Hello, this is Craig Brelsford with RedChip Companies. Thank you for joining today's event with Bimergen Energy Corporation, which trades on the NYSE American under the ticker BESS. With us today, we have Robert J. Brilon, Director, CFO, and Co-CEO of Bimergen, and Cole Johnson, Co-CEO. We will begin with a presentation in a moment, and then we will answer your questions. Welcome to everyone joining us today on X, YouTube, LinkedIn, and other social media platforms. To submit your question, we invite you to join us on Zoom. Use the link provided. Once in Zoom, click the Q&A button at the bottom of your window and type your question into the text box. Before we begin, please allow me to read the safe harbor statement. This call may contain forward-looking statements within the meaning of the Private Securities Litig ation Reform Act of 1995. All statements pertaining to future financial and/or operating results, along w ith other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact should also be considered forward-looking statements. Of course, forward-looking statements involve risks and uncertainties. Bob and Cole, if you're ready, please go right ahead. Thank you. Appreciate it. Good afternoon, everyone. It's great to be with you, if you've been here before, and if you're here for the first time. Again, this is Bimergen, and it is ticker symbol BESS, standing for Battery Energy Storage Systems, and that is on the NYSE American. Going to start off today. I'm actually going to flip through some slides here real quickly because I want to get to one that everybody's interested in, and that's kind of an update on our financial just Q2 earnings that just got announced. We're really thrilled with what we were able to bring to bear Q2 earnings and the balance sheet revenues we reported of $7.9 million. That was our first revenues that we've ever reported. That brought EBITDA in at $3.9 million of earnings, so in the net income of 1.6. Again, we have some stock comp and intangible amortization that make up that difference. Balance sheet, we have the cash and current assets at $14.6 million, again, up from our first quarter. Total assets of $38 million. That includes $22 million, or actually now it's $23 million, in our intangible assets for the projects that we purchased back in April 2024. One thing we've talked about in the past, those $22 million worth of projects that we purchased are actually have a fair market value of around $150 million, if you look at what we can sell those into a joint venture for as we're going forward into operations. Again, very little in accounts payable. We have a little deferred revenue there that you'll see come in during 2026. Just also just while we're here, again, our cap table, again, still the same. Very simple, very clean, nothing toxic. No convertible debt. We have 7.1 million common shares outstanding, 300,000 prepaid warrants. Again, that's just because we had one investor in our offering that hit the limit of 4.9%, and they've left themselves that money they've already given us, and they'll change those into common stock as it makes sense. But they're still 100% in our deal, and they've done a 13G filing to prove that. Let's go backwards here, and we will get back to the beginning. Bimergen Energy is battery farms. We are building battery farms throughout the U.S., but we are focused in Texas. The majority of our development projects are in Texas. One of those projects that we came to bear is called Redbird, and it's one that we worked on with Frontier Power USA Cerberus using Eos batteries. They're moving forward with that project, with two other projects that we actually bought and sold to them. We also talk about another eight projects, which are small projects, 10 megawatts, so it's 80 megawatts that we're working with RelyEZ. We'll talk about how those come into play and why RelyEZ would do this with us. Again, RelyEZ is one of our capital commitments. They have $50 million they've committed of this junior mezzanine debt. They do this very strategically. They get about 12% on their money as it's in there for about a year during construction. Then they get paid out during the investment tax credit time period. Investment tax credits are very important to us because we get up to 50%. As I didn't mention yet, but each of these projects, 100-megawatt project, costs about $125 million. Everybody says, "Well, $125 million, you only raised $13 million. How are you going to do this?" We'll show you how we're going to do this. The other thing between is also having the key partnerships in place, and this 100% of our projects is done through project equity, excuse me, project debt financing. Then we'll talk about how an offtake tolling agreement really helps all this work for the banks. Why can't anybody do this if we're using other people's money? It's because you need all the pieces to the puzzle. In fact, since we've gone public and done this uplisting, we've had other developers come to us with projects saying, "Hey, you seem to have all the pieces of the puzzle. You've got the deal flow with your development projects, but you also have the junior and the permanent debt guys that you're working with, the ITC monetization partners, the EPC, meaning the engineering, the procurement, and the construction relationships, and also the offtake hedge guarantee agreements." Again, we've talked about those type agreements. What that is that's a guarantee of revenues. When a bank comes in and says, "Hey, I want to write you a $100 million check, but I need guaranteed payback of my debt and my debt service." T hen you bring in a group, and it's a group like a Goldman Sachs, and let me show you the numbers on that. Here, as I mentioned, we're using other people's money. The other important part is the very last sentence down here in red. Each project is financed on its own assets and operations. Very important. No recourse back to Bimergen. Each project is its own silo. When you take a project to a bank, you say, "Here's this project, it's 100 megawatts. This is what it's going to throw off." As you can see here, it throws off about $20 million a year in the arbitrage revenues. These are not just fake revenues. These are revenues of buying electricity and selling electricity daily. You are buying it low when there's low peak, then you sell it back when there's high peak demand. Again, it's important for location, location. Where do you put your project? You put it where there's alternative energy, where you have plenty of energy during certain times of day and not enough during other times of day. We are there balancing the grid. We are being very capitalistic in doing it, but it does help everybody along the way. We are making sure that all of our partners are getting their piece of the pie. As you can see, the piece of the pie, it's a very big pie. When you have $20 million, you have an offtake guarantee agreement here of $6.5 million. That is what you get, like a Goldman would get there, and it shows the calculations below. They are getting half of your profit above their guarantee. If they guarantee 7 and you do 20, they get half of the 13, so they get $6.5 million. It's a big chunk, but it also de-risks it for everybody. They are taking the risk in that sense. Also, because this project does not take a lot to run, there are no people on site, it's an asset. You are buying and selling energy all day long, powering up your batteries, discharging your batteries, and you are doing that remotely. We actually hire a firm that does this throughout the nation. They own about 60% of the Texas market, and it's called Tenaska. These are groups of guys that use AI as well as historical and predictive modeling to actually know when to buy, when to sell the energy, and make us the best profits doing that. Again, they get a small piece of the pie for doing their piece of the action. As you can see here, as we talked about, a 100-megawatt project is $125 million. Again, we do the ITC tax monetization. We get back down to $65 million after you pay off $60 million. With that $60 million, you are paying off your upfront mezzanine debt. Now we are owning 100% of that project going forward. As you can see, our EBITDA on that project is $11 million. That's when we are using a Goldman-type company to actually be our hedge agreement. If we were not using a Goldman into the process or once the debt is actually paid off, that of course jumps up significantly up to $17.5 million of annual cash flows. Here, I want to show you. We have 23 projects we bought from Cole Johnson and his group back in April of 2024. Cole's our other Co-CEO. He owns about 25% of the company today because of that merger that we did. Again, I have red, green, and yellow because that's the one we have sold the majority of that project to Frontier Cerberus with Eos being the battery supplier. We will end up having 7.5% of that project going forward, as well as the other projects that we've sold in that transaction. I'll talk more about that in a little bit. As you can see here, though, we are very heavily weighted in Texas, and that's because Texas has a need, and we have the solution in putting those battery farms in areas where there's plenty of alternative energy. In fact, there's times when the power companies call and say, "Hey, you need to shut down. I can't take it. There's a traffic jam. I can't take any more energy." That's just wasted energy that we're taking advantage of and really helping balance that grid. The recent developments, again, on August 17th, we announced our quarter. Again, like I just went through, it was a great quarter for us with $7.9 million in revenues. These are the first revenues we've ever reported. We're off to a great start. Again, very cash flow positive on the quarter. Also had great EBITDA and net income. We talked about the projects that we sold back in May 21st. That's what helped bring these August numbers to bear. We talked about the BESS development process and the progress. Again, Redbird is the one that has gone now and through the financing and is headed for construction. The development process is going through the feasibility studies and getting the legal formation done, going through the engineering, interconnection, et cetera. This is what we bought from Cole and his group back in April of 2024. As I mentioned, these are worth between $5 million and $8 million for each one of these, and we have 23 of them. It's around the $150 million mark in market cap or market value. The rising power demand and the intermittent renewable supply is what makes this a very sustainable model. The fact that you have all this energy, but it's being wasted, and we're there to help balance that grid. Again, buying it at a very low price, selling it at a high price on a daily basis, where you can make $20 million doing that on an annual basis. The deepening duck curve is just further showing the sustaining model where it says over the last 15 years, the supply and the demand has been getting worse and worse. Bringing in batteries and this type of energy is very important, and it is balancing the grid. What happened in 2025 was the current administration said, "Hey, we're going to go ahead and put in this investment tax credit for batteries. We're going to continue with it till 2033. Solar and wind, we're going to cut back a little bit, but we're going to actually now take batteries and put it in its own little silo, so it no longer has to be attached to wind or solar. It can be right there on the substation, taking energy off, putting it on," and that's been a great thing for us. The nice thing is both sides of the aisle agree. Both sides of the aisle agree that the current grid needs balancing, and this is the way to do it. We expect this actually to get continued beyond 2033, and it should be something that goes way beyond where we're at right now. Our projects will all be done by about 2030, 2031, that we currently are under way of getting built, but we expect to buy more as we're going forward. Again, I talked a little bit about we are energy agnostic. Where does it come from? Wind, solar? We're not tied to anything. We take it off the substation. So it's actually the transmission lines that we're taking it off, and we're putting it back onto those transmission lines, buying it from that utility company and selling it right back to that utility company. I get the question oftentimes out on the road, why doesn't the utility company just do this themselves? Well, they can't. They can't because of the monopolistic reasons. A utility company can't own batteries, and they can't own a power producer. So they are at where it's a symbiotic relationship that works for all of us. Again, this shows the buy low, sell high model. Talked about the partnerships earlier. Again, having $50 million from RelyEZ. They're a lithium-ion battery manufacturer. They're the first ones that stepped up. We're doing our first projects with them. Again, it's great to have a partner that, again, they're doing it very because it's strategic for them. So committing $50 million, they put, say, $25 million into a project, and then the bank puts in the other $100 million. In this case, they put their $25 million for the upfront construction, getting things going, and really, they'll make 12% on that money during that time. But that's not why they're in it. They're in it because then they will get their batteries purchased by the bank debt. So they'll get about an $85 million check for their batteries. So again, it's a symbiotic relationship. Everybody wins. Eos, they're the ones that are involved with the Cerberus Frontier agreement we just did with Redbird and two other smaller projects. Again, we had a joint development agreement with them. We have that going forward. It's a great relationship. Eos is the zinc bromide batteries. Again, they have their pros about those, the longer life batteries, and they've just been a great partner, and we think we'll do more business with them going forward. It's different than what we're doing with RelyEZ. RelyEZ, we'll own 100% of those projects at the end. On Eos, the current transactions, we're only going to own about 7.5% of those, but we'll get paid out right up front for the development fees and then own the 7.5% going forward, getting cash flows from that. But we talked about also other commitments. We have Cox. We're going through a definitive agreement process with them, and that's $200 million worth of that upfront-type equity, project equity. Then you have Gotion, who's another lithium-ion battery manufacturer that we've worked with, and we also. It's nice to have. There's about 10 guys out there that check the box with our bankers. The bankers have to sign off on your battery manufacturer because they're writing the check. You're not going to be working with any battery manufacturers that are brand-new, new technology, when you're getting $100 million debt from your banker. Talk about the scheduling and long-term tolling agreements. I did talk about Tenaska. Again, that's who's doing our scheduling for us. Again, pushing the button to buy, pushing the button to sell, to load up the battery and discharge the battery back into the grid. Then we talk about Goldman Sachs here, who is doing the tolling agreement. Again, that guarantee of revenues for the bank and us. Case study tip, 100 megawatts. Again, $125 million I have talked about on a project. $85 million that is equipment. So mostly batteries, interconnection equipment, et cetera. But again, the banks like it, the fact that they initially loaned $100 million. They now have been paid down. There is only $65 million against that $125 million asset, and $85 million of that is actual equipment. Company management. Again, Ben Tran is our founder. Started this company back in 2021, when he brought me on board. We did a reverse merger back in 2022 to get OTC, then we did the merger with Cole back in 2024, and that actually really catapulted us forward. Allowed us to go do an SEC filing, get the up listing done here in February of 2026. Cole has 20-plus years of experience in the industry, so oil and gas, wind, solar, and battery. So he brings the team w ith him. So these are the been-there, done-that guys, including Cole. They also come with just extreme relation ships. So when you have guys that have been in this business for this many years, they have people they can call. You do not have a bank writing you a $100 million check unless they have written you a $100 million check before without going through a lot of due diligence. In this case, these guys have done this before with these banks. They have worked with Goldman, they have worked with several different institutions that we will be working with here in the very near future. Myself, I have had 30-plus years. I am the old guy of the bunch. I am the one that has been in this market. I have done six different public companies. Really, it is about now going out and communicating our story, communicating our successes, because we want people to have us on their radar screen. We are not expecting them to buy the stock tomorrow because they hear about it. We expect them to watch us and say, "Okay, gee, I like this. When it goes to $5, I am in. When they hit profitability, I am in. When they hit $100 million market cap, I am in." That is what we want. We want to get on their radar screen, so when it hit an inflection point for the individual wealthy investor or the institution themselves, we want to be on those radar screens. Again, I talked about the earnings and the balance sheet a little bit, then we have the cap table I also talked about. So with that, we are actually happy to take any questions. There was a question that came in earlier that I will go ahead and address. The question was, "Are you going to be raising any more money?" Because they had looked at our financial statements and saw our burn rate. That is what I need to basically clarify. When you look at the financial statements and see SG&A has a certain number, the EBITDA number actually is a better, I guess, reality. Because when you look at the SG&A and you say, "Gee, it looks like you are burning this much money," what you have in there is amortization. You also have stock comp. For us, you have about 3.7 million, I belie ve it was this year, so far of stock comp. If you take that out, you can see that we're only actually on a burn rate of about $4 million to $5 million this year. That's what I kind of said in the past, is we expect that to be in that $5 million cash burn rate. We had some additional fees during the quarter that were actually some legal fees that were pretty much directly related to the sale that we had occur. Again, that was offset by the sale, so we're still very cash flow positive for the quarter. If you look how things are trending for us, there is no reason to go raise additional money at this point. The reason we would raise additional money in the future is if we want to raise money to be our own bank. If we want to be our own junior mezzanine debt funder. At this point, it really doesn't make sense to dilute ourselves or our shareholders to do that, because we just don't have the market cap value that it would make sense. With that, I will turn it over to any additional questions. Thank you, Bob. To submit your question, type your question into the text box that is at the bottom of your screen. You go to the bottom of your Zoom window. You may have to click the More button in some interfaces, and then the text box will appear. You can then type your question and submit it from that text box. Just a comment. "Great business model. I am surprised this stock is range-bound with $150 million in assets, especially with AI energy needs and the run in Bloom Energy. With warrants exerci sable at $5, I hope you can get institutional support or analyst reports to get the stock well over $5 to raise funds with the exercise of these warrants. Keep up the hard work and speak with big energy investors." Anything you'd like to add to that? He said it's just a comment. Yeah. No, I think he's exactly right. I appreciate the comment. We are doing what we need to do, and that's we're staying focused on business. We are obviously getting out there, getting these webinars, doing some local presentations. We'll be at some presentations in the next few weeks in New York. It is about getting the story out there about what our reality is. It's great now to not be able to just go out and talk about what we're going to do, but it's wonderful now that we can talk about what we've done and how we're going to extrapolate upon that. So it's a very exciting time for us. Our stock definitely isn't showing it yet, but we also see that as a positive in that the people that we're talking to now and that are hearing about this, as you know, this is a non-deal roadshow, and we're not raising any money. My hope is that if you get in, you make money, and that's why we're here and making sure people are aware of this. This person writes, "How long will it take to roll out the full portfolio of projects? How many projects per year? Yeah. It's going to take us between four and five years to do all 23 projects. Again, we believe that it's an average of four to five projects a year, is what we're counting on. Again, we're doing that with just what we currently have in-house. I mentioned a little bit earlier that we're having kind of deal flow thrown at us. That could add to what we do during that time period. But we see that we're very capable of taking on those additional projects and getting those done during that four- and five-year project timeline. How much of your pipeline is long duration storage? Can you expand about the project sold to Frontier Power USA? Were those projects already scoped to use Eos' technology? Yes. Again, our projects are various. Some are short and some are long. We don't have a specific percentage right n ow set up. The answer to the second part of the question is yes, those projects were very well suited for the long duration of the zinc bromide Eos batteries. Will all the projects have the same capital structure and terms? The answer to that is definitely not, because it seems like as we go through this, there's a lot of ways to do these different projects. What I mean by that is there's a lot of different nuances to them. There's a lot of different partners that can be involved. We are seeing as we go forward, we're doing what makes the best economic sense. Just like we started out with a project, we're going to end up owning 100% of those 80 megawatts. On the one we did with Frontier Eos Cerberus, that one we're only going to own 7.5%. Again, the way we end up going about this and moving these project forward, and making money for us and our shareholders is really going to be project by project basis. Thanks, Bob. You bet. You describe roughly 2 gigawatts across 23 development stage projects. Where do most of those sit today? Early siting, interconnection queue, or late stage? Yeah, the majority of them actually are in Texas. The 11 that we have in Texas, those are going through. It is exactly what you're saying there. They're in interconnection queue or they're through the interconnection queue ready to go into financing. So they're in various stages because as you can imagine, you don't have all of your proje cts ready to go to financing right now. Otherwise, you'd be able to do all 23 in the first year. Right now, we're bringing them up through the ranks, and having them ready and in queue when we're ready to build those over the next four years. Building even a fraction of 2 gigawatts costs far more than the balance sheet holds. How much of the funding model is project-level capital versus anything that touches the common equity? That's a great question. Back to 100% of our projects are going to be financed through debt or other partners. We aren't using our current equity. We didn't raise equity to go actually build projects because it just doesn't make sense, when you only have $13 million that you raised and it costs $125 million to do a project, you'd run out of money very quickly. That's why we always had this financial engineering set up so that we could go forward and really just have it be what we wanted it to be. That's just having all of our debt partners in place, whether it be the mezzanine junior debt and then also our long-term bank debt. Again, if you tried to do this, you better be very well capitalized. We would have to be a several billion-dollar company having our own bank if we weren't going to do this the way we're doing it, and that's through debt instead of equity raises. Interconnection queues are the bottleneck everyone in storage talks about. What's your average wait and how do you de-risk it? It varies. Again, Cole and his group have been doing this and have been in those queues for several years. That's how you de-risk it, is just make sure you have things ready. Again, these guys have been there, done that. They know the process. They know the individuals. They know the different areas. Like I said, ERCOT is where we have now almost 20 of our projects are in the ERCOT area. So it's important, and that's 20 including the eight that we purchased that are small ones. But 11 of our 23 are in ERCOT, and so that's an area that we're going to be focused on, and that's mostly Texas. So, again, you get into the queue, and whoever's putting that question out there is exactly right. That's a very important aspect, as well as making sure you have the equipment that you need because there are long lead time equipment. You have to have the ideas in place, that when you're going to go into production and when you're going to go into construction, so you have things ready. Can you speak about how current political winds are impacting your business pipeline, fire safety concerns, and NIMBY toward data centers? Texas governor has an energy audit, and PA governor issued his executive order. Are these tailwinds or headwinds? Right now, what we've seen is, especially in Texas, they are pro-business, pro-Battery Energy Storage Systems, and that's because they see it as a need. To count on something else coming along and balancing the grid, you're going to have to spend tremendous amount of money to upgrade your infrastructure. Obviously, people talk about what are the future energy pieces that are going to be coming online. Nuclear, et cetera. Again, we're talking many, many years out. So you need something to put in place to really do the balancing now, and then you can always look at the infrastructure in the future. But as we all know, we've seen it, that over the next four years, the conservative estim ates are that energy demands are going to double. And that kind of answer your question when people talk about AI, data centers, et cetera. They're the ones that are starting to use up a lot of the grid. So when they want to run 24 hours a day and there's not alternative energy there for them to use at night, there needs to be some balancing going on. How should investors think about a quarter like this? Is this a run rate, or is revenue inherently transaction driven at this stage? Definitely inherent. It is transaction driven. Because in those revenues, there's no what I'll call operational revenues where we're not generating any revenue yet from buying and selling energy. That'll come next year. These are good transactional pieces, but again, it's not a one and done. You will see more transactional pieces going forward, because you have to have the transactional pieces to actually flow into your operations. All of our analysts that actually follow us have kind of shown that in their analyst reports that here's what the company's going to do during 2026. They're going to have mostly transactional. These development fees are going to go on to their top lines. Then in 2027, they'll have a mix of additional transactional, but then some operational revenues in addition. Management has referenced a path to roughly $400 million in annual revenue from the pipeline once fully built. What has to go right in sequence for that number, and what's the biggest thing that could take it off the table? It's simple math, really. When you look at 100 megawatts, so 2 gigawatts that we have there, just w hat we own. So just the development projects that we already had in our stable going forward, and you say, "Okay, the average on those is going to be $20 million annual energy arbitrage." That's where you come up with and you say, "Okay, this is $400 million, is what we expect to get to just if we do this over the next four to five years." As I mentioned before, we want to stay conservative. We know we're going to buy additional projects. We believe that number can go way north of $400 million. But $400 million is what we've kind of put out there to the world, and we want to hit that target and beyond. Thanks, Bob. Reminder, if you wish to reach the Bimergen Energy team, do so by writing a question in the Q&A box that is at the bottom of your Zoom window. After the Q2 receipts, what is the cash position and runway before any new capital is needed? I know you mentioned raises, but if you want to. No, again, the cash is north of $9 million is what is on the cash balance sheet as of June 30th. And actually it will go up from there because we have another $2.5 million that is in accounts receivable from the project that we sold. We expect to get that here. Again, when that project hits NTP status, and that is on the project construction. It is on Cerberus and Frontier to actually move that project forward, and then we will get that payment. When we are only burning, I say, 1.2 to 1.5 quarter in actual just operating expenses, then you can tell we are not burning through cash. It is actually a very cash flow positive position right now. We are not going to need to go out and raise any additional capital for our operatio ns. You are working with Eos Z3 long-duration batteries on the sold projects. Why long duration, and how do chemistry choices affect what buyers will pay? I'm not sure what they're saying about buyers, but at this point, we're working with the long duration when it makes sense for the project. In this case, obviously it was Eos's group of Frontier and Cerberus that purchased these projects, are going to construct these projects and had chosen the long-duration batteries because actually where they were going to be put, and that's just outside of Houston, it made a lot of sense of how those were going to be used, how those were going to be needed. So, it's working very well for what they need in that sense. It is showing up more than less right now that there are a lot of long-duration battery needs throughout Texas. So we're very, very happy to have the relationship with Eos, and the Frontier Cerberus Group. The February offering raised $13.6 million at $4 with warrants attached, and BESS.WS trades separately. How should shareholders think about the fully diluted share count from here? Really the fully diluted, you've got 7.1 that are actually outstanding. You've got the 300,000 that are in essence paid for. So you've got 7.4 of diluted or of actual stock pretty much outstanding. Then the other is the 3.6 million of warrants. Again, those are exercisable at $5 for five years. Then you've got some options that are out there just pretty much to key management. So fully diluted, I think last time we looked at it's about 13 million shares fully diluted, but again, you're going to bring in an average of $5, between $4.50 and $5 per share on those that aren't yet sold. So, you really go from that 7.4 million up to the 13 million. You are going to bring in a substantial amount of money when you bring those in also. What are the two or three milestones between now and year-end that investors should hold you to? Really it's going to be additional transactions. You're going to see additional transactions come from us that will be cash flow positive. We will make those announcements as they occur. The other pieces will be bringing on additional long-term debt providers. These are partners that we've been working with and we look to be able to announce those by the end of the year also. Then, like I said, we have offtake agreements. You don't need offtake agreements in place until you're actually getting close to operations. Again, we expect to be able to announce those offtake agreements by the end of this year. A lot more is about our partners that we're being working with, both on the financial side. You also have more construction EPC people that you'll hear about that we're working with. It's just the whole litany of what it takes to move projects forward and get them operational. Those are the milestones you want to hear from us. You sold three projects but kept a 7.5% equity stake c arried at just $500,000 provisionally. What determines what that stake is ultimately worth, and when would it get revalued? Yeah. What it takes is an independent third party will be going through that valuation. Again, it's not just a simple math, here's what it is. When you're dealing with a public company and having to go through audits, we want to make sure that we bring in the right math. Because again, when you were talking about this, you're looking at it and saying, "Hey, this is going to do about $20 million for just the one project. We got these other two projects here. Gee, maybe this is going to do about $24 million a year in annual revenues. What's it going to go through to the bottom line? If it does what we expect it to do, here's what it's going to throw off." That's all taken into account doing discounted cash flows. But you have to have an independent third party do that valuation. When we are doing that, we also have the third project that actually closed in the third quarter. We will be looking at doing that adjustment in the third quarter, looking at what the actual value is of all three of those projects, plus any other projects that we might sell and keep an ownership part in. What made these pro jects attractive to an institutional buyer? What does a counterparty like that diligence before closing? Really, it is just the location. It is location, location. Is that location going to generate annual arbitrage? Can they buy and sell energy from there and make a nice profit? That is what any project you look at is, and that is the due diligence you go for. You are also looking for any issues. We have gone through this. Cole and his group have scanned these and made sure they were good projects going in. But when we get brought projects to look at, and we are doing due diligence on those projects, we are doing the same thing. We are looking at it. Okay, let us see what it is going to generate. Let us also make sure that the construction is going to be okay. We are not going to have a problem during construction. The permits are already on their way. There is not going to be a hiccup there. It is all the pieces to the puzzle you have to bring together. That is why these institutions came forward, looked at our projects, and said, "Yeah, okay, these are great." Because Cole and his team did a great job of having them ready to go. The buyer platform is affiliated with Cerberus. Is this a one-off sale or the beginning of a repeatable channel? Are there more projects in their pipeline review? Again, a lot of that is in the details. You will hear future releases. One thing you can look at, it is in our public filings, is we do have a joint development agreement with them. We do have an agreement to do additional. There is a structure there. If we want to do additional transactions together, it is already set up. It is not a one-off. It is not a you got to redo this every time. There is actually a structure in place so we can continue working together for many years. The Aggreko portfolio you acquired in March, 79.2 MW in ERCOT South, had five projects targeted in service late this year. Are those on schedule? Yeah. Right now, those are on schedule. We will have more of an update as we get towards the end of the year. We have already announced that we have put out the construction contract, so it has been going through that process. Again, when they actually become operational, we will have a better, I guess, gauge of that by probably the end of this quarter. How does the RelyEZ joint venture work? What do they contribute? What does Bimergen keep? The RelyEZ, they contribute money up front. It is a loan, really, into the joint venture, and then at the end of the construction process, we get to buy them out through the tax equity event, and that tax equity event then takes care of it so that their junior debt is 100% paid off, and they get 12% for that debt. Then at that point, they can take those funds and put them into another project. It is set up for a very simple They of course get their $80 million check for their batteries in that project from our bank, from the financial institution that sets up to do the actual buying of the batteries near the end of the construction part. But we end up being a 100% owner in those. Okay. Thanks, Bob. How do interest rates affect your business? Just like they affect anybody's business. I mean, interest rates cost you money, especially when you are doing debt. If the interest is higher, then we are going to pay more interest and the debt service will be a little higher. But as you can see, the interest here is not a huge piece of this, because there is a lot of margin that is available. So it will not in any way be cataclysmic if there is a couple points interest rate rise. It really is just another piece that you just have to lower your profit estimates. But still, there is a lot of margin here to play with. Give everyone another few seconds to think of any more questions they may have for Bimergen. While we're waiting, again, I just want to thank everybody for being on. We want everybody to know this is a non-deal roadshow. We're not out trying to raise money, and at this point, with our stock having dipped down a little bit here over the last couple weeks, I'd love for everybody to make some money in this. We love making a bank and that bank of people that are happy, that get in low. Again, I'm not saying hold it forever, because that's why we buy stocks. We all buy stocks and sell stocks to make money. There's an opportunity here, and I hope you take advantage of it. Thank you, Bob. For more information on Bimergen Energy, reach us at 1-800-REDCHIP or email us at bess@redchip.com. Please visit the information page created by RedChip for Bimergen Energy. It's bimergeninfo.com. There, you can view and download the investor presentation and fact sheet, and sign up for news alerts on Bimergen. Watch Small Stocks, Big Money, RedChip's program featuring exciting small cap companies every Saturday at 7:00 P.M. U.S. Eastern on Bloomberg TV, and every Sunday at 11:00 A.M. U.S. Eastern on CNBC. Finally, join RedChip's next webinar with Virax Biolabs Group on Tuesday, August 25th at 4:15 P.M. U.S. Eastern. Register for all RedChip webinars at redchip.com/events. Thanks again to our many participants today, and thank you, Bob and Cole. Thank you. Thanks, everyone.