Eric Stein-Craig Hallum- asks for more details on revenue projections: Raj says revenue will be weighted to the second half of 2024. High end of revenue projection assumes that a regular customer will again place their "large" order. Low end projection is "conservative " and based on current backlog.

2022 revenue: 70% came from orders from one large e-commerce company. Present customer base is much more diversified. 2023 revenue: 80% was five "big name" corporations.

Eric asks for more detail on the relationship with "large Japanese trading house." Raj says, "still early days, but promising." The fact that we already have an agreement with a well-known Japanese corporation should give a "leg up," as they go up for bid. 

Pavel? of Raymond James: requesting timetable for solidification of Jamestown financing. Raj says, we expect to close financing by mid 2024. Need to first rework/refinance current Canadian debt facility- they can't handle the U.S./Canadian complexity.

expecting to place equipment orders for Jamestown in first quarter.

sending team to Japan to learn how to manufacture ceramic separator.

Updates on solid state: first rule of solid state: Raj is generally reluctant to talk about solid state.

Team working on ionic ceramic material- so far finding that their product has "extremely high" ionic conductivity.

team working on adapting proprietary ceramic separator for solid state product.

"Early days, but firmly in the race."

2024 revenue guidance is only counting infinity battery (material handling) products. High voltage products that have been shipped are going to engineering pre-production programs. It will take time for these to lead to mass production programs. 

High voltage product line not anticipated to generate meaningful revenue in 3024.

jeffrey Saeport Research:

First high voltage system shipped was an HV300  (not the HV700) sent to an Aerospace firm, price will reflect low volume/high margin conditions

systems sent to a bus company would be higher volume / lower margin 

overall aiming for 30% gross margins (leveraging IRA) with production done out of Jamestown.

Automated line in Ontario currently capable of putting out high voltage packs with "good regularity."

"New relationship" with Japanese company will be both high and low voltage systems.

Owen at AITH Investment Partners:

ceramic separator used in Infinity products will be produced in Jamestown and in Japan (where it is currently manufactured). Expect continued improvements in energy density.

Separator being developed for solid state is also ceramic but a different product.

North American transit bus market has 3-4 large OEMs. Raj is talking with 2 of them and may be close to closing a supply contract with one of them. Hopeful that closing with one will lead to others.

First phase of Jamestown will be 300 MWh. That is production capacity of the existing building.

submitting grant application to US Dept of Energy in March that would enable expansion if demand exceeds current Jamestown capacity.

Second stage of Jamestown, if this grant proposal is successful would be 2-3 GWh of capacity.

Ontario at $130million in revenue would be producing 100 MWh.