an infrastructure perspective. The battery will sit in a hole that is now already dug. It is about 200 meters long. It is about 87 meters wide and about 25 meters deep. It is super awe-inspiring. The entirety of that hole will be filled by, assuming we progress to that final stage, an Invinity flow battery. There is a proposal to put another battery on top of that, and the hope would be that obviously if we do the good job I think we will do, that could step up to a further order from there. I think for the moment we are, as you would understand, very much concentrating on that proposal. It is really interesting. That is effectively a two-hour battery. We talk about us being a long-duration storage business and technology. But two hours is not regarded as a long duration. So why have they picked a flow battery, a vanadium flow battery? There is really two key reasons for that. Again, it is the ability to cycle, and the longevity that comes with that, and the no restriction on warranties. Of course, the fire risk. You would not put a battery where there was a risk of thermal runaway beneath a data center or any form of infrastructure. Again, a fabulous project for us and one we are very proud to be involved in. Back to what is still now Europe's biggest vanadium flow battery. This was the Copwood VFB Energy Hub. As you were aware, we had a number of nibbles at trying to get this delivered and when I took over as chief exec 2 years ago, I concluded we had to get this done because of the significance with our customers. What you see there is an Invinity-owned site. These are actually the batteries you see in the top third there. The solar belongs to Invinity, the batteries belong to Invinity. It is installed, yet the bulk of the cabling work is done. We are just waiting for UK Power Networks to deliver the connection, at the substation, we will be able to commission that in the third quarter this year. That will start earning revenues for the business. Most crucially, we can take customers and investors down to that. We are already having institutional investors coming to see that. We're having customers coming to see it. My absolute anticipation is we will have a retail event to bring retail shareholders and others down to have a look at it as well, because we're very proud of this asset. This sort of gets to the heart of what we've been doing as a business for the past 5 years and beyond. We recognize that some of our revenues have been lighter than we wanted to. What we've needed to do is get batteries out there into the field, and we can prove the technology and the 5, 10, 20 megawatt projects. When you look at what's in the pipeline going forward, that is the stepping stone. We need some significantly bigger projects. Because it's a modular product that we deliver fully formed, that gets delivered to site and connected, bigger systems can see the scale that can come of that and have the confidence in doing it. That's why we've been adopting the strategy we have done and why we think we're really positioned for growth from here. That really does lead me into this final slide, then we'll start to take some Q&A. We have that stable, proven technology. We have what we think is that market-leading position. There is other competition out there, we are delighted there's other competition out there, we do really wish them every success. It is helpful for us for there to be other competition. People need to take a reference point on our pricing that comes from other competition. They need to compare our technology. We will win some, we will lose some, that's fine. The marketplace that is developing for the energy transition space. There is no market in the world that isn't looking at decarbonizing and building energy security most importantly. Obviously what's going on in the Middle East at the moment only provides an extra driver for that. We think we've developed key strategic relationships to get there. National Wealth Fund at the top supported us 2 years ago and remain a very supportive investor and strategic partner. They give us great support and great insight as to what's going on in the U.K. What was Gamesa Electric and is now ABB, as a partner, a very well-known firm, very supportive from a technology perspective, battery across India, Xiamen C&D and UBS&T in China, and then across South Africa, and also Belling in China as well. There are plenty of others we are talking to from a partnership perspective, that will come through in due course. That's across the supply chain, commercially and elsewhere. I think that's for the moment. We have done the half hour we thought we would do for this presentation. Now we can look at Q&A, and we'll try and get through as many as we can. That's great. Thank you very much indeed for you guys for the update. Can I please ask investors to continue to submit their questions just using the Q&A tab situated on the right-hand corner of your screen. I'd just like the guys take a few moments to review your questions submitted already. I'd just 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 the Investor Meet Company dashboard. Guys, you've had a number of questions from investors, so thank you firstly to everybody for your engagement this afternoon. If I may just hand back to you, maybe Joe, just to maybe moderate us through the Q&A. If I could ask you to read out the questions and hand them out, that'd be fantastic. I'll pick up from you at the end. Lovely. Thanks, Mark. Lots of questions. Glad we've got plenty of time to go through them. There's a number of questions here, Jonathan, around the Cap and Floor. There's a specific question around timing, when we might find out the results. Maybe we'll start there, and I can roll into some of the other ones from there. Okay. We have, I would say probably no more insight than anyone else does on this. I can only talk about what our clients are telling us and what we hear from the market. We believe that Ofgem notified all developers that there should be some further information by the end of this month. I wouldn't suggest that as an absolute guarantee, but that was the latest indication which came directly, we believe, from Ofgem. Okay. There's another question here around scaling up into whatever potential capacity that comes from. Could you give us maybe a bit of a minute on our plans to scale our current manufacturing capacity and how that can build out? Then maybe we'll go to Adam to talk a little bit more about how the working capital works through that process as well. Absolutely. I think where do I start with answering that question? We have a lot of people who come up to both Bathgate and Motherwell wanting to understand the question of how we scale. What I would say is everybody comes away reassured that the scaling of this business is something that we have, A, plans for and should not feature very highly on the risk register. The reason for that is we have quite a lot of optionality in how we do this. The product comes together as a number of building blocks. The core building block sits as a 20-foot steel container with roto-molded plastic tanks that sit within it and wiring and pumps. Typically, that is a commodity-esque product that scaling that comes from areas in the world, lower cost regions of the world that are capable of doing that. Typically China, but also we look to second source that potentially in India as well. The ability to scale that is something that is very much within our partners' grasp. From what else sits within that, you've got the vanadium electrolytes itself. There are many sources of that, and it's interesting. Now we have announced the FlexBase here, we are seeing pockets of supply of vanadium that exist as well. There's significant supply of that, not just within China but across the world as well. There's some other interesting areas that we're seeing crop up as well, which we're quite excited about. Actually, the real question for us from a scale perspective is, what does it mean from a manufacturing stacks? What does it mean from a final assembly perspective? From a stack perspective, we are probably across the business around about half a gigawatt hour per year at the moment. That is capable of scaling within about six months, and we certainly have plans to scale that. Any order that comes through, we would typically have at any scale a longer lead time than that. We have a proven semi-automated line here, which that line can be expanded at relatively low cost. In fact, the new lines can be added at relatively low cost as well. You're looking at the space to do the final assembly. We could, if we wanted to, deliver that entirely from China. We could deliver our stacks into China, into Belgium, and they could deploy from there. There's no limit there. Actually, from the U.K. perspective, the team didn't necessarily thank me, but they had 2 months from securing the site in Motherwell to getting that operation. Again, what do we need there? Ultimately, we need a big space that is dry, relatively clean. Ideally with a crane that can carry 30 tons. Equally, that's not necessarily the case. What we can do is scale quite easily for low CapEx. We can do that potentially with partners, equally, it's available to us as well. Brilliant. Adam, there's a couple of questions here around working capital management through the order cycle and about how that works. Can you talk about that briefly? Yes, we are made to order. We take deposits from our customers upfront to manage our working capital judiciously. We do plan to continue that. I'm really pleased to report very positive discussions with NatWest and Engagement, our house bank. When it comes to the stage where there's the consistent order book that would allow us to hold some excess inventory to respond short notice to customers, we've had really positive discussions with the house banks around that. At the current stage, we're focused on minimizing our working capital as we go through this process. Ultimately, what we get from capital flow, which Jonathan mentioned, we're expecting this month, and then the timing of that final contract on FlexBase will inform us around those capital decisions. We are roughly one-tenth the capital intensity of a lithium plant, and that is really helpful for us in terms of setting up local manufacturing. That's very important in today's market, where having domestic manufacturing and local manufacturing is important to all of our customers and all the stakeholders. Happy there that currently on those two fronts. Brilliant. You sort of touched on it slightly there around the capital intensity, but there's two questions very similar here asking around a bit of a breakdown of the operating costs, if you could just briefly sort of call that out there in terms of the breakdown around where our operating costs sit here. Yes. There's really a lot of operating leverage within the business. We have invested in terms of our OpEx in Austria and our cost-down process, and that's what Matthew took us through early on. Ultimately, the most important point is we get down the cost curve. We have a significant team of product development professionals in Vancouver, which we have invested in, to get that 66% cost down that you've seen there in numbers we reported early on. We're starting to see that bear fruit. You're seeing that in today's numbers, in terms of the gross margin. Then we are investing ahead of the order book because we need to generate that, and that's when you start to see the operating leverage in the business report through. Okay. If I could just add to that, Adam. The question was our OpEx is, I think the word is significant. Did I see that? From my perspective, the sooner we can get to a position that the business is cash flow break even and generating profits, then the better, without a shadow of a doubt. We do not think having cash outflows and making losses is a sustainable way of running the business. However, what I would say is that if you look across our competitor base, from a development perspective and across actually most of the organization, we are quite lean from an OpEx perspective versus others. I don't think there is fat within that we should have trimmed away. They are all working. There are well over 50 individual line items of the product that people are looking at across that R&D team. We are delivering across the world. Look at those number of projects. We have to service those. We've got the infrastructure as a corporate company that comes with that. Every penny we spend, we do think quite carefully about, but we have built for the scale that we think is coming such that we can convert that into a cash flow positive and profitable business. The point is well made. We need to make sure we get there as soon as we can. Thank you. There's a question here around bankability, and what we're doing to build that as we go into things. Who wants to take that? Matt. Great. Okay. Bankability comes back to really two things: Is the technology going to deliver, and is it going to get paid for over time? I think what we've seen on the paid-for side is increased ability of revenues into some projects like ours, so that people can believe the revenue's coming into them. The other part of it is making sure that the product is actually going to continue to deliver as it was intended to do. We've had great feedback from customers, as I said earlier, on the batteries actually performing in the way that they are supposed to do. The more that we can make that case, the more that we are able to stand with our customers alongside their financiers, their lenders, and make the case that the batteries really are going to be fit for purpose for the long term. We've had a third-party technical study completed by DNV on bankability. We've been really pleased with the outreach from the U.K. banks ahead of these announcements in June in order to understand the stream 2 technologies of which we are the largest there. We've shared that report through the U.K. banks to get ahead of those discussions after the Cap and Floor results were announced. The other part of this, the key part around the bankability, is having contracts in place that take the merchant risk off the table, and this is what Cap and Floor has done. It's a 25-year contract. Cap and Floor supports the bank debt. Having projects with a very long-term contract from the government allows the banks to get comfortable with the other parts of that. Great engagement from the U.K. banking market on this topic, which we're pleased with. Okay. We talked a lot about the U.K. There's questions here around place, not the U.K., especially around partners. There's a specific question asking for an update. How are the partnerships going in China, India, and Hong Kong? How are those relationships developing? What are our expectations for the future? Yeah. Good question. There's a lot to tell about the Invinity story. In some respects, we've got to highlight where the most recent traction commercially is, and you can see that from the announcements we've made. The partnerships we've got across China, India, and Hong Kong are really interesting, and they cover 2 areas. One of which is they cover supply chain and manufacturing. A lot of what sits beneath that project, Austria, and the cost down program involves those partners assisting us in taking that down there. They are actively involved in that, but you see that behind the scenes. From a commercial perspective, it's quite interesting. China has deployed a greater number of flow batteries by gigawatt hours than anywhere else in the world. Those are typically deployed via a built-in type approach to a flow battery, more chemical flow, rather than our containerized solution. We believe our price point for ENDURIUM, and the terms that we set out, sets us at a lower price than our competitors are delivering it in China. That's really quite interesting because there are gigawatt hours deployed and gigawatt hours of opportunities there. I'm really excited about how that could develop. What I am, though, is cautious that those opportunities need to develop, so I would like them to gestate a bit before we're able to give more visibility on that. There is a lot of opportunity there. It is the same within India, albeit I would say that India is at a probably a less mature position than China. Certainly, we've got a very active partnership from Atri Energy there. We're in regular dialogue with them. Taiwan, we haven't mentioned Taiwan for a while, we're still actively involved with Everdura. There's a couple of really interesting projects there. The fact that we have a significant U.S. operation is extraordinarily helpful when it comes to the visiting business in Taiwan. A lot of activity there. As an aside, Matt and I are so committed that we somehow managed to be invited to run the marathon in Xiamen in January, which was a direct invitation from the mayor who controls that city. When we turned up, we found out we were guests of honor at the business launch of that. We are held in high regard there because they wouldn't have invited everyone along to do that. We were in a meeting yesterday with a partner who invited us, when we found that out, to do two other marathons. If you're looking to understand whether as an executive team, we do all we can do to make sure we build relationships, we are doing that. Adam is only sorry he didn't do the Chinese one and promised to do the next one. Thanks. You mentioned the U.S., another one of the questions on here is around U.S. manufacturing and a partnership strategy in North America. Can you talk a little bit about that? Yeah. We have a number of different opportunities there. The scale of what is needed in the U.S., mainly we end up having a blended approach across that, to be honest. I think to begin with, we are making sure that we build manufacturing against the opportunities that are there. We are waiting for a number of opportunities to contractually sign, and then we can give a little bit more visibility on that. I think we're doing quite potentially a mixture of both. U.S. is also quite a big market. California in itself is the fourth largest country in the world, if it was ranked that way. It's also quite large by geographical nature as well. You can see over time us having a different approach in different areas. Okay. Sticking with that theme, there's a question here asking about how we close the gap on some of the other firms in our sector that are in the U.S. and looking at their valuations and the market there. We got. Well, look, if I can say, specifically with the question came in, Eos is the obvious valuation to look at. I think their market cap today is $3 billion. We have risen, fortunately, over the last. few weeks, which is great to see. They have a fantastic business in the U.S. that is growing and a good reputation. We also have the same. I'm confident that the U.K. capital markets, once we start to see some of those pipeline converting into contracted deals will come through where that valuation gap will close. There is plenty of space for us and Eos to coexist happily. We do so already on the Frontier Power Cap and Floor projects you see in the U.K. I think we coexist on a project in California already. We will compete against them in some projects, but actually we often find ourselves not competing against them, to be honest. I suspect we will win some, and I suspect we will lose some, but there is plenty of market for all of us. Delighted, as I said, to have competitors alongside us as it provides useful reference points for our customers. Thanks. Matt, I'm going to come to you on the next one. There's a question here about what extent It's more about IP protection, so maybe we'll start with that, how we're adequately protecting our IP, given our global footprint and our partners in China and India and various other places. There's a specific question around software and controls as a key differentiator within the market. Can you just briefly touch on that? Sure. Yeah. First of all, when we talk about the intellectual property that is sort of the core of how our products operate and how they operate well, really a lot of it was built into some IP in the stacks and some IP in how we operate the system. The IP in the stacks we retain pretty tight control over by manufacturing those devices in-house. We've looked at whether we might have third parties manufacture those for us, and I think there is a possibility to do that at the right scale and with appropriate IP protections around it. In terms of the operability of the system, really it comes down to the point about the software control systems. We have, over the past 2-3 years especially, made some very exciting advances in how we actually operate one of these systems, and therefore getting more power and more energy out of the same volume of electrolyte, the same amount of cell stack, doing so at much higher efficiency. All that is really built into the core operating software, the BMS that sits inside our battery. That BMS, that software, those controls are not something we ever release outside of the company. We don't use external parties to develop that work. We don't use external software platforms to help implement those algorithms, those strategies. Hence the ability to maintain relatively tight control over the things that get that 5%-10% better efficiency and 20%-30% more energy out of our batteries than some of our competitors. Brilliant. Thanks, Matt. Actually, I'll stick with you. There's another question here around, sort of, it's a more general question around how we win against the people in the older space and our competitive advantages against a more technical basis. Yeah. How are we competing on a competitive basis, put lithium to one side, in the sort of emerging long duration, non-lithium space? Just give us a sort of top line on that. The top line on that, I think, looking at the UK Capital Floor Program is a great example, right? That's a program that attracted interest from suppliers all over the world. Where a relatively small number of suppliers were able to make it to the stage that we're currently at. We see that there are great opportunities for technologies other than ours. There are, for example, some very, very long-duration technologies, whether you're looking at zinc or iron or others, that are designed to serve multiple-day applications on the electric grid. Those may have a great place to play in the future. There are things like pumped hydro that are very, very well proven, and can be very, very durable at very, very low cost over extremely long time frames, both in the development of those projects and their application on the electric grid. We think that those are technology types and applications that are not going to be directly competitive with our book of business. We feel pretty happy about where we're positioned right now for those immediate longer long-duration storage opportunities. Thanks. Going back to the U.K., there's a question around Copwood and the long-term plan around that as a business unit. What's our long-term vision on the Copwood project and plan for that, I guess? Yeah. I think in the short to medium term, we need to sweat that asset. By sweat that asset, I mean use that battery and prove that it can be used as a workhorse. That's both operationally, but I want to prove it financially as well. How should you use this battery when co-located with solar? We want to prove to our customers that it can do all of the use cases we talk about. I would see that taking place over short to medium term. At some point in time, if it has served its uses and there is a financial benefit to doing something different with it, then I'm sure we would look at that. Okay. For the moment, I think there is some great use we can get out of it. Fair enough. There's a question as well referencing the recent comments by the Chancellor, by Rachel Reeves, around buying British in key industries. Care to comment on that at all? Actually she has mentioned that. We are also hearing that within government as well. We have business coming up to see us tomorrow with a group, a sort of global group of interested parties in long-duration storage in general, so delighted to host that. We talk to anybody about the importance of supporting local manufacturing. It is a frustration of mine that when I look across our portfolio across the world, there is a lot of support across countries for us moving manufacturing in that I don't always see directly within the U.K. historically. I am seeing a bit of a shift in that regard. Do I think we could do more? I think yes, we could do. Supporting manufacturing with jobs in the U.K. and us getting back to creating local jobs and supporting local economies and the national economy is critically important. You are starting to see that come through in the rhetoric across different government departments. My hope is that when Ofgem are making their awards, they take account of that. Tangentially related, but more on the supply chain side. We'll ask a question here about how we're mitigating things like tariff risk and the way changing geopolitics, let's say. Can you comment on that? Look, we don't get any visibility more than anyone else does as to what is happening globally, but we try to make sure that we diversify our supply chain where we can do so. Make sure that we are never single source across different areas of our supply chain and that we have manufacturing in different areas such that we can deliver from different areas as need be. I think the important thing is to make sure that we are not too reactionary, because as you've seen, things change extraordinarily quickly in global politics at the moment. We are well spread across Europe, the U.S., and Asia, I think we've got as many bases covered as we reasonably could be expected to have. It impacts us in the short term and in the medium term, it's a great opportunity for the company. As I say, we are a low capital intensity option compared to conventional short-duration battery storage. That allows us to set up local manufacturing. The benefits in some of these markets, like Investment Tax Credit and the Production Tax Credit in the U.S., are significant. Some of those incentives and tariffs that you see playing out, they are playing into our benefit in the medium to long term. Okay, thanks Adam. Sticking with the supply chain theme and noting that we're coming up to the last five minutes. There's a question here. Obviously we're being involved in larger and larger projects. Asking the obvious question about vanadium supply and how we're managing that. Matt? Yeah, sure. Look, we're going to be using about roughly 12,000 metric tons worth of vanadium in that project. Global production of vanadium per year is about 120,000 metric tons. Per year, we're going to be consuming something like 2%-3% of annual production. It's relatively small as compared with what's being used globally. I think what's exciting for us is that, what's exciting for a lot of the vanadium industry, is that this is an industry that has not grown significantly in a very long time. Around the world, a lot of the existing suppliers are very eager to do business with us because they see the battery space as one of the biggest growth factors for their industry overall. This project that we are now going to be doing, is probably the first instance of a single project that really will spur the development of new capacity and some new partnerships. Great. Possibly our final question, unless any more come in while we're answering it. Jon, there's a question here about what do we think that Invinity's key barriers to growth are, and what are we doing about it? I think bandwidth probably within the organization, to be honest. I mean, 180 people sounds like quite a lot, but when you start to move that through and work out what it takes to deliver a product of the size we have with the level of parts it touches on. It touches on software, it touches on hardware from a technology perspective. We've got chemical engineering that goes within that. We've got heavy manufacturing. We've got to have experts across those fields, and then we're doing it on a global basis as well. I think what we need to do is make sure we grow quickly, but we don't do it in a way that we end up getting indigestion along the way. From my perspective, we need to make sure that we start to, while we do target increasing flavors and opportunities that we can close, and we are pretty ruthless about some things we will cover. At the moment, the phone is ringing, as you might expect, constantly from people wanting to come and see us, wanting to hear about us, wanting to partner with us, and we need to make sure we pick the right partners. Otherwise, we could end up in an awful lot of meetings and be very busy, but not actually achieving anything. That's what I'm firmly focused on. Evelyn is firmly focused on making sure we set numbers into the market that are cautious for the next couple of years, that have the growth that we can achieve. My job is to make sure we deliver opportunities that exceed that and that we can make sure we deliver against. Brilliant. There's no more questions, I'm going to end with this one final one, which is: What are you most excited about over the next six months? Which is quite a good one to end on. As we've got three minutes now, we've got time to go around the table. Who gets to start? I'll go last, everyone. I'll go first. Look, from my perspective, a big part of my focus over the last year has been on cost reduction. We've got those plans in place. We've got the teams working to finalize those details. Seeing all of those details come together in a final delivered product is going to be tremendously exciting for me. Okay. You were going to go second. I was going to go second, too. I think, Cap and Floor from a U.K. perspective, I think we're leading the world in long-duration in that respect. I think the announcements of that, as you said, your expectations are during the course of June are exciting. I think having a site up and running operational at the scale we have, the biggest in Europe. It's really exciting to take both banks and customers around that and then through to Cap and Floor. That'd be the biggest sign from my side. Thank you. I will answer, but also a final question has come in, which I think I want to answer as well. What am I most excited about? The biggest frustration for me historically has been knowing the commercial discussions we are having and not being able to be more forthcoming on those. We said before, we are often entirely reliant on what's happening at the customer perspective on a very complicated project to get those across the line. Seeing now that we've started. FlexBase is a perfect example. That was one of the projects I was always referring to, but not by name. Delighted now that we got to the stage where we won that, we can talk about it. That is not the only one that sits there that I'm really excited by. What I'm most excited about the next 6 months is being able to show hopefully some of those coming through. We can't promise that, but I am very excited about what could come through from this. The final question that came through was on future funding. I certainly don't want anyone to think we have ignored that. We have raised capital before. We obviously have some significantly great prospects ahead of us. Adam has commented that BDO looked through from a going concern perspective and they've given us a clean bill of health. We have very supportive strategic shareholders, in both National Wealth Fund, and in terms of the strategic Indian investors we brought in September, and institutional as well. There's a lot of excitement around the business. I am also conscious that there are lots of retail shareholders as well who support us on a daily basis, trading, buying and selling shares as well. We will look to do the right thing by all of those and make sure we do it from a position of strength when we need it. Brilliant. Let's have some questions. Mark, over to you. That's great. Well, look, thank you to everybody for their engagement this afternoon. A tremendous amount of questions, and thank you to the team for your patience and your engagement as well. Ladies and gentlemen, that does conclude today's session. If I could please ask you not to close the webinar because we'll now redirect you so you can provide your feedback in order that the management team can better understand your views and expectations. On behalf of the management team of Invinity Energy Systems plc, thank you for your time this afternoon and enjoy the rest of your day.