Latest news with #ThomasSpeidel
Business Wire
27-05-2025
- Automotive
- Business Wire
ADS-TEC Energy Expands Into Austria - First Major Orders Already Secured
NÜRTINGEN, Germany--(BUSINESS WIRE)--ADS-TEC Energy (NASDAQ: ADSE), a global leader in battery-based energy storage and fast-charging systems, today announced the incorporation of ads-tec Energy Austria GmbH. With its new presence in Austria, the company is not only expanding its footprint in the DACH region (Germany, Austria and Switzerland) but creating the foundation for more comprehensive customer support services across Central and Eastern Europe. The new entity in Austria brings ADS-TEC Energy's innovative strength directly to the market with faster response times, local expertise and tailor-made solutions Share As part of its international growth strategy, ADS-TEC Energy established its sales and service company in Austria in April 2025. The new presence in Austria, located in Kötschach-Mauthen, not only expands the company's market position in the DACH region but also creates the basis for more in-depth local customer support. ADS-TEC Energy Austria received its first order soon after its foundation: A framework agreement with an Austrian utility company for three large battery storage systems, each with a capacity of 5 MWh. This was accompanied by an order for a fast-charging EV system for the Austrian market. The first storage system is scheduled for delivery at the end of 2025 / beginning of 2026. 'The establishment of our Austrian entity is a strategically important step to be closer to our customers to make our technologies directly available locally. The fact that we are already experiencing such strong customer confidence in the first few weeks demonstrates the high demand locally for high-performance storage and charging solutions,' highlights Thomas Speidel, CEO and founder of ADS-TEC Energy. 'With this new company, we are creating a presence near our customers in Austria and sending a clear signal for long-term partnership and reliability. We are bringing our highly scalable storage and fast-charging solutions directly to the market – optimized for the requirements of modern grid integration, balancing energy and load management,' notes Roland Klauss, CEO of ADS-TEC Energy Austria. The new entity in Austria brings ADS-TEC Energy's innovative strength directly to the market with faster response times, local expertise and tailor-made solutions for an increasingly decarbonized energy landscape. ADS-TEC Energy offers comprehensive solutions in the field of energy storage, fast charging infrastructure and intelligent system integration. Customers benefit from flexible business models, a high level of technological expertise and a deep understanding of the market. About ADS-TEC Energy Based on more than ten years of experience with lithium-ion technologies, ADS-TEC Energy develops and produces battery storage solutions and fast charging systems including their energy management systems. Its battery-based fast-charging technology enables electric vehicles to charge ultra-fast even with weak power grids and is characterized by a very compact design. The company, based in Nürtingen, Baden-Württemberg, was nominated for the German Future Prize by the Federal President and was included in the "Circle of Excellence" in 2022. The high quality and functionality of the battery systems is due to a particularly high level of in-depth development and in-house production. With its advanced system platforms, ADS-TEC Energy is a valuable partner for car manufacturers, energy supply companies and charging station operators.
Yahoo
27-05-2025
- Business
- Yahoo
ADS-TEC Energy Expands Into Austria - First Major Orders Already Secured
NÜRTINGEN, Germany, May 27, 2025--(BUSINESS WIRE)--ADS-TEC Energy (NASDAQ: ADSE), a global leader in battery-based energy storage and fast-charging systems, today announced the incorporation of ads-tec Energy Austria GmbH. With its new presence in Austria, the company is not only expanding its footprint in the DACH region (Germany, Austria and Switzerland) but creating the foundation for more comprehensive customer support services across Central and Eastern Europe. As part of its international growth strategy, ADS-TEC Energy established its sales and service company in Austria in April 2025. The new presence in Austria, located in Kötschach-Mauthen, not only expands the company's market position in the DACH region but also creates the basis for more in-depth local customer support. ADS-TEC Energy Austria received its first order soon after its foundation: A framework agreement with an Austrian utility company for three large battery storage systems, each with a capacity of 5 MWh. This was accompanied by an order for a fast-charging EV system for the Austrian market. The first storage system is scheduled for delivery at the end of 2025 / beginning of 2026. "The establishment of our Austrian entity is a strategically important step to be closer to our customers to make our technologies directly available locally. The fact that we are already experiencing such strong customer confidence in the first few weeks demonstrates the high demand locally for high-performance storage and charging solutions," highlights Thomas Speidel, CEO and founder of ADS-TEC Energy. "With this new company, we are creating a presence near our customers in Austria and sending a clear signal for long-term partnership and reliability. We are bringing our highly scalable storage and fast-charging solutions directly to the market – optimized for the requirements of modern grid integration, balancing energy and load management," notes Roland Klauss, CEO of ADS-TEC Energy Austria. The new entity in Austria brings ADS-TEC Energy's innovative strength directly to the market with faster response times, local expertise and tailor-made solutions for an increasingly decarbonized energy landscape. ADS-TEC Energy offers comprehensive solutions in the field of energy storage, fast charging infrastructure and intelligent system integration. Customers benefit from flexible business models, a high level of technological expertise and a deep understanding of the market. About ADS-TEC Energy Based on more than ten years of experience with lithium-ion technologies, ADS-TEC Energy develops and produces battery storage solutions and fast charging systems including their energy management systems. Its battery-based fast-charging technology enables electric vehicles to charge ultra-fast even with weak power grids and is characterized by a very compact design. The company, based in Nürtingen, Baden-Württemberg, was nominated for the German Future Prize by the Federal President and was included in the "Circle of Excellence" in 2022. The high quality and functionality of the battery systems is due to a particularly high level of in-depth development and in-house production. With its advanced system platforms, ADS-TEC Energy is a valuable partner for car manufacturers, energy supply companies and charging station operators. More information at: View source version on Contacts MediaFor ADS-TEC Energy Europe: Dennis MüllerSVP Product Marketing & Communicationpress@ For ADS-TEC Energy United States: Barbara HaginBreakaway Communicationsbhagin@ +1 408-832-7626
Miami Herald
16-05-2025
- Business
- Miami Herald
D. Boral Capital Acted as Exclusive Placement Agent to ADS-TEC Energy (Nasdaq: ADSE) in connection with its up to $50.0 Million Registered Direct Offering
Transaction Highlights: Secured aggregate gross proceeds of up to $50 million from leading institutional investors, consisting of $50 million senior secured convertible note due 2028 to be provided in two tranches of $15 million and $35 capital to drive growth in Europe and North America, supporting long-term revenue-generating infrastructureExpansion into full-service provider model, enabling multi-revenue streams including ultra-fast charging, energy trading, and advertisingExclusive projects secured at over 300 locations across Germany, with international rollout underwayCompany expects significant recurring revenue starting late 2025 into 2026The transaction was fully subscribed, and the subscription period has concluded. The offering closed on May 2, 2025. NEW YORK CITY, NY / ACCESS Newswire / May 15, 2025 / On May 1, 2025, ADS-TEC Energy (NASDAQ:ADSE), a global leader in battery-based energy storage and ultra-fast EV charging solutions, announced it has secured up to $50 million in growth capital from well-recognized institutional investors. The proceeds from the offering will be disbursed in two tranches - $15 million in immediate proceeds available to the company and $35 million to become available upon the setup of a controlled account - and will fuel the company's strategic expansion across Europe and North America. The transaction was fully subscribed, and the subscription period has concluded. The offering closed on May 2, 2025. "We believe this funding is a strong validation of our long-term vision," said Thomas Speidel, CEO of ADS-TEC Energy. "We expect to deploy these proceeds in a manner that will allows us to take a significant step forward in transforming our business into a vertically integrated, full-service provider. Not only expanding our physical footprint-but building a sustainable, recurring revenue model with long-term value for our customers and shareholders." ADS-TEC Energy has established itself as a provider of high-performance, decentralized, battery-based platform solutions tailored for B2B customers. Its offerings span hardware, proprietary software, service-level agreements (SLAs), and smart features-all developed and manufactured in-house. These SLAs are intended to ensure uninterrupted infrastructure performance over decades, providing reliability for customers and consistent revenue streams for the company. With the new capital, ADS-TEC Energy plans to evolve its business model to include full project delivery-covering financing, installation, commissioning, and long-term operation of charging assets, energy optimization and trading software, and digital advertising platforms. This 360-degree solution is being deployed across exclusive locations such as supermarkets, convenience stores, DIY retailers, and gas stations. "Until now, ADS-TEC focused on supplying our proprietary ultra-fast charging technology to B2B customers like oil and gas companies, retail chains, and fleet operators," said Stefan Berndt-von Bülow, CFO of ADS-TEC Energy. "Our expanded model introduces an opportunity to achieve a robust, multi-year recurring revenue structure that enhances visibility, predictability, and overall financial strength. We already have multiple international projects in motion." Among those projects is a pipeline of more than 300 sites in Germany where ADS-TEC is expected to have exclusive deployment rights for its ChargePost platform. Revenue from these sites is expected to ramp up beginning in late 2025 and into early 2026. Monetization is expected to stem from energy trading, super-fast charging, and advertising, all managed directly by ADS-TEC. The expected net proceeds of up to $47.2 from this offering will be used for general corporate purposes. Such purposes may include working capital, capital expenditures, repayment and refinancing of debt, the acquisition of companies, businesses, technology or other assets. D. Boral Capital LLC acted as the Placement Agent for the offering. Reed Smith LLP and Arthur Cox LLP acted as counsel to the Company, and Paul Hastings LLP acted as counsel to the Placement Agent in connection with the offering. A registration statement on Form F-3 (File No. 333-284850) relating to these Securities was filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective on March 26, 2025. Copies of the registration statement can be accessed through the SEC's website free of charge at The offering was made only by means of a prospectus supplement and an accompanying prospectus. A prospectus supplement and the accompanying prospectus related to the offering were filed with the SEC on May 1, 2025 and are available free of charge by visiting EDGAR on the SEC's website at This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under applicable securities laws. Further details, including full terms of the financing, can be found in the Company's Form 6-K filed with the U.S. Securities and Exchange Commission. About ADS-TEC Energy Based on more than ten years of experience with lithium-ion technologies, ADS-TEC Energy develops and produces battery storage solutions and fast charging systems including their energy management systems. Its battery-based fast-charging technology enables electric vehicles to charge ultra-fast even with weak power grids and is characterized by a very compact design. The company, based in Nürtingen, Baden-Württemberg, was nominated for the German Future Prize by the Federal President and was included in the "Circle of Excellence" in 2022. The high quality and functionality of the battery systems is due to a particularly high level of in-depth development and in-house production. With its advanced system platforms, ADS-TEC Energy is a valuable partner for car manufacturers, energy supply companies and charging station operators. More information at: About D. Boral Capital D. Boral Capital LLC is a premier, relationship-driven global investment bank headquartered in New York. The firm is dedicated to delivering exceptional strategic advisory and tailored financial solutions to middle-market and emerging growth companies. With a proven track record, D. Boral Capital provides expert guidance to clients across diverse sectors worldwide, leveraging access to capital from key markets, including the United States, Asia, Europe, the Middle East, and Latin America. A recognized leader on Wall Street, D. Boral Capital has successfully aggregated approximately $30 billion in capital since its inception in 2020, executing ~350 transactions across a broad range of investment banking products. Cautionary Note Regarding Forward-looking Statements This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include statements regarding the delivery and installation of the PowerBoosters, our expectations with respect to future performance and the anticipated timing of certain commercial activities. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: the impact of the COVID-19 pandemic, geopolitical events including the Russian invasion of Ukraine, macroeconomic trends including changes in inflation or interest rates, or other events beyond our control on the overall economy, our business and those of our customers and suppliers, including due to supply chain disruptions and expense increases; our limited operating history as a public company; our dependence on widespread acceptance and adoption of EVs and increased installation of charging stations; our current dependence on sales to a limited number of customers for most of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of EVs or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; supply chain interruptions and expense increases; unexpected delays in new product introductions; our ability to expand our operations and market share in Europe and the U.S.; the effects of competition; changes to battery energy storage standards; and the risk that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under "Item 3. Key Information - 3.D. Risk Factors" in our annual report on Form 20-F filed with the Securities and Exchange Commission (the "SEC") on May 12, 2025, which is available on our website at and on the SEC's website at Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law. For more information, please contact: D. Boral Capital LLCEmail: info@ +1(212)-970-5150 SOURCE: D. Boral Capital
Yahoo
13-05-2025
- Business
- Yahoo
Full Year 2024 Ads-Tec Energy PLC Earnings Call
Dennis Müller; Senior Vice President - Product Marketing; Ads-Tec Energy PLC Thomas Speidel; Chief Executive Officer, Director; Ads-Tec Energy PLC Stefan Berndt-von Bülow; Chief Financial Officer; Ads-Tec Energy PLC Dennis Müller Welcome to our today's earnings call. My name is Dennis Müller, and I'm responsible for product marketing and communication at ADS-TEC Energy and will guide you through the event. Within the next 20 to 30 minutes, Thomas Speidel, CEO of ADS-TEC Energy; and Stefan Berndt-von Bülow, CFO of ADS-TEC Energy, will announce the company's audited financial results for the full year 2024. (Event Instructions) The presentation includes forward statements within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995, and you'll find the detailed disclaimer within the presentation that will be available on the company's website after this event. And with that, I will hand over to Thomas Speidel. Thomas Speidel Yeah. Thank you, Dennis. Dear ladies and gentlemen, dear investors, thank you for joining today. Let me just go to the agenda. We have prepared today to present a review of the full year 2024, about how we want to strengthen the partnership with our existing and new customers and what we believe can be done in further and accelerating revenues, especially recurring revenues, and we want to present our strategy for Europe and North America and after that, I will hand it over to my colleague, Stefan, the CFO who will take you through the financials and then we will sum it up and be open for Q&A. Let's go to the review for the full year 2024. First of all, I'm really pleased and happy to say that first time ever, we can announce a positive cross profit and also a positive adjusted EBITDA for the full year. And that is what we said and so we are happy that we have been able to deliver that. Also, prediction of what we always said is that service and recurring services will get more and more important. And so we can see that last year, the service revenues almost tripled to EUR5.6 million. It might be not the very highest number, but it's growing and it's significantly growing and so we always explain that we start with hardware with the eco-platform and then with the hardware and the operation services will come in. We have, last year increased our customer base by so more than 200%, so more than doubled to 55 customers across Europe, US and Canada. Customer in this case means that they have ordered from ADS-TEC and at least got the first units from ADS-TEC. We are focusing on a long-term resilient business model and we explained that several times, we are not a charging company. We are convinced that flexibility, especially digital managed flexibility will play a big, big role in the future, and that is what we are driving forward and charging is one of the things we are doing. And so we mentioned that multi revenue streams based on proven technology is important, and that turned out and is more and more turning out to be true. Here we see some pictures from the US with the charge box, which is well known, but also here you see that big storage systems are playing a role and I will come to that later. And, also the awards we got which shows that we are on the right way also from the technology and from the strategy side. Important for us is to strengthen the partnership with our -- first of all existing but also new clients. That is key for us and, we do everything to help and support our customers and partners because based on our ecosystem, based on our technology, they can operate their own business. We always said that we have a platform and our customers, our clients, our partners can run their own business models on our ecosystem and we are serving with services which are physical or digital. But, and we have announced that by the end of the year, we will also accelerate the business by recurring revenues, and that is what we want to explain again here. Based on 2024, we all know that the market has been volatile. Everybody knows the news about charging then EVs went down. We had the election in the US and it was unclear what to come but nevertheless, we said, okay, it's a long term focus and we have to concentrate also on the margin improvements and that is what led us to the results which I showed at the beginning. So profitable growth was important for us in the last year. And also, that we want to focus on continuing with the partnerships with the current customers, but also with new ones and the new business model. Realizing new opportunities, as mentioned, we do that with existing but also new customers, and we will act now as a full service provider to realize complete infrastructure projects. So besides our partners and customers who are running and operating the systems themselves, customers came and said, we can provide you sites and please operate and on the sites and do it for us, and that is what we have started by end of last year and which we have communicated already. One thing which is also coming back, if you know ADS-TEC from the beginning, so C&I commercial industrial and also utility scale battery projects have been very important for us and at the beginning, so we are getting back on track here. We mentioned that already over the last years, first with the big projects as a Porsche and the battery-based superchargers we concentrated on that, but now we're getting back also on the big storage projects. So in 2025, we will develop large scale best projects. We also have improved momentum in North America, and for example, that's also public already. We want new customers such as the corporation Parkland, which is a big customer, not only in Canada but also in the -- with potentially in the US. The strategy, still we believe that ability to act is key, only if you can control the whole stack, the full stack, then you play a role and you can adjust your business model or the business model to the latest regulations and to the specified markets. This is based on the 10 plus years of experience we had and also continuous focus on innovation, which is still a key in ADS-TEC. We see that here the 360 degrees, we call it on the left side, that is what is well known, so we want to control and we control the hardware, the software, and also the services, including all the digital services. And now on the right side we started in -- on a project based the own and operate business, so we will finance the sites, we do the operation, the installation, commissioning, and then get the whole revenue stream into the company which is then the multi revenue case, which means charging, energy trading, and of course, advertisement. Here's some screens, some examples where we can see the charge post. The charge post is the first unit where we can combine ultrafast charging without expanding the grid, so we save the expansion fees, we avoid demand charges and high power rates, but in addition, we get revenues from energy trading and also from advertisement. I just mentioned the renewed focus on C&I. So C&I stands for commercial industrial, but here also utility scale. Large scale systems are more and more getting popular. We can, or you can see that also in the news, that's in the international thing and we have developed a pipeline, and one is one of the largest best projects in Europe. We have currently being planned and we have applied for the grid access. You see the number it's more than 500 megawatt and 1 gigawatt hours. So the request or the required land has already been secured exclusively for us, for ADS-TEC Energy, and we have already applied for the grid connection to the TSO. So we expect that the project, can start already during 2025. And also for the best projects are coming in and, are under development right now with our team. With that, short survey, I want to hand it over to Stefan, who gives you more insights into the financials. Thank you. Stefan Berndt-von Bülow Thank you, Thomas. So taking a closer look to the financial 2024. So the company achieved a revenue of EUR110 million for the full year 2024, compared to EUR107.4 million in 2023. It missed market uncertainties, ADS-TEC Energy was able to exceeded its previous year revenue, roughly 2.5%, while growing the customer base more than 200% to 55 customers across Europe, USA, and Canada. In late 2024, the company effectively mitigate and resolved risk from a major customer, business difficulties by acquiring nearly all the affected and customers directly, which was a significant success for the company. Worthwhile to mention -- Thomas already mentioned it, that we were able to almost triple our service revenue from EUR2 million in 2023 to EUR5.6 million in '24 due to the growing base of installed fast charging solution units. As also already mentioned by Thomas, it's the first time ever that the company can report a positive gross profit and positive adjusted EBITDA for the full year 2024. This was mainly possible because we were able to reduce the cost of sales by 80%, so to minus-EUR90.6 million. This results, as already mentioned in the first time, positive full year cross margin of EUR90.4 million, which is 70.7% for the full year. This is a significant improvement to minus-EUR9.2 million or 2.7% in 2023. The improved gross margin could be mainly realized due to the reduced material cost and also to higher margin. So the focus in 2024 for ADS-TEC was really on a cost reduction base. This also then operate results in an operating result of minus-EUR8.6 million, which was a significant improvement by EUR35.9 million compared to minus-EUR44.5 million to the previous year. Similar, the adjusted EBITDA could also significant increase from minus-EUR38.1 million to positive EUR2.2 million. It's really important to mention here that the adjusted EBITDA only includes share-based payment and not as in the previous year reported share-based payment plus write down on inventories -- sorry, inventory write downs are not included in more in the adjusted EBITDA. The cash and cash equivalent ended by EUR22.9 million in the end of December. The operating cash flow was significantly improved from EUR20.7 million to EUR16.3 million this year. This is an improvement of EUR4.4 million. Taking into account that in 2023 in the -- it was not included in the operating cash flow, they capitalized R&D of EUR7.6 million, which was shown under investment due to IFRS rules. The year to year real comparison would be an improvement of EUR12 million on the operating cash flow. To sum this up, we have proven and highly recognized technology. We won several awards in 2024, starting with the German Innovation Award, the Green Product Award, German Environmental Award, and the Red Dot Award. ChargeBox and ChargePost have been proven by real operation data from clients. Exceeding customer experience due to the very high utilization rates, which is a result of the proven and performing technology. This technology was developed for more than one decade. As a CFO, I'm basically super proud of the strong financial basis of the company. First of all, as already mentioned, we achieved the first time ever positive gross profit and positive adjusted EBITDA for the full year. In addition, the company was able to secure a convertible note in the aggregate principal amount of EUR50 million in the beginning of May, to be exact on the May 1. In addition, we extended our existing shareholder loans for one for a year until August 31, and we can use this as a credit line, which gives us additional EUR25.6 million -- sorry. In total, the company then has enough financial resources and ability to extend its business and invest in operating own units and changing or extending the business to this own operation. The further growth strategy, as Thomas already mentioned, we will strengthen our partnership with existing and new customers. We want to invest and accelerate in recurring revenues. We grow our customer base from more than 200% to 55 customers across Europe, USA, and Canada. We will remain focusing on resilient business model backed by long-term multi-revenue and proven technology. And also, as already mentioned, we were able to triple our service business, and driven by the growing install base and this will not stop in 2024 with the increased install based, the service revenue is expected to further growth. With that, I close it and go to the Q&A session. Dennis Müller Thank you very much, Thomas. Thank you very much, Stefan. Now, again, from my side, you will have the possibility to send us your questions via this Q4 platform. Let's start with the first question. I think that's one for you, Thomas. What are some challenges and opportunities for companies like ADS-TEC? Thomas Speidel Yeah, thank you for the question. So the opportunities, I think they are still the same, so we see the transformation is ongoing and it will not stop. We see that worldwide, even if we are concentrating now on Europe, North America. So the opportunities are the same. And even what we see now is that EVs are coming back. Now we saw that last year, it was a little bit going down. Now we see that it come back. So we don't have any hints that the transformation can be stopped. That's a very important thing. And so flexibility will be key. Not only the renewables with photovoltaic, and also wind and others, but also on the consumer side, on the demand side, we see more and more need for flexibility, and that is why also the large scale battery storage comes in more and more. We see that flexibility gets prices and it's a highly regulated market. So and that is maybe something about the challenges. So we are facing a very, diverse situation. So not even Europe, but even Germany it's just one reaching, it's split up in many units and it's split up in many different regulated zones, and now ADS-TEC comes into place, ability to act, I'm mentioning all the time. That is why it's so important because we can adjust the system, the operation, the software to the local needs, and it's not just having one component in a container and ship it from wherever to Germany or to Europe or to the US. It's about the whole scope and it's an end to end business and it's not for 3 years, it's for 10 years or even more. And so the opportunities are still the same and the challenges, I would say they are opportunity for us because we can manage the challenges by following the demand and by having the ability to act. Nevertheless, we saw also some difficulties in the press and the news, so charging in some segments was under pressure and we see that as well. We see that some customers are having delays in installation that the market is, I would say paused a little bit in some regions, but the overall red line is still the same. Dennis Müller Thank you very much. There's another question, not the same, but it could be one addition to that. How do we see the competition with regard to the large corporations in the same business? Thomas Speidel Well, what are the large corporations in the same business? We are not a utility. We never want to be a utility. We are serving utilities in the big companies, so we see ourselves rather in the second row by being a very strong partner and now with the expansion of our business in owning and operating the units and taking care about the very complex operation model. That is our business and we are not trying to be the Google for the next energy system because we believe that it's more decentralized, it's more a case by case. I always said it's like a fingerprint, so we are not seeing corporations where we could say the winner takes it all, but, rather see who can enable others to participate in the business and therefore you need the technology. That's what we do. It could take a little bit longer because that's very complex and please realize that also regulation and politics are playing a big role. We see that now last year we lost our government in Germany before the regular election time ended and we have a new government in the US and with these changes, you always get impact on the regulation. This is also an opportunity for us, but it may slow down also some of the integrations and to answer the question, we don't see that there is one big player, rather the big ones are looking for companies like us who are able to help them and to support them on the long run. Dennis Müller Great, thanks a lot. There is another question regarding the large scale best project. Can you provide some view on the financials for the large 500 megawatt project, who has this been signed with? Thomas Speidel It's not signed. As I said, it's under development. So what we did now, and that is how you do the business. So we want to -- we do not want to sell just batteries to somebody who is taking the role as an EPC and operating the units. In this case we are developing the project ourselves. And the first step of doing that is that you have to secure the sites. And there is no project without sites and the sites have to be close to a grid access, which is strong enough. And so that took some months now to get that done. And this first step, we have closed now, so we have access to the sites and the next steps will be that the application for the grid access can be fulfilled, and if you are in this business, then you know that can take some month. So we expect that during 2025, we would get that second very important step being closed, and then the next step will be, then talking about the financials and of course, we will then communicate the details also with potential investors because as you can imagine, these kind of projects have a high demand for CapEx and they are running for more than 10 years now. And so that's a long-term business and so we believe that it's very important for ADS-TEC to be in that market. We have been there, remember 2015, we have been the first commercial-- we get the first commercial frequency regulation power plant as an EPC ADS-TEC provided that to Starcraft, which is a Norwegian utility, a huge one, and that's up and running until today. And we have some 100 megawatt hours installed based in different applications and we want to continue also in this business, which is also flexibility and flexibility is not just charging, flexibility is everything also in the big scale. Dennis Müller Great. Then, there's another question coming in. Could you -- maybe for you, Stefan, could you expand on how the EUR50 million may financing will only result in the number of new shares. It would seem that the conversation price is a lot higher than the current share price. Stefan Berndt-von Bülow So not going too much into detail, but roughly it's a convertible note which then will be, let's call it exchanged against share. So the price will be determined in the next month. So there is a first portion of EUR15 million and then the following portion about EUR35 million, which is be redeemed over 36 months. And I think that's are the most important highlights, what is especially important, that we could secure the EUR50 million for the company where we want to invest in the new extended business to operate the units our own, which then gives us long term recurring revenue over multiple years, 10 years or even longer because in some cases, we have a right to extend the contract to further 5 years, and that's the most important about the financing. Dennis Müller Great. Then there's another question regarding the let's say, change in the strategy or the additional strategy with extension of the business. Could you give some guidance and given the change in strategy, will impact the numbers short term, so should we expect weaker short-term financials? Thomas Speidel First of all for me, for us, it's very important, it's not a change. So we still stay with our business and we are an eco-platform provider and we support the platform for our customers and that is why I mentioned it is so important for us to continue in the partnership for our existing and also new customers. And they are using the platform, running their own application. They have their own software business model, and they use us like I always say, like an iPhone and you write your own software, and you buy from Apple, the phone and the operating system and the services and the data protection and the over the AI updates, but you write your own app and this business will continue and it's a really a very important business for ADS-TEC. What we are doing now is that we extend the business because, and that is because the market has developed in a direction that site owners are now coming. It's also due to regulation because now you are forced, you are motivated to have charges on your site, and not everybody can do that by themselves. So they asked us and said, you are a platform company and can you also do the operation and we allow you to do, not just the charging where we are interested in, but we allow you to take benefit of the advertising. And of the trading and we take very much care that we are not -- that is all on arms lengths also compared to our other partners and customers. So ADS-TEC will not sell the system so the service is cheaper into the own projects compared to how we support our partners. That is very important for us because we don't want to lose our partners, it's still for a very, very long time, but it's different. And if you look at the, for example bigger utility, it takes a long time to get them into the business and to adapt their software and their infrastructure, their processes on our platform. This will stay over years and, they don't care whether we in other cases, provide the full service to let's say, a small company or a network of companies, which want to use the charger on their premises. That is not a conflict. And so it's not a new business, it's not a change, and that is very, very important for us. Could it lead to changes in the market, because in terms of revenue, development, if we are investing ourselves, then it's a question of production capacity we do have. So it's a question of how fast can we get access to the sites and how fast can we build up the system that's basically, where the restriction comes from in our own business and maybe one benefit we have also, we can adjust the business model without asking, or discussing that with a partner because that's under our own control, so we are getting faster here. And the other thing, the complete market where we are also depending on the rollout and on the operation from our partners, there of course, we see and that is what I mentioned the overall market, charging has come down with the EV development we expected that it comes back, but that's here we are, going with the coordinate market with all the charging market. This is different but again, please do not think that we are changing the business model. We have just an addition, and so we are not changing now to C&I. We always did C&I, but we have not been able to do everything at the same time. And now I think that's the positive news. We can come back and also expand the business in these areas. Dennis Müller Okay. And then, I would say last question regarding the time, very interesting. It's a question regarding this extension of the business model. Could you share how many operational chargers you acquire and the deal where you acquired your customers and related to that, could you say something about how many chargers or sites to be run by yourself are planning to develop in 2025. Thomas Speidel Yeah. We cannot talk about the details which are under NDA with our customers and partners who gave us the details about their sites, but so the first sites we will get. It's three digit numbers, so it's above 100 and below 500, let's say that way, as for now and then the installation will go as fast as we can do it and thanks to the investment and to the funding we got. We are not limited here, and we also see that if this really gets into the market, then there is also a lot of potential to scale that up, because if we can show, and that is also a big opportunity for us, that multi revenue really has a an impact on the whole business model. And so far, we only, sold the ecosystem and the services and the services came in as we just saw, but, there is not, the trading business is not established right now in the market with our partners and also the advertisement business is at the very beginning. So we are really keen and we're looking forward to making the proof with the overall business model what we say, multi-revenue, and we are supporting our existing partners here as well. So it's not that we keep that just for us. So we are offering the services also to our existing partners. If they want to, they can participate as well. So in total, we want to have the biggest impact for all of us, for the existing partners and customers, as well as for the owned and operated sites by us. Dennis Müller Okay, then I would propose one last question because that's targeting the multi-revenue streams. In a year or two, how much of the revenues do you see coming from power or energy trading? Thomas Speidel That's a very smart and good question. And I would say today we can say and you can look because it's public, go to the BVES website, which is our storage association. You can see what can be achieved today with energy trading, for example. So I would say take these numbers for today, but what we also see the market is really changing and developing and region by region it's different. We started our first wire directional charger has been installed in Austria by the end of last year, so we got the certification and now we are collecting data and the first tests and the first results are coming, and now we do the next step here in Germany. So this is a step by step approach. But to answer the question, where do we see flexibility in the future? It's hard to predict. I don't see that it comes down significantly because as we have seen it with frequency regulation, at the beginning it came from EUR3,000 a week. And of course, it went down after a lot of storage system coming into the market, but now it's back on a higher level. Why? Because we have more and more demand in the market. And there will be no energy transformation. That is exactly why we are here without flexibility. So flexibility is, and that's our slogan is the twin brother of renewables and of the new way, how we do heating's and heating systems and also the mobility sector. So I don't see that flexibility will go down to zero. It's rather the other way that we see a bigger and bigger market for flexibility. And of course, there will be also a price for flexibility. And that is again, where we can adapt our business model to where you can make the most money out of whether it's frequency regulation or whether it's trading, whether it's peak shaving or maybe also other grid services. Dennis Müller Thank you very much. Thank you, Thomas. Thank you, Stefan. Thanks to all of you for your time and attention. Then, I would say we closed the session. Thomas Speidel Thank you very much for your time. Stefan Berndt-von Bülow Thank you, and for your support. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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13-05-2025
- Business
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Full Year 2024 Ads-Tec Energy PLC Earnings Call
Dennis Müller; Senior Vice President - Product Marketing; Ads-Tec Energy PLC Thomas Speidel; Chief Executive Officer, Director; Ads-Tec Energy PLC Stefan Berndt-von Bülow; Chief Financial Officer; Ads-Tec Energy PLC Dennis Müller Welcome to our today's earnings call. My name is Dennis Müller, and I'm responsible for product marketing and communication at ADS-TEC Energy and will guide you through the event. Within the next 20 to 30 minutes, Thomas Speidel, CEO of ADS-TEC Energy; and Stefan Berndt-von Bülow, CFO of ADS-TEC Energy, will announce the company's audited financial results for the full year 2024. (Event Instructions) The presentation includes forward statements within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995, and you'll find the detailed disclaimer within the presentation that will be available on the company's website after this event. And with that, I will hand over to Thomas Speidel. Thomas Speidel Yeah. Thank you, Dennis. Dear ladies and gentlemen, dear investors, thank you for joining today. Let me just go to the agenda. We have prepared today to present a review of the full year 2024, about how we want to strengthen the partnership with our existing and new customers and what we believe can be done in further and accelerating revenues, especially recurring revenues, and we want to present our strategy for Europe and North America and after that, I will hand it over to my colleague, Stefan, the CFO who will take you through the financials and then we will sum it up and be open for Q&A. Let's go to the review for the full year 2024. First of all, I'm really pleased and happy to say that first time ever, we can announce a positive cross profit and also a positive adjusted EBITDA for the full year. And that is what we said and so we are happy that we have been able to deliver that. Also, prediction of what we always said is that service and recurring services will get more and more important. And so we can see that last year, the service revenues almost tripled to EUR5.6 million. It might be not the very highest number, but it's growing and it's significantly growing and so we always explain that we start with hardware with the eco-platform and then with the hardware and the operation services will come in. We have, last year increased our customer base by so more than 200%, so more than doubled to 55 customers across Europe, US and Canada. Customer in this case means that they have ordered from ADS-TEC and at least got the first units from ADS-TEC. We are focusing on a long-term resilient business model and we explained that several times, we are not a charging company. We are convinced that flexibility, especially digital managed flexibility will play a big, big role in the future, and that is what we are driving forward and charging is one of the things we are doing. And so we mentioned that multi revenue streams based on proven technology is important, and that turned out and is more and more turning out to be true. Here we see some pictures from the US with the charge box, which is well known, but also here you see that big storage systems are playing a role and I will come to that later. And, also the awards we got which shows that we are on the right way also from the technology and from the strategy side. Important for us is to strengthen the partnership with our -- first of all existing but also new clients. That is key for us and, we do everything to help and support our customers and partners because based on our ecosystem, based on our technology, they can operate their own business. We always said that we have a platform and our customers, our clients, our partners can run their own business models on our ecosystem and we are serving with services which are physical or digital. But, and we have announced that by the end of the year, we will also accelerate the business by recurring revenues, and that is what we want to explain again here. Based on 2024, we all know that the market has been volatile. Everybody knows the news about charging then EVs went down. We had the election in the US and it was unclear what to come but nevertheless, we said, okay, it's a long term focus and we have to concentrate also on the margin improvements and that is what led us to the results which I showed at the beginning. So profitable growth was important for us in the last year. And also, that we want to focus on continuing with the partnerships with the current customers, but also with new ones and the new business model. Realizing new opportunities, as mentioned, we do that with existing but also new customers, and we will act now as a full service provider to realize complete infrastructure projects. So besides our partners and customers who are running and operating the systems themselves, customers came and said, we can provide you sites and please operate and on the sites and do it for us, and that is what we have started by end of last year and which we have communicated already. One thing which is also coming back, if you know ADS-TEC from the beginning, so C&I commercial industrial and also utility scale battery projects have been very important for us and at the beginning, so we are getting back on track here. We mentioned that already over the last years, first with the big projects as a Porsche and the battery-based superchargers we concentrated on that, but now we're getting back also on the big storage projects. So in 2025, we will develop large scale best projects. We also have improved momentum in North America, and for example, that's also public already. We want new customers such as the corporation Parkland, which is a big customer, not only in Canada but also in the -- with potentially in the US. The strategy, still we believe that ability to act is key, only if you can control the whole stack, the full stack, then you play a role and you can adjust your business model or the business model to the latest regulations and to the specified markets. This is based on the 10 plus years of experience we had and also continuous focus on innovation, which is still a key in ADS-TEC. We see that here the 360 degrees, we call it on the left side, that is what is well known, so we want to control and we control the hardware, the software, and also the services, including all the digital services. And now on the right side we started in -- on a project based the own and operate business, so we will finance the sites, we do the operation, the installation, commissioning, and then get the whole revenue stream into the company which is then the multi revenue case, which means charging, energy trading, and of course, advertisement. Here's some screens, some examples where we can see the charge post. The charge post is the first unit where we can combine ultrafast charging without expanding the grid, so we save the expansion fees, we avoid demand charges and high power rates, but in addition, we get revenues from energy trading and also from advertisement. I just mentioned the renewed focus on C&I. So C&I stands for commercial industrial, but here also utility scale. Large scale systems are more and more getting popular. We can, or you can see that also in the news, that's in the international thing and we have developed a pipeline, and one is one of the largest best projects in Europe. We have currently being planned and we have applied for the grid access. You see the number it's more than 500 megawatt and 1 gigawatt hours. So the request or the required land has already been secured exclusively for us, for ADS-TEC Energy, and we have already applied for the grid connection to the TSO. So we expect that the project, can start already during 2025. And also for the best projects are coming in and, are under development right now with our team. With that, short survey, I want to hand it over to Stefan, who gives you more insights into the financials. Thank you. Stefan Berndt-von Bülow Thank you, Thomas. So taking a closer look to the financial 2024. So the company achieved a revenue of EUR110 million for the full year 2024, compared to EUR107.4 million in 2023. It missed market uncertainties, ADS-TEC Energy was able to exceeded its previous year revenue, roughly 2.5%, while growing the customer base more than 200% to 55 customers across Europe, USA, and Canada. In late 2024, the company effectively mitigate and resolved risk from a major customer, business difficulties by acquiring nearly all the affected and customers directly, which was a significant success for the company. Worthwhile to mention -- Thomas already mentioned it, that we were able to almost triple our service revenue from EUR2 million in 2023 to EUR5.6 million in '24 due to the growing base of installed fast charging solution units. As also already mentioned by Thomas, it's the first time ever that the company can report a positive gross profit and positive adjusted EBITDA for the full year 2024. This was mainly possible because we were able to reduce the cost of sales by 80%, so to minus-EUR90.6 million. This results, as already mentioned in the first time, positive full year cross margin of EUR90.4 million, which is 70.7% for the full year. This is a significant improvement to minus-EUR9.2 million or 2.7% in 2023. The improved gross margin could be mainly realized due to the reduced material cost and also to higher margin. So the focus in 2024 for ADS-TEC was really on a cost reduction base. This also then operate results in an operating result of minus-EUR8.6 million, which was a significant improvement by EUR35.9 million compared to minus-EUR44.5 million to the previous year. Similar, the adjusted EBITDA could also significant increase from minus-EUR38.1 million to positive EUR2.2 million. It's really important to mention here that the adjusted EBITDA only includes share-based payment and not as in the previous year reported share-based payment plus write down on inventories -- sorry, inventory write downs are not included in more in the adjusted EBITDA. The cash and cash equivalent ended by EUR22.9 million in the end of December. The operating cash flow was significantly improved from EUR20.7 million to EUR16.3 million this year. This is an improvement of EUR4.4 million. Taking into account that in 2023 in the -- it was not included in the operating cash flow, they capitalized R&D of EUR7.6 million, which was shown under investment due to IFRS rules. The year to year real comparison would be an improvement of EUR12 million on the operating cash flow. To sum this up, we have proven and highly recognized technology. We won several awards in 2024, starting with the German Innovation Award, the Green Product Award, German Environmental Award, and the Red Dot Award. ChargeBox and ChargePost have been proven by real operation data from clients. Exceeding customer experience due to the very high utilization rates, which is a result of the proven and performing technology. This technology was developed for more than one decade. As a CFO, I'm basically super proud of the strong financial basis of the company. First of all, as already mentioned, we achieved the first time ever positive gross profit and positive adjusted EBITDA for the full year. In addition, the company was able to secure a convertible note in the aggregate principal amount of EUR50 million in the beginning of May, to be exact on the May 1. In addition, we extended our existing shareholder loans for one for a year until August 31, and we can use this as a credit line, which gives us additional EUR25.6 million -- sorry. In total, the company then has enough financial resources and ability to extend its business and invest in operating own units and changing or extending the business to this own operation. The further growth strategy, as Thomas already mentioned, we will strengthen our partnership with existing and new customers. We want to invest and accelerate in recurring revenues. We grow our customer base from more than 200% to 55 customers across Europe, USA, and Canada. We will remain focusing on resilient business model backed by long-term multi-revenue and proven technology. And also, as already mentioned, we were able to triple our service business, and driven by the growing install base and this will not stop in 2024 with the increased install based, the service revenue is expected to further growth. With that, I close it and go to the Q&A session. Dennis Müller Thank you very much, Thomas. Thank you very much, Stefan. Now, again, from my side, you will have the possibility to send us your questions via this Q4 platform. Let's start with the first question. I think that's one for you, Thomas. What are some challenges and opportunities for companies like ADS-TEC? Thomas Speidel Yeah, thank you for the question. So the opportunities, I think they are still the same, so we see the transformation is ongoing and it will not stop. We see that worldwide, even if we are concentrating now on Europe, North America. So the opportunities are the same. And even what we see now is that EVs are coming back. Now we saw that last year, it was a little bit going down. Now we see that it come back. So we don't have any hints that the transformation can be stopped. That's a very important thing. And so flexibility will be key. Not only the renewables with photovoltaic, and also wind and others, but also on the consumer side, on the demand side, we see more and more need for flexibility, and that is why also the large scale battery storage comes in more and more. We see that flexibility gets prices and it's a highly regulated market. So and that is maybe something about the challenges. So we are facing a very, diverse situation. So not even Europe, but even Germany it's just one reaching, it's split up in many units and it's split up in many different regulated zones, and now ADS-TEC comes into place, ability to act, I'm mentioning all the time. That is why it's so important because we can adjust the system, the operation, the software to the local needs, and it's not just having one component in a container and ship it from wherever to Germany or to Europe or to the US. It's about the whole scope and it's an end to end business and it's not for 3 years, it's for 10 years or even more. And so the opportunities are still the same and the challenges, I would say they are opportunity for us because we can manage the challenges by following the demand and by having the ability to act. Nevertheless, we saw also some difficulties in the press and the news, so charging in some segments was under pressure and we see that as well. We see that some customers are having delays in installation that the market is, I would say paused a little bit in some regions, but the overall red line is still the same. Dennis Müller Thank you very much. There's another question, not the same, but it could be one addition to that. How do we see the competition with regard to the large corporations in the same business? Thomas Speidel Well, what are the large corporations in the same business? We are not a utility. We never want to be a utility. We are serving utilities in the big companies, so we see ourselves rather in the second row by being a very strong partner and now with the expansion of our business in owning and operating the units and taking care about the very complex operation model. That is our business and we are not trying to be the Google for the next energy system because we believe that it's more decentralized, it's more a case by case. I always said it's like a fingerprint, so we are not seeing corporations where we could say the winner takes it all, but, rather see who can enable others to participate in the business and therefore you need the technology. That's what we do. It could take a little bit longer because that's very complex and please realize that also regulation and politics are playing a big role. We see that now last year we lost our government in Germany before the regular election time ended and we have a new government in the US and with these changes, you always get impact on the regulation. This is also an opportunity for us, but it may slow down also some of the integrations and to answer the question, we don't see that there is one big player, rather the big ones are looking for companies like us who are able to help them and to support them on the long run. Dennis Müller Great, thanks a lot. There is another question regarding the large scale best project. Can you provide some view on the financials for the large 500 megawatt project, who has this been signed with? Thomas Speidel It's not signed. As I said, it's under development. So what we did now, and that is how you do the business. So we want to -- we do not want to sell just batteries to somebody who is taking the role as an EPC and operating the units. In this case we are developing the project ourselves. And the first step of doing that is that you have to secure the sites. And there is no project without sites and the sites have to be close to a grid access, which is strong enough. And so that took some months now to get that done. And this first step, we have closed now, so we have access to the sites and the next steps will be that the application for the grid access can be fulfilled, and if you are in this business, then you know that can take some month. So we expect that during 2025, we would get that second very important step being closed, and then the next step will be, then talking about the financials and of course, we will then communicate the details also with potential investors because as you can imagine, these kind of projects have a high demand for CapEx and they are running for more than 10 years now. And so that's a long-term business and so we believe that it's very important for ADS-TEC to be in that market. We have been there, remember 2015, we have been the first commercial-- we get the first commercial frequency regulation power plant as an EPC ADS-TEC provided that to Starcraft, which is a Norwegian utility, a huge one, and that's up and running until today. And we have some 100 megawatt hours installed based in different applications and we want to continue also in this business, which is also flexibility and flexibility is not just charging, flexibility is everything also in the big scale. Dennis Müller Great. Then, there's another question coming in. Could you -- maybe for you, Stefan, could you expand on how the EUR50 million may financing will only result in the number of new shares. It would seem that the conversation price is a lot higher than the current share price. Stefan Berndt-von Bülow So not going too much into detail, but roughly it's a convertible note which then will be, let's call it exchanged against share. So the price will be determined in the next month. So there is a first portion of EUR15 million and then the following portion about EUR35 million, which is be redeemed over 36 months. And I think that's are the most important highlights, what is especially important, that we could secure the EUR50 million for the company where we want to invest in the new extended business to operate the units our own, which then gives us long term recurring revenue over multiple years, 10 years or even longer because in some cases, we have a right to extend the contract to further 5 years, and that's the most important about the financing. Dennis Müller Great. Then there's another question regarding the let's say, change in the strategy or the additional strategy with extension of the business. Could you give some guidance and given the change in strategy, will impact the numbers short term, so should we expect weaker short-term financials? Thomas Speidel First of all for me, for us, it's very important, it's not a change. So we still stay with our business and we are an eco-platform provider and we support the platform for our customers and that is why I mentioned it is so important for us to continue in the partnership for our existing and also new customers. And they are using the platform, running their own application. They have their own software business model, and they use us like I always say, like an iPhone and you write your own software, and you buy from Apple, the phone and the operating system and the services and the data protection and the over the AI updates, but you write your own app and this business will continue and it's a really a very important business for ADS-TEC. What we are doing now is that we extend the business because, and that is because the market has developed in a direction that site owners are now coming. It's also due to regulation because now you are forced, you are motivated to have charges on your site, and not everybody can do that by themselves. So they asked us and said, you are a platform company and can you also do the operation and we allow you to do, not just the charging where we are interested in, but we allow you to take benefit of the advertising. And of the trading and we take very much care that we are not -- that is all on arms lengths also compared to our other partners and customers. So ADS-TEC will not sell the system so the service is cheaper into the own projects compared to how we support our partners. That is very important for us because we don't want to lose our partners, it's still for a very, very long time, but it's different. And if you look at the, for example bigger utility, it takes a long time to get them into the business and to adapt their software and their infrastructure, their processes on our platform. This will stay over years and, they don't care whether we in other cases, provide the full service to let's say, a small company or a network of companies, which want to use the charger on their premises. That is not a conflict. And so it's not a new business, it's not a change, and that is very, very important for us. Could it lead to changes in the market, because in terms of revenue, development, if we are investing ourselves, then it's a question of production capacity we do have. So it's a question of how fast can we get access to the sites and how fast can we build up the system that's basically, where the restriction comes from in our own business and maybe one benefit we have also, we can adjust the business model without asking, or discussing that with a partner because that's under our own control, so we are getting faster here. And the other thing, the complete market where we are also depending on the rollout and on the operation from our partners, there of course, we see and that is what I mentioned the overall market, charging has come down with the EV development we expected that it comes back, but that's here we are, going with the coordinate market with all the charging market. This is different but again, please do not think that we are changing the business model. We have just an addition, and so we are not changing now to C&I. We always did C&I, but we have not been able to do everything at the same time. And now I think that's the positive news. We can come back and also expand the business in these areas. Dennis Müller Okay. And then, I would say last question regarding the time, very interesting. It's a question regarding this extension of the business model. Could you share how many operational chargers you acquire and the deal where you acquired your customers and related to that, could you say something about how many chargers or sites to be run by yourself are planning to develop in 2025. Thomas Speidel Yeah. We cannot talk about the details which are under NDA with our customers and partners who gave us the details about their sites, but so the first sites we will get. It's three digit numbers, so it's above 100 and below 500, let's say that way, as for now and then the installation will go as fast as we can do it and thanks to the investment and to the funding we got. We are not limited here, and we also see that if this really gets into the market, then there is also a lot of potential to scale that up, because if we can show, and that is also a big opportunity for us, that multi revenue really has a an impact on the whole business model. And so far, we only, sold the ecosystem and the services and the services came in as we just saw, but, there is not, the trading business is not established right now in the market with our partners and also the advertisement business is at the very beginning. So we are really keen and we're looking forward to making the proof with the overall business model what we say, multi-revenue, and we are supporting our existing partners here as well. So it's not that we keep that just for us. So we are offering the services also to our existing partners. If they want to, they can participate as well. So in total, we want to have the biggest impact for all of us, for the existing partners and customers, as well as for the owned and operated sites by us. Dennis Müller Okay, then I would propose one last question because that's targeting the multi-revenue streams. In a year or two, how much of the revenues do you see coming from power or energy trading? Thomas Speidel That's a very smart and good question. And I would say today we can say and you can look because it's public, go to the BVES website, which is our storage association. You can see what can be achieved today with energy trading, for example. So I would say take these numbers for today, but what we also see the market is really changing and developing and region by region it's different. We started our first wire directional charger has been installed in Austria by the end of last year, so we got the certification and now we are collecting data and the first tests and the first results are coming, and now we do the next step here in Germany. So this is a step by step approach. But to answer the question, where do we see flexibility in the future? It's hard to predict. I don't see that it comes down significantly because as we have seen it with frequency regulation, at the beginning it came from EUR3,000 a week. And of course, it went down after a lot of storage system coming into the market, but now it's back on a higher level. Why? Because we have more and more demand in the market. And there will be no energy transformation. That is exactly why we are here without flexibility. So flexibility is, and that's our slogan is the twin brother of renewables and of the new way, how we do heating's and heating systems and also the mobility sector. So I don't see that flexibility will go down to zero. It's rather the other way that we see a bigger and bigger market for flexibility. And of course, there will be also a price for flexibility. And that is again, where we can adapt our business model to where you can make the most money out of whether it's frequency regulation or whether it's trading, whether it's peak shaving or maybe also other grid services. Dennis Müller Thank you very much. Thank you, Thomas. Thank you, Stefan. Thanks to all of you for your time and attention. Then, I would say we closed the session. Thomas Speidel Thank you very much for your time. Stefan Berndt-von Bülow Thank you, and for your support. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
