My name's Ted Tedla. I am Managing Director in Investor Engagement at Water Tower. Our next presenting company will be Bimergen Energy. Bob Brilon, Co-CEO, will be presenting. Thank you very much. Appreciate everybody being here today. Bimergen Energy, BESS, on the New York American Stock Exchange. We just up-listed in February this year, raised $13.6 million to get qualified. You'll see that equity is going to last us a very long time. I have no idea what I just did. There we are. We are owner, developer, operator of utility-scale BESS projects. What these are is battery energy storage systems. We have 23 projects in development that we purchased in April 2024. These were purchased from our Co-CEO. He owns 25% of the company right now. His name is Cole Johnson. He's still involved with the company. He is also the President, and he's got the 20 years of energy background. Two gigawatts of energy is what this can produce. What that means is each of these projects cost about $125 million to put in the ground. As I said, we raised $13.6 million. As you can imagine, we're not using that money to actually do these projects. We're using other people's money, and we'll show you what that means. Here's the key pieces to the puzzle. You need the development projects, which that's your deal flow. We've got those 23. That'll last us four to five years. We also have additional projects being brought to us now. Now that we've up-listed, we're getting weekly projects brought to us that we can now acquire and put into position without using our own money, actually using financing money. That's the other two pieces here is junior secured and mezzanine debt is one piece of the puzzle that you need. You also need the permanent construction debt. On the junior secured, you need about $25 million of that $125 million. On the permanent, you need $100 million. The ITC monetization partner, that is very important because of the $125 million, you can get up to 50% tax credit. That means that $125 million you just spent on that project, you get $60 million back as soon as it's operational, and that's within about a year. That $125 million you spent now comes down to $65 million. You pay off your mezzanine guy, we own 100% of the project. You have the relationships with the engineering, procurement, and construction. The other most important part down here is the offtake hedge guarantee agreement. That's with somebody like the likes of a Goldman Sachs. Here are the numbers that we talked about. How can you raise $13.6 million, produce over $2 billion in assets, and get to a $400 million of revenue over the next four to five years? It's because you're using other people's money. You're taking your deal flow, you're putting $125 million into each of these projects, getting $60 million back, and then going into annual operations within that year. The other important thing on the other people's money is we actually get $8 million of that from those financing partners for putting that development project into place. What that means for us is this year, our analyst reports show between $15 million and $20 million will be hitting our top line, and that'll be cash also. What that means for us is profitability in year one, just from those development projects being put in place. Once you get to operations, you then have arbitrage revenues of $20 million annually. Again, these aren't numbers that I just make up. These are numbers that, of course, the banks have to sign off on, Goldman Sachs signs off on. We do our original modeling, and then the engineers come in and say, "Yes, this is an area. This is a location where you're going to get $20 million worth of annual arbitrage." Again, arbitrage for us is you put a $125 million asset in place. At that point, you're buying energy, selling energy on a daily basis. You're buying low, selling high, looking for peaks and valleys, doing just like day traders would do, and you're doing this all day long. The important place is location, location. Where do you put these assets? You need to be in a place where there's plenty of power during certain times of day, not enough during others. What we're doing is balancing the grid. We're also helping the consumers, because if we weren't there, those prices would be much higher during certain portions of the day. We're sitting there helping balance the grid, but at the same time not being altruistic about it. We are making that $20 million a year in revenues. As I said, it's important to have a group like Goldman Sachs, because you have that group and your offtake agreement, but they are very expensive. When you have a $20 million revenue, they're going to come in and guarantee $7 million. They're on the hook for it. That's because the bank, the $100 million bank, requires it. Because they don't want to be on the hook for it, they don't want to have any risk in this. It is Goldman Sachs taking all that risk for that first seven years when you have debt. At that point, what Goldman Sachs type agreement would do for us, and it doesn't have to be Goldman Sachs, it can be other commodity traders that do these hedge agreements. What happens is you'll get an agreement where they're going to guarantee a floor of seven. You do 20, they want a 50/50 split. They'll take the $6.5 million as their portion. Then as you can see, that leaves us with a gross profit of $13.5 million and then EBITDA of $11 million on each of these projects. That's how you get to $400 million in revenues when we get these 23 projects in place. The other important part we talked about earlier on is the $8 million we get for each of these projects that we put into a joint venture. As you can see, we have about $150 million worth of value right there. As we put these joint ventures together, you'll see revenues coming onto our top line every year just from the development fees, even before we're in operations. The key part there at the bottom is very important. Each project is financed on its own assets and its own operations. They're all siloed. We have no recourse back to Bimergen on these. When you write this debt with the mezzanine, you write the debt with the long-term debt guy and also with Goldman Sachs or the other hedge guys. You have these siloed, each project is on its own. Our pipeline is 23 projects that I've talked about. Again, 11 of these 23 are actually in Texas, and that's because Texas has a problem. They have a lot of alternative energy, there's times where they actually have to tell the producers to shut down. They have to curtail the actual power that's being brought onto the lines. We're there to take it off at very cheap and put it back when we can sell it at a higher price, help balance the grid for them. Recent developments. Again, we just sold three projects, 120 megawatts, 480 megawatt hours, with a group, Eos Affiliate and Cerberus. We just announced that on May 21st. That's great. We're going to end up with 7.5% economic interest in that. We're going to end up with about $7 million out of that deal of cash to us. That's not our normal deal. When we talk about our normal deals, it's when we talk down here where we did eight projects with True Grid is the supplier. Here when we completed the acquisition on March 3rd of the eight projects, 80 megawatts, we used RelyEZ as our mezzanine debt. We will then pay off RelyEZ on 100% of these projects going forward. The business development process, again, we talked about these are the 23 projects we bought, you go through all the feasibility studies, development process, legal formation, the engineering, interconnection, et cetera. It's important that you get to this point, then you're ready to get the financing in place. That's where we were when we went public. The rising power demand and intermittent renewable supply makes this a very sustainable model. The fact that you've got data centers, you've got AI, everybody chewing up energy, needing more and more of it's expected over the next four years to double. That makes it a very sustainable model for us. Also makes it so everybody does understand why there's going to be $20 million of arbitrage in those certain areas. The deepening duck curve, again, this is just 15 years that they've looked at how the supply and the demand has been getting worse and worse. Our role is to be the power plant. We're plugging into a power transmission. We're plugging into a substation. We don't care where the power generation came from. We're power agnostic. Doesn't matter if it came from solar, wind. We don't even have to be near them because it comes onto the grid. We buy it off the grid, send it right back to the same grid. Our utility company we're working with is our vendor and our customer at the same time. Not any accounts receivable there you have to worry about. The tolling agreement, again, that's what we work with a Goldman Sachs-type company doing this energy arbitrage. Strategic partnerships are where we're getting our initial mezzanine capital. RelyEZ committed $50 million for the first ones. They are a China battery manufacturer of lithium batteries. They have done our first projects. They're moving forward. They expect some to be finished by the end of this year, some in the first quarter next year. They had put $10 million into a joint venture. We've already used about $20 million of their money to move these projects forward. Eos is the one I just announced. They are the zinc bromide battery. We just did a deal with them where they're taking 120 MW of the projects forward that we just did this joint development with them. We also will do additional projects with both RelyEZ and Eos. Gotion is another supplier. Again, it's good they're lithium, but they also have manufacturing here in the U.S. that helps you with your tariffs, helps you with your ITC tax credits. RelyEZ is doing the same thing for us. They're actually starting construction here or starting manufacturing here in the U.S. also for the same reasons. Cox is a joint venture that we're working with. We have a binding LOI. We're doing the definitive agreement now. That was up to $200 million worth of this type capital. The scheduling long-term tolling agreements, I talked about the long-term tolling agreements with the likes of Goldman Sachs, but you also have the scheduling, and that's who's going to buy and sell this energy for you daily. You can have a room of five guys that does the monitoring, use their own algorithms, but instead, we've chosen to go with Tenaska. We really want to de-risk everything we can in this company. They run about 60% of the market. Excuse me. Tenaska will be our group that actually does the buying and selling, and they'll take a small percentage for doing that. On the stats here, it's important to understand on the equipment side of $125 million, $85 million of that would be equipment. That's batteries, interconnections, et cetera. That's really helpful because the banks really like the fact that now they only have a $65 million debt against $85 million in physical assets. Company management, Cole Johnson there, I mentioned earlier, he is the Co-CEO, 25% owner of Bimergen through him vending in his projects, us doing that merger for those 23 projects. Ben Tran is the Executive Chairman. He was the founder out of Newport Beach. Cole and his team are actually in Dallas Fort Worth, where a lot of our projects are. Myself. Cole has 20 years experience in this, so he really understands this industry. Between him and his team, they have what I call priceless relationships. They've had these relationships with the Goldman Sachs types, the Nomura, the different banks that we're working with. Then that's what his team brings with us also. They've done this many times, been in the oil and gas, battery, solar, wind. They've kind of done it all on the energy side. My background as Co-CEO, I'm also CFO, is I've been in capital markets for the last 35 years. I've been doing this, having taken six different companies public, going out, talking about them, making sure people understand what you're going to do, how you're going to do it, and when you're going to do it. Our goal is we're doing a non-deal roadshow. We aren't doing any more deals. We don't need to raise any more equity. This is about just letting people know who we are. We're getting a lot more notoriety lately just because being on the New York really gives you some press when people see that you're moving things forward, as you said you were going to do it. That's our job is to go out, go to different cities, talk to institutional investors. I never expect to walk out and have somebody buy the stock because I talked to them. I expect for them to put it on the radar screen when it hits an inflection point that they like. Say the quarter now is profitable, or this stock now is above $5, or I can see now the run rate to this thing being over $100 million market cap. That's when people will then take a notice and say, "Okay, now I, as an investor, can get in." The balance sheet's very clean. We have $11 million cash and current assets, $35 million total assets because that's got $22 million on there of the actual projects that were paid for with just stock. Do understand, though, as I talked about earlier, those projects have a fair market value of about $150 million on the market. No real debt or accounts payable. Deferred revenue, again, these are some projects that once they hit milestones, you'll see that revenue flow through the P&L probably this year. Current shares outstanding, 7.1 million shares. Pre-funded warrants, 300,000. We just did the deal. One group, Encompass, they had to file. They couldn't go over the limit, so they bought one million shares of the 3.4 million shares that got sold. They're a good group that we've been working with. We did have tradable warrants now at $5. They're trading under BESS.WS. They are five-year, $5 exercise price. Again, it's very clean in that we have no convertible debt. We have no resets. No toxic deals are in this whatsoever at this point. With that, I'll open up to any questions. Yes. I just wanted to check in, double-click on the Cerberus deal that you did to sell those three assets. That's not indicative of the future business model where you're just kind of selling off the, that we're just taking a fee off the development and then selling the economics furthermore? That's correct. That's not indicative. We really are going to end up owning 100% of the assets that we are developing. In this case, we do have a good relationship with them. Really of that, they got one of our 23 assets was at that. The other two assets we actually bought and sold in the same day, simultaneous closing. You're going to see us do that more and more in the future, where we have a lot of relationships, where we know that there's development projects ready to go, and we won't be using our own money. We'll be using financiers' money like we did in that case. We'll get paid for them as we buy them. No, that's not really indicative of how we want to run the business, but because of the relationship, it made sense for us at that point in time. Just a quick follow on that. Yeah. Are you recognizing the development fees as you stated, something around $5 million in development fees that are going to come at certain milestones. Are you recognizing that like this summer or? Yeah, that'll be recognized over this year. Yeah. We've already received half of it, and the other half will be coming probably in the next 60 days. Okay. Yep. Is there something about your battery chemistry that differentiates you from the other players in this sector? Yeah, actually, we're battery agnostic. We don't care. We use lithium. We use zinc bromide. Again, we're using RelyEZ right now on the first project. We're using Eos in the second project. We have relationships with Gotion. We have relationships with Hithium. There are probably 10 manufacturers. The only thing they have to do is check the box for the bank. The bank that's writing the $100 million check to us has to say, "Yes, they are tried and true. It's not an R&D. They'll last for 20 years." That's what's going to be important. Who are your key competitors? Really, we don't look at anybody as competitors. There's other people in the field. What we've seen is there's Fluence, there's many other people that are doing batteries or battery installations. Really, we're the only ones that we've seen so far that it's focused specifically on battery. There's another group, international group called Enlight. Again, I've watched them for the last 18 months. They've grown from $2 billion to $12 billion. They're doing a really good job. Their PE that they're getting for is 50, so they're doing a really good job of what we're planning on doing. I really would like to emulate what they've done because they've done a great job internationally. The revenue and the EBITDA accrues to the equity holders. That comes initially from the project fee and then from revenue you generate on the arbitrage? Correct. Yeah, the development fee will be right up front. That'll be usually over the first year. That'll be the average $7 million-$8 million per 100-megawatt project. The operations kick in as soon as it goes operational, and that's on a 100-megawatt project, you'd be at $20 million revenue, and the bottom line EBITDA would probably be around that $10 million to $11 million. Yes. Do you see the pipeline growing to 2 gigawatts right now? Where do you see that going in 2027? Yeah. Our target is instead of 2 gigawatts, which is what we own, is being at 4 gigawatts. We really want to take that $400 million worth of revenue, at the end of that four to five years to $800 million worth of revenues. Again, it's interesting because people ask, "Well, that's a lot of money. That's going to take a lot of cash." As long as you have the right partners, it works. Because what we're doing is we're giving everybody a piece of the pie. As long as everybody's getting their piece of pie, everybody's happy and smiling. The same thing for our shareholders. They're going to be very happy with what happens to the shareholder value as we keep growing this company. When you scale from two to four, your infrastructure or your FTEs and things like that, it's very scalable, right? You don't have It's very scalable. Like I said, we only have 15 people. We have $2.5 million last year in operating expenses. This year we put between four and five as a budget. Again, as I said, we're bringing in that $15 million to $20 million this year in just development fees. Operations come on next year and we're probably going to be between $20 million and $40 million next year, depending on how much comes operational and how quickly. Again, the ones that are most important for us are going to be the ones that we own 100%. Like the ones we did with Cerberus and Eos, we only own 7.5% of that, so you won't see much of that coming to our bottom line at all. Yes. Are there any issues with supply for the batteries or is it constant, conditional backlog? Fortunately, there was. Two to three years ago, there was a huge backlog. It's catching up now. Because we have preference, because our partners and our strategic partners are actually battery manufacturers, we get preferential treatment. Also we have great relationships with Gotion, which is a large manufacturer also. Hithium, which is down in Texas. We believe we're not going to have a problem on batteries. Believe me, they love getting an $80 million check. Okay. Yep. Yes. I'm actually a shareholder in one of the companies you mentioned, Fluence. Tell me why I should sell that position and buy yours. The only reason I would say you should do that is because if you look at our current valuation and their current valuation, which one has a better chance of going four times? Good answer. Not now, but shortly. Yeah. No, I think Fluence is a good company. They've done well. Yeah, it's done well for me. Yeah. Everything kind of runs its course. Sure You pick them when it's the right time, and you sell when it's the right time. Yeah, no, this is the time to look at ours and look at the valuation, really. We're at that $25 million-$28 million valuation when you can see that we have $150 million of assets that are fair market value that we already own. Then what we can do with this, just using other people's money on how you can take this from almost nothing to There's very few companies that can go public and then have $15 million show up on their revenues that same year and be profitable. We're going to get noticed, and that's what my job is to get out there, make sure that retail guys also notice this, because we like that volume. We want the volume, we want the institutions to be able to get in and get out. We're seeing that now because we've been on the road doing this non-deal roadshow. Again, people get scared because they see us on the road thinking, oh, they're going to do another deal. Not the case. We have no need for additional equity. Right now it's just about getting out, getting the awareness for us. Well, your stock's up 15% today, you're doing pretty good. Oh, thank you. Yeah. No. Since the start of the presentation. Yeah. No, I saw it had a big jump earlier today and was still bouncing around. We like the fact that it does that because it gets eyeballs. Like I said, I just want to get on people's radar screen, have them find out about us, what we're doing, and how it can happen. Great. One more. Go ahead. You mentioned being profitable obviously, how do you see cash burn through this year and next with expanding as your projects come online or? No. Not at all. We already have our team in place. No construction people, no day traders, none of that. It's all third party. Everything we're doing, and again, all that is financed from the $125 million that comes in from debt. We're not having to spend money on any of that. The crew that we have in currently, and that's why we have $4 million to $5 million. I'll tell you, going from $2.5 million last year to $4 million to $5 million this year, a big part of that line item is investor relations. Is doing this, getting out here, spending the time. Again, I've got three different IR firms that I'm working with right now because I'm hitting all different areas. This is the time for us to get known. Thank you everybody for your time.