Q1 2025 T1 Energy Inc Earnings Call

[music].

Unknown Executive: Good day and thank you for standing by.

Okay.

Good day, and thank you for standing by.

Unknown Executive: Welcome to the T1 Energy's first quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again.

Welcome to the T. One Energy's first quarter 'twenty 'twenty five earnings conference call.

At this time all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session.

To ask a question. During this session you will need to press star one one of your telephone you will then hear an automated message advisory no hands raised.

Draw. Your question. Please press star one again please.

Unknown Executive: Please be advised that today's conference is being recorded.

Please be advised that today's conference is being recorded.

Jeffrey Spittel: I would now like to turn the conference over to your host today, Jeff Spittel, Executive Vice President of Investor Relations and Corporate Development. Please go ahead.

Chow: I would now like to turn the conference over to your host today, just the Chow executive Vice President of Investor Relations and corporate development. Please go ahead.

Daniel Barcelo: Good morning and welcome to T1 Energy's first quarter 2025 earnings conference call.

Speaker Change: Good morning, and welcome to Tijuana Energy's first quarter 2025 earnings Conference call with me today on the call are Dan Barcelo, Our Chief Executive Officer, and chairman of the board.

Daniel Barcelo: With me today on the call are Dan Barcelo, our Chief Executive Officer and Chairman of the Evan Calio, our Chief Financial Officer. Jaime Guale, our Executive Vice President of Corporate Development. Rob Gibbons, our EVP of strategic partner and even Roe, our Chief Legal and Policy Officer.

Speaker Change: Kevin Kelly, our Chief Financial Officer.

Waller: Waller, our executive Vice President of corporate development.

Speaker Change: Rob Gibbons, our EVP of strategic partnerships.

Speaker Change: And even run our chief legal and policy officer.

Unknown Executive: Borger self. Our FVP of operations.

Yourself.

Our SVP of operations.

Unknown Executive: During today's call, management may make forward-looking statements about our business These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expectations. Most of these factors are outside T1's control and are difficult to predict. Additional information about risk factors that could materially affect our business are available in our annual report on Form 10-K, followed with the Securities and Exchange Commission. and our other filings made with the SEC, all of which are available on the investor relations section of our website.

During today's call management may make forward looking statements about our business.

Speaker Change: Forward looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expectations.

Speaker Change: Most of these factors are outside <unk> control and are difficult to predict.

Speaker Change: Additional information about risk factors that could materially affect our business are available in our annual report on Form 10-K filed with the Securities and Exchange Commission and our other filings made with the SEC all of which are available on the Investor Relations section of our website.

Daniel Barcelo: With that, I'll turn the call over to Dan. Thanks, Jeff, and welcome everyone to our earnings call to review our first full quarter at T1 Energy. Two recurring themes for today's call are progress and policy. Progress refers to T1's ongoing rapid corporate transformation to realize our mission of building a domestic solar and battery supply chain to invigorate America with scalable, reliable, and low-cost energy while we establish pathways to maximize domestic content. But of course, that progress isn't taking place in a vacuum, and the lingering uncertainties around trade policy and the future state of the Inflation Reduction Act are creating some near-term complexities.

Dan Barcelo: With that I'll turn the call over to Dan.

Speaker Change: Thanks, Jeff and welcome everyone to our earnings call to review, our first full quarter at T. One energy the two recurring themes for today's call our progress and policy.

Speaker Change: Progress through first the T. One ongoing rapid corporate transformation to realize our mission of building a domestic solar and battery supply chain to Invigorate America with scalable reliable and low cost energy, while we establish pathways to maximize domestic content.

Speaker Change: But of course that progress has been taking place in the vacuum and the lingering uncertainties around trade policy and the future state of the inflation reduction act are creating some near term complexity.

Daniel Barcelo: So let's start on slide four with an overview of the policy environment and the key considerations for T1. As you are most likely aware, the House Ways and Means Committee has advanced changes to key IRA energy tax provisions. Our preliminary assessment of the bill is that there are provisions that validate T1's strategy of investing in advanced manufacturing in the United States, including retention of the 45X Advanced Manufacturing Production Tax Credit and the Domestic Content Bonus. However, we believe there are proposed elements of the bill that will stifle competition, growth, technology on-shoring, and choices for T1's developer customers.

Dan Barcelo: So let's start on slide four with an overview of the policy environment and key considerations for T. One.

Dan Barcelo: As you are most likely aware of the house ways and means committee has advanced changes to key irate energy tax provision a preliminary assessment of the bill is that there are provisions that validate <unk> strategy of investing in advanced manufacturing in the United States, including retention of the 45 X advanced manufacturing production tax credits and the demand.

Dan Barcelo: The content bonus. However, we believe there are proposed elements of the bill that will stifle competition right.

Speaker Change: Technology, Onshoring and choices for T once developer customers.

Daniel Barcelo: Given our commercial partnership with Trina, the stringent foreign entity of concern language passed by the Ways and Means Committee has our attention, but we are neither surprised nor unprepared to consider modifying elements of our business plan, if necessary, to ensure compliance and preserve access to IRA incentives that are enabling T1 to build an integrated U.S. supply chain and to advance our domestic content strategy. We also have ongoing and productive dialogues with local, state, and federal lawmakers to promote T1's interests and investments in the U.S. solar production. We believe that incentives under Section 45X, 48E, and 45Y are fundamental to the U.S., building a vibrant, competitive, and localized solar value chain, and we will continue to tell that story on Capitol Hill and in Texas, along with our domestic partners.

Speaker Change: Given our commercial partnership with Trina stringent foreign entity of concern language passed by the ways and means committee has our attention, but we havent. Neither surprised are unprepared to consider modifying elements of our business plan if necessary to ensure compliance and preserve access to IRA incentives that are enabling <unk> to build an integrated U S supply chain.

Speaker Change: And to advance our domestic content strategy.

Speaker Change: We also have ongoing and productive dialogues with local state and federal lawmakers to promote <unk> interests and investments in the U S solar production industry.

Speaker Change: We believe that incentives under section 45 X 48, 8% and 45 why are fundamental to the U S building.

Speaker Change: Building, a vibrant competitive localized solar value chain and we will continue to tell that story on Capitol Hill, and in Texas, along with our domestic partners and the interim I'll remind our investors that this is the first step along legislative process that will very likely see the language changed as it advances through Congress.

Daniel Barcelo: In the interim, I'll remind our investors that this is the first step in a long legislative process that will very likely see the language change as it advances through Congress. We are hopeful the practical modifications to minimize commercial disruptions and to support domestic solar energy will be included in subsequent and final versions of the Reconciliation Bill. T1 expects to have a strong and influential voice in the discussion of U.S. solar industrial policy, given the meaningful investments we have made in domestic manufacturing, American jobs, and the initial phases of establishing a U.S. solar value chain.

Speaker Change: We are hopeful the practical modifications to minimize commercial disruption and to support domestic solar energy will be included in subsequent final versions of the reconciliation Bill does.

Speaker Change: <unk> expects to have a strong an influential voice in the discussion of U S. Solar industrial policy given the meaningful investments we have made in domestic manufacturing American jobs and the initial phases of establishing a U S solar value chain.

Daniel Barcelo: Spearheading this effort will be our new Chief Legal and Policy Officer, Mr. Andy Monroe. Andy brings more than 30 years of legal expertise and has spent the last decade in the U.S. solar sector. While he was at QCELS North America, he was instrumental in shaping the framework of what eventually became Section 45X of the Inflation Reduction Act.

Speaker Change: Spearheading this effort will be our new chief legal and policy officer, Mr. Andy Monroe.

Speaker Change: Andy brings more than 30 years of legal expertise and has spent the last decade in the U S. Solar sector. While he was at Q cells North America. He was instrumental in shaping the framework of what eventually became section 45 ex of the inflation reduction Act Andy we're delighted to have you onboard and welcome to the team.

Daniel Barcelo: Andy, we are delighted to have you on board and welcome you.

Daniel Barcelo: Turning to slide 5 in U.S. trade policy, as we indicated publicly during Q1, T1 is supportive of tariffs that level the competitive playing field for the U.S. solar industry, including anti-dumping and countervailing duties. These initiatives are intended to reward Tier 1 producers who invest in domestic supply chains like T1. As we have disclosed previously, we are already sourcing the majority of our polysilicon from here in the US, and we are executing our plan to build an integrated domestic solar manufacturing footprint. Although we generally support tariffs for the solar industry, like many of our peers, we are contending with some near-term headwinds due to tariff uncertainties.

Speaker Change: Turning to slide five and U S trade policy as we indicated publicly during Q1, two one as supportive of tariffs that level the competitive playing field for the U S solar industry, including anti dumping and countervailing duties. These initiatives are intended to reward tier one producers who invest in domestic supply chain like <unk>.

Speaker Change: As we have disclosed previously we are already sourcing the majority of our polysilicon from here in the U S and we are executing our plan to build an integrated domestic solar manufacturing footprint.

Speaker Change: Although we generally support tariffs for the solar industry like many of our peers. We are contending with some near term headwinds due to tariff uncertainty.

Daniel Barcelo: T1 and our developer customers require visibility into bill of materials costs to accurately bid offtake and PPA contracts. In the absence of that visibility to accurately risk assess our pricing, we cannot justify bidding into the current merchant sales market. Accordingly, as Evan will detail shortly, we're revising our 2025 sales production and EBITDA guidance to assume limited merchant sales for 2025 as we wait for market clarity. With 1.7 gigawatts of committed offtake volumes already in our G1 portfolio for 2025, revenues and operating cash flow will continue to ramp into the second half under these new guidance assumptions, and we anticipate exiting 2025 with a robust cash and liquidity position.

Tier one and our developer customers require visibility into bill of materials costs to accurately bid off taken PPA contracts and the absence of that visibility to accurately risk assess our pricing we cannot justify bidding into the current merchant sales market Accordingly, as Evan will detail. Shortly we are revising our 2025 sales production and EBIT.

Speaker Change: Our guidance assumes limited merchant sales for 2025, as we wait for market clarity with one seven gigawatts of committed offtake volumes already in our <unk> portfolio for 2025 revenues and operating cash flow will continue to ramp into the second half under the new guidance assumptions and we anticipate exiting 2020.

Speaker Change: With a robust cash and liquidity position.

Daniel Barcelo: Near-term uncertainties aside, the fundamentals of the U.S. solar industry remain healthy and supportive of T1's strategy. Solar and battery storage have emerged as the fastest and most cost-effective technologies to add to U.S.-generated capacity. With the emergence of energy-intensive technologies such as AI, the electrification of society, and the potential for a U.S. advanced manufacturing renaissance, solar plus storage will remain critical to the all-of-the-above approach that is necessary to satisfy growing U.S. energy demands.

Speaker Change: Near term uncertainties aside the fundamentals of the U S solar industry remain healthy and supportive of tier one strategy solar and battery storage have emerged as the fastest and most cost effective technologies to add to us generating capacity with the emergence of energy intensive technologies, such as AI, the electrification of society and the potential for.

Speaker Change: For our U S advanced manufacturing Renaissance solar plus storage will remain critical to the all of the above approach that is necessary to satisfy growing U S energy demand.

Daniel Barcelo: I'll conclude our commentary on policy by underscoring that T1's strategy dovetails with several of President Trump's key priorities. We are focused on the strategic development of critical U.S. energy supply chains. We are at the forefront of bringing advanced manufacturing back to American shores. And we are building an American job creation engine. We are resolute in our mission and we are determined to promote our shareholders' interests and we are making rapid progress to build T1 into U.S. energy powerhouse.

Speaker Change: I'll conclude our commentary on policy by underscoring that tier one strategy dovetails with several of President Trump's key priorities. We are focused on the strategic development of critical U S energy supply chain.

Speaker Change: We are at the forefront of bringing advanced manufacturing back to American shores.

Speaker Change: And we are building an American job creation engine we.

Speaker Change: We are resolute in our mission and we are determined to promote our shareholders' interests and we are making rapid progress to build <unk> into U S energy powerhouse.

Daniel Barcelo: With that, let's turn to slide six for an overview of our key Our rapid global corporate transformation gained momentum in the first quarter and in the weeks that have followed, we have continued to make progress on several fronts.

Speaker Change: With that let's turn to slide six for an overview of our key messages.

Speaker Change: Our rapid global corporate transformation gained momentum in the first quarter and in the weeks of follow up we have continued to make progress on several fronts. This morning, we announced that we have signed our first new corporate customer sales agreement as to one energy within emerging developer for 253 megawatts of 2025 module volumes out of <unk>, Dallas, we'll hear more.

Daniel Barcelo: This morning we announced that we have signed our first new corporate customer sales agreement as T1 Energy with an emerging developer for 253 megawatts of 2025 module volumes out of G1 Dallas. We'll hear more about this contract and our commercial development from Rob later in the call.

Rob Gibbons: About this contract and our commercial development from Rob later in the call.

Daniel Barcelo: As I indicated previously, we have reduced our 2025 financial and operating guidance lower to account for some of the near-term uncertainties in the market and the elective conversion of three G1 production lines to topcon technology. Despite the revisions to guidance, T1 has a strong liquidity outlook and position. At the low end of the updated 2025 EBITDA guidance range, T1 is projected to have cash and liquidity of more than $100 million at year-end. Evan will walk you through the moving parts shortly.

Rob Gibbons: As I indicated previously we have reduced our 2025 financial and operating guidance lower to account for some of the near term uncertainties in the market and the elective conversion of three <unk> one production line at the top contact knowledge.

Rob Gibbons: Despite the revisions to guidance <unk> has a strong liquidity outlook and position.

Rob Gibbons: At the low end of the updated 2025 EBITDA guidance range to one its projected to have cash and liquidity of more than $100 million at year end, Evan will walk you through the moving parts shortly.

Daniel Barcelo: From an operational perspective, the ramp-up at G1 Dallas continues to progress smoothly. On April 30th, we indicated that T1 had successfully converted the G1 Dallas construction loan to a $235 million term loan following third-party verification that construction, installation, and commissioning activities were completed. The plant is fully operational, and module deliveries to off-day customers have begun to ramp up. G1 Dallas is a world-class asset, and we look forward to showcasing it to investors, customers, and other key partners.

Rob Gibbons: From an operational perspective, the ramp up at <unk> Dallas continues to progress smoothly on April 30, we indicated that <unk> has successfully converted the <unk> Dallas construction loan to a $235 million term loan following third party verification that construction installation and commissioning activities were completed the plant is fully operational.

Rob Gibbons: And module deliveries to uptick customers have begun to ramp up <unk> Dallas is a world class asset and we look forward to showcasing it to investors customers and other key partners.

Daniel Barcelo: For those of you who can't visit G1 in person, be on the lookout for the launch of our expanded website to give you a feel for our operations virtually.

Rob Gibbons: Those of you can't visit Q1 in person be able to look after the launch of our expanded website to give you a feel for operations virtually.

Daniel Barcelo: Following site selection of Sandow Lake Ranch in Milam County, Texas in March, we are progressing through the initial stages of project development for G2 Austin, our planned U.S. solar cell facility. There is meaningful interest in this project, and we are engaged in productive capital formation discussions with several potential partners.

Rob Gibbons: Following site selection of Sandy Lake Ranch in Myeloma County, Texas in March we are progressing through the initial stages of project development for <unk> too often our planned U S. Solar cell facility. There is meaningful interest in this project and we are engaged in productive capital formation discussions with several potential partners.

Daniel Barcelo: This morning we announced the heads of agreement with a third-party partner aligned with the Kingdom of Saudi Arabia to explore a potential investment into the G2 project. To be clear, this is a non-binding agreement, and we are still in the early stages of raising capital for G2, but so far we are pleased with the receptivity to investing in T1's planned U.S. solar cell production manufacturing facility. With sales and delivery is beginning to ramp under our 1.7 gigawatt of combined 2025 customer offtake contracts and sales agreements at G1 Dallas, T1's cash and liquidity outlook for 2025 remains healthy, despite the near term merchant sales and surcharge.

Rob Gibbons: This morning, we announced the heads of agreement with a third party partner aligned with the Kingdom of Saudi Arabia to explore a potential investment into the <unk> project to be clear. This is a non binding agreement and we are still in the early stages of raising capital for <unk>, but so far we are pleased with the receptivity to investing in <unk> planned U S.

Rob Gibbons: Cell production manufacturing facility.

Rob Gibbons: With sales and deliveries beginning to ramp under our one seven gigawatts of combined 2025 customer off take contracts and sales agreements at <unk> Dallas.

Rob Gibbons: <unk> cash and liquidity outlook for 2025 remains healthy despite the near term merchant sales uncertainties.

Daniel Barcelo: G1 operating cash flows combined with the wind down of our legacy European organization and reduction of associated costs into 2026 should support our significant liquidity position.

Rob Gibbons: Q1, operating cash flows combined with the wind down of our legacy European organization and reduction of associated costs into 2026 should support our significant liquidity position.

Daniel Barcelo: As we indicated in our previous call in March, T1 and TRINA filed a joint voluntary notice with the Committee on Foreign Investment in the United States, and the CFIUS process is underway. And finally, we continue to make progress with our European wind down and portfolio optimization. As European personnel-related costs roll off of our P&L, the cost savings from the wind-down should accelerate later this year. In conjunction with the wind-down, our Board of Directors is also overseeing the process of potentially harvesting value from our legacy portfolio, including GigaArctic, the CQP, and the GigaVasa project. Securing access to additional power for these assets is a key value driver, and as the process develops, we will continue to provide updates to our investors.

Rob Gibbons: As we indicated in our previous call in March <unk> and Trient are filed a joint voluntary notice with the committee on foreign investment in the United States and the <unk> process is ongoing.

Rob Gibbons: And finally, we continue to make progress with our European wind down and portfolio optimization initiatives as European personnel related costs roll off of our P&L the cost savings from the wind down should accelerate later this year in conjunction with the wind down our board of directors is also overseeing the process of potentially harvesting value from our legacy portfolio.

Rob Gibbons: Giga Arctic the CQ P and the Gigawatts of projects.

Rob Gibbons: During access to additional power for these assets is a key value driver and as the process develops we will continue to provide updates to our investors.

Daniel Barcelo: Moving to slide seven, we'll turn our attention to G1 Dallas, which has provided the launch pad for T1's operations and commercial development as a solar equipment manufacturer. Following the handovers to operations in late April, G1 is fully operational, and sales are poised to continue ramping with deliveries under our 1.7 GigaWatt of 2025 customer offtake contracts and sales agreement. Deliveries under the Trina US Off take start in Q1. And with Q2 underway, we have begun delivering modules to RWE under the 500 megawatt per year sales We expect to begin shipping modules under the 2025 Developer Sales Agreement that we announced this morning in Q3.

Rob Gibbons: Moving to slide seven we'll turn our attention to <unk>, Dallas, which has provided the launch pad for tier ones operations and commercial development as a solar equipment manufacturer <unk>.

Rob Gibbons: Following the Handovers to operations in late April <unk> is fully operational and sales are poised to continue ramping with deliveries under our $1 seven gigawatt of 2025 customer off take contracts and sales agreements.

Rob Gibbons: Deliveries under the Trina U S offtake, starting Q1 and with Q2 underway, we have begun delivering modules to <unk> under the 500 megawatt per year sales agreement, we expect to begin shipping modules under the 2025 developer sales agreement that we announced this morning in Q3.

Daniel Barcelo: To match production with the temporary lull in busy activities we are experiencing, we are modifying the 2020 production plan to 2.6 to 3 gigawatts. This change in plans also relates to our decision to convert three production lines from PERC to TopCon technology, demonstrating T1's responsiveness to customers and operational flexibility.

Rob Gibbons: To match production with a temporary lull in busy activities. We are experiencing we are modifying the 2020 production plan to two six to three Gigawatts. This change in plans also relates to our decision to convert three production lines from PERC to top comm technology, demonstrating <unk> responsiveness to customers and operational flexibility.

Daniel Barcelo: Turning to slide 8, I'm pleased to report that we are moving forward with initial development of G2 Austin, our planned U.S. solar cell manufacturing facility in Milam County, Texas. As we have documented previously, we believe that G2 Austin is a game changer for T1 competitively and financially. The plant addresses unmet customer demand for U.S. solar cells and modules using TopCon technology. It represents a major step forward in our domestic content and vertical integration strategies, and is expected to be a cash flow engine for T1. With initial project engineering underway, we have decided to pursue a two phase development in equivalent capacity tranches of 2.4 gigawatts.

Rob Gibbons: Turning to slide eight I am pleased to report that we are moving forward with initial development of G to Austin, our planned U S solar cell manufacturing facility in Ireland County, Texas.

Rob Gibbons: As we have documented previously we believe that <unk> Austin is a game changer for tier one competitively and financially.

Rob Gibbons: Plant addresses unmet customer demand for U S solar cells and modules using top comm technology. It represents a major step forward in our domestic content and vertical integration strategies and is expected to be a cash flow engine for tier one.

Rob Gibbons: With initial project engineering underway, we have decided to pursue a two phase development and equivalent capacity trenches of two four gigawatts. Each this development plan should provide one with commercial financial and operational flexibility as we advance our growth strategy. Our project development team led by our Chief Development Officer, INR Kilda is <unk>.

Daniel Barcelo: This development plan should provide T1 with commercial, financial, and operational flexibility as we advance our growth strategy. Our project development team, led by our Chief Development Officer Einar Kilda, is executing against this plan and recently launched the tender process with production line equipment vendors. And in parallel, Evan Calio and the finance organization are advancing several capital formation initiatives on parallel tracks. There are no changes to our plan to achieve the start of production at G2 Austin in Q4 2026.

Rob Gibbons: Executing against this plan and recently launched the tender process with production line equipment vendors and in parallel Evan Kelly <unk> and the finance organization are advancing several capital formation initiatives on parallel tracks. There are no changes to our plan to achieve a startup production at key to Austin in Q4, 2026 and <unk>.

Evan Calio: And with that, I'll turn the call over to Evan for a review of T1.

Evan Kelly: That I will turn the call over to Evan for a review of <unk> financials.

Evan Calio: Great, thanks, Dan. Moving to slide nine, I'll start with revisions to our financial and operating On production, we're lowering and introducing a production range for G1 Dallas of 2.6 to 3 gigawatts versus our prior 3.4 gigawatt guidance. The lower guidance is entirely based upon lower sales due to market uncertainty around tariffs and the integration of traded sales. The facility is and has been technically capable of running at five gigawatts since our April 30th loan. The 2.6 gigawatt production downside reflects our 1.7 gigawatts of contracted sales at a cost plus basis, plus an expected 800 megawatt inventory financing facility that we're finalizing with Trina for modules that will be produced in 2025 and likely sold in 2020.

Evan Kelly: Great. Thanks, Dan moving to slide nine I'll start with the revisions to our financial and operating guidance on production, we're lowering and introducing a production range for <unk> Dallas of two six to three gigawatts versus our prior three four guidance gigawatt guidance. The lower guidance is entirely based upon lower sales due to market in <unk>.

Evan Kelly: Certainty around tariffs and the integration of treated sales team. The facility is and has been technically capable of running at five gigawatts since our April 30th long conversion the.

Evan Kelly: The two six gigawatt production downside reflects our one seven gigawatts of contracted sales at a cost plus basis, plus an expected 800 megawatt inventory financing facility that we're finalizing with Trina for modules will be produced in 2025 and likely sold in 2026 just provides.

Evan Calio: provides potential sales upside for 2020. The three gigawatt production upside includes an additional 500 megawatts of merchant sales that could be driven by market clarity and conditions prior to year. on EBITDA.

<unk> sales upside for 2026.

Evan Kelly: Three gigawatt production upside includes an additional 500 megawatts of merchant sales that could be driven by market clarity and conditions prior to year end.

Evan Calio: We're reducing our 2025 full year EBITDA guidance to $30 to $50 million dollars from prior range of $75 to $125 million dollars as we match our lower sales outlook, this lower sales outlook of 1.7 gigawatts to 2.3. The range is largely driven by the production level, product mix, and our sales initiative.

Evan Kelly: On EBITDA, we're reducing our 2025 full year EBITDA guidance to $30 million to $50 million from our prior range of 75 to 125 billion as.

Evan Kelly: As we match our lower sales outlook.

Evan Kelly: Lower sales outlook of one seven gigawatts to two three gigawatts.

Evan Kelly: The range is largely driven by the production level.

Evan Kelly: Mix and our sales initiatives.

Evan Calio: Since this is a significant revision to EBITDA guidance, we'll provide four important points pertaining to our outline. First, our cash and liquidity position is strong, and we expect it will improve as 2025 progresses. For instance, under the low-end scenario of our EBITDA guidance range, we project cash liquidity of more than $100 million at year-end 2025, and this includes a payment of $71 million related to our debt and debt services by year-end.

Evan Kelly: Since this is a significant revision to EBITDA guidance will provide four important points pertaining to our outlook.

Evan Kelly: First our cash and liquidity position is strong and we expect it to improve as 2025 progresses for instance, under the low end scenario of our EBITDA guidance range, we project cash liquidity of more than $100 million at.

Evan Kelly: At year end 2025, and this includes a payment of $71 million related to our debt and debt services by year end.

Evan Calio: Thank you. We have significant operating left. Under the low end of our 2025 EBITDA range, G1 will be producing at only 30% of capacity, 51% lower than our initial At this rate, we generate $25 million of EBITDA covering our GNA, which includes costs associated with the wind down of Europe that roll off in 2026 and allow us to fully service our As we ramp production sales to full plant capacity, we expect meaningful expansion of T1's corporate profit.

Evan Kelly: Second.

Evan Kelly: We have significant operating leverage under the low end of our 2025 EBITDA range G. One will be producing at only 30% of capacity, 51% lower than our initial guidance.

Evan Kelly: At this rate, we generate $25 million of EBITDA, covering our G&A, which includes costs associated with the wind down of Europe that roll off in 2026 and allow us to fully service our debt.

Evan Kelly: As we ramp production in sales to full plant capacity, we expect meaningful expansion of the <unk> corporate profitability.

Evan Calio: Third, this is a prudent decision for T1 and our shareholders. We want to avoid locking merchant sales in uncertain material and subcomponent cost environment. We won't bear uncertain tariff risks or lock in low price inventory clearing.

Evan Kelly: <unk>.

Evan Kelly: This is a prudent decision for <unk> and our shareholders, we want to avoid locking merchant sales and uncertainty material and subcontract cost environment.

Evan Kelly: We wont bear uncertain tariff risks for lock in low price inventory clearing.

Evan Calio: Fourth, the prize for T1, our customers, our shareholders, our management team are beyond 2025. With the execution of our U.S. vertical integration strategy and domestic content Based upon recent policy proposals just this week and many conversations that we're having with utility scale developers, demand for domestic content is only increasing. Our ambitions are centered on integrating production from G1 Dallas and G2 Austin, as well as other domestic content initiatives. We continue to move forward, as Dan mentioned, on initial developments for G2 Austin, supported by capital formation discussions that we're having with a variety of potential partners.

Evan Kelly: Ports.

Evan Kelly: Surprise for T. One our customers our shareholders. Our management team are beyond 2025, with the execution of our U S vertical integration strategy and domestic content roadmap.

Evan Kelly: Based upon recent policy proposals just this week and many conversations that we're having with utility scale developers demand for domestic content is only increasing.

Evan Kelly: Our ambitions are centered on integrating production from <unk>, Dallas and G to Austin as well as other domestic content initiatives. We continue to move forward as Dan mentioned on initial developments for Q2, Austin supported by capital formation discussions that we're having with a variety of potential partners importantly, there are no change.

Evan Calio: Importantly, there are no changes to our target of bringing G2 online by 4Q26, nor our annual EBITDA run rate guidance for integrated G1, G2 production of 650 to 700 million. Turn the slide.

Evan Kelly: As to our target of bringing <unk> online by <unk> 26, nor our annual EBITDA run rate guidance for integrated <unk> production of $650 to $700 million.

Evan Kelly: Turning to slide 10.

Evan Kelly: Let's review Q1 financial position and our first full quarter as tier one energy, we generated revenue of $64 4 million related to initial deliveries under the tree nut cost plus offtake contract.

Evan Calio: In our first full quarter as T1 Energy, we generated revenue of $64.4 million related to initial deliveries under the Trina Cost Plus off-day contract.

Evan Calio: As we reported previously, we also successfully converted the G1 Dallas construction loan in late April, which was punctuated by handover of all production lines, the operation. With production ramping during the quarter, we also continued to build finished goods inventory of solar modules in advance of initial deliveries under the RWE contract, which has started in 2Q. T1 has 500 megawatts of module sales in 2025 associated with the Cost Plus RWE contract remaining in 2025.

Evan Kelly: As we reported previously we also successfully converted the <unk> Dallas construction loan in late April which was punctuated by hand over all production lines the operations teams with.

Evan Kelly: With production ramping during the quarter. We also continued to build finished goods inventory of solar modules and advance of initial deliveries under the <unk> contract, which is started into Q.

Evan Kelly: <unk> has 500 megawatts of module sales in 2025 associated with the cost plus RWD contract remaining in 2025, they will take 250 megawatts.

Evan Calio: It will take 250 megawatts in the current or second As you'll notice, the balance sheet, summary table, T1 drew down cash in Q1 2025, which is a trend that we do not expect to persist to the remainder of 2025 as production and sales ramp from G1, so will T1's operating cash flow, which is supported by 1.5 gigawatt of high-margin offtake long-term contracts, plus the cardinal sale that Rob will discuss in a minute.

Evan Kelly: In the current or second quarter.

Evan Kelly: As Youll notice the balance sheet summary table T. One drew down cash in Q1, 2025, which is a trend that we do not expect to persist for the remainder of 2025 as production and sales ramp from Q1, <unk> operating cash flow, which is supported by one five gigawatt of high margin offtake long term.

Contracts plus the carnival sail that Rob will discuss in a minute.

Evan Calio: We also expect to begin monetizing Section 45x PTCs in either 2 or 3Q.

Evan Kelly: We also expect to begin monetizing section 45 ex PTC is in either two or three Q and consequently, we have positive liquidity outlook. Despite reductions of our EBITDA guidance I covered on the prior slide.

Rob Gibbons: And consequently, we have positive liquidity outlook despite reductions of our EBITDA guidance that I covered in the prior And now I'd like to introduce Rob Gibbons, our EVP of strategic partnerships to deliver an update on our commercial progress, Rob.

Speaker Change: Now I'd like to introduce Rob <unk>, our EVP of strategic partnerships to deliver an update on our commercial progress Rob.

Rob Gibbons: Thanks, Evan. Let's turn to slide 11. The foundation of building a powerful commercial enterprise is in place at T1. The RWE contract structure and client relationship represents the focus of our commercial strategy. We are in advanced discussions with other utilities, IPPs, and leading utility scale developers regarding similar The priorities for these strategic partners include securing top-con modules manufactured in the U.S. with U.S. components from a reputable supplier with a traceable supply chain. These are key requirements for our clients to achieve domestic content bonus tax credit. Our announcement of G2 has helped to accelerate existing negotiations and generate additional interest for similar As progress on G2 continues and clarity emerges on trade policy, supply chains, and the future state of the IRA, we expect to execute additional multi-year take or pay module purchase commitments with key U.S.

Rob Gibbons: Thanks, Kevin, let's turn to slide 11.

Rob Gibbons: The foundation of building a powerful commercial enterprises in place at T. One R. W. A contract structure and client relationship represents the focus of our commercial strategy. We are in advanced discussions with other utilities ipp's in leading utility scale developer as regard.

Rob Gibbons: Similar contracts.

Rob Gibbons: The priorities for these strategic partners include securing top con module is manufactured in the U S with U S components from a reputable supplier with a traceable supply chain.

Rob Gibbons: Our key requirements for our clients to achieve domestic content bonus tax credits.

Rob Gibbons: Our announcement of <unk> has helped to accelerate existing negotiations and generate additional interest for similar contracts.

Rob Gibbons: Its progress on <unk>, two continues and clarity emerges on trade policy supply chains and the future state of the IRI, we expect to execute additional multiyear take or pay module purchase commitments with key U S customers in terms of merchant sales, we announced that Tijuana.

Rob Gibbons: customers.

Rob Gibbons: In terms of merchant sales, we announced that T1 has signed a 253 megawatt module sales agreement for 2025 with a utility scale developer for a project in Texas. Deliveries under this contract are expected to begin in Q3 2025, and this contract supports the conversion of three of our PERC manufacturing lines to Topcon to better align with market demand. With 1.7 gigawatt of 2025 module sales in hand for G1 Dallas, T1 will continue to pursue merchant sales opportunities that deliver attractive margins.

Rob Gibbons: <unk> signed a 253 megawatt module sales agreement for 2025 with a utility scale developer for a project in Texas.

Rob Gibbons: Liberty is under this contract are expected to began in Q3 2025 and this contract supports the conversion.

Rob Gibbons: Three of our product manufacturing lines to top con to better align with market demand.

Rob Gibbons: With one seven gigawatt of 2025 module sales in hand for <unk> Dallas T. One will continue to pursue merchant sales opportunities that deliver attractive margins.

Rob Gibbons: Moving to slide 12, let me provide you with some additional detail about our Domestic Content Roadmap. T1's plan is to establish a vertically integrated U.S. solar supply chain built on domestic We will continue to have access to current imported components to maintain flexibility in our supply chain, given the evolving policy landscape. Our plan is to produce US modules with more than 70% domestic content by 2027. This strategy is bookended by our US polysilicon supply contract and our module production facility at G1 Dallas. But we intend to establish a domestic supply chain that includes polysilicon ingots, wafers, and cells, as well as other filamaterial components.

Rob Gibbons: Moving to slide 12, let me provide you with some additional detail about our domestic content roadmap.

Rob Gibbons: <unk> plan is to establish a vertically integrated U S solar supply chain belt on domestic content. We will continue to have access to current imported components to maintain flexibility in our supply chain given the evolving policy landscape.

Rob Gibbons: Our plan is to produce use modules with more than 70% domestic content by 2027. This strategy is bookended by our U S polysilicon supply contract and our module production facility at <unk> Dallas.

Rob Gibbons: We intend to establish a domestic supply chain.

Rob Gibbons: <unk> includes poly silicon ingots wafers and cells as well as other bill of material components.

Rob Gibbons: There are several strategic and commercial benefits to pursuing this strategy. Not only does it align with the most stringent potential modifications to the IRA, but it also positions our developer clients to be eligible for the 48E Domestic Content Stacking bonus. Clients want localized, traceable supply chains that reduce project risks associated with duties, tariffs, and detention. We continue to be focused on delivering modules with industry leading LCOE and high domestic content in order to enhance our clients project return.

Rob Gibbons: There are several strategic and commercial benefits to pursuing this strategy.

Rob Gibbons: Not only does it align with the most stringent potential modifications to the IRR, but it also positions our develop our clients to be eligible for the 48 E domestic content stacking bonuses.

Rob Gibbons: Clients want localized traceable supply chains at reduced project risks.

Rob Gibbons: Associated with duty tariffs and attention.

Rob Gibbons: We continue to be focused on delivering modules with industry, leading LC OE and high domestic content in order to enhance our clients' project returns.

Daniel Barcelo: And with that, I'll turn the call back over to Dan for concluding remarks. Thanks, Rob.

Dan Barcelo: And with that I'll turn the call back over to Dan for concluding remarks.

Daniel Barcelo: Let's turn now to slide 13 before we take your questions. We are positioning T1 to thrive in this dynamic policy and industry environment. Our key priorities are clear. We want to advance commercially. Expand our U.S. supply chain and establish T1 as a cash flow powerhouse.

Dan Barcelo: Thanks, Rob, Let's turn now to slide 13, before we take your questions.

Dan Barcelo: We are positioning <unk> to thrive in this dynamic policy and industry environment. Our key priorities are clear we want to advanced commercially.

Dan Barcelo: Expand our U S supply chain and establish <unk> as a cash flow powerhouse.

Daniel Barcelo: The path to success begins with G1 Dallas, where we will continue to ramp production and deliveries to customers. During this temporary period of market uncertainty, we will pursue merchant sales as warranted, and only when we are comfortable that we generate the appropriate risk-adjusted market. As we build our commercial enterprise, we will continue to build on our leading position as a U.S. manufacturer of Topcon modules, which offer superior performance characteristics.

Dan Barcelo: The path to success begins with <unk> Dallas, we will continue to ramp production and deliveries to customers. During this temporary period of market uncertainty, we will pursue merchant sales is warranted and only when we are comfortable that we generate the appropriate risk adjusted margins as we build our commercial enterprise, we will continue to build on our leading position.

Dan Barcelo: As a U S manufacturer of top com modules, which offer superior performance characteristics as.

Daniel Barcelo: As Rob just detailed, building T1's U.S. solar supply chain and advancing our domestic content plan are foundational to our strategy.

Dan Barcelo: As Rob just detailed building <unk> U S solar supply chain and advancing our domestic content plan are foundational to our strategy. The next major step on this path is to advance our development of the GT often use solar cell project in the interim we will also evaluate and pursue the best strategic options to efficiently augment our domestic content.

Daniel Barcelo: The next major step on this path is to advance our development of the G2 Austin U.S. solar cell project. In the interim, we will also evaluate and pursue the best strategic options to efficiently augment our domestic content.

Daniel Barcelo: The third major priority for T1 is to build a cash flow powerhouse. Now that we are generating revenue from our world-class asset at G1, we are focused on maximizing our long-term cost-plus-contract portfolio for our integrated G1-G2 production footprint. While we build this cash flow wedge from our commercial activities, our finance team will continue to progress the capital formation initiatives to fund G2 Austin, T1's future cash flow engine, on parallel paths.

Dan Barcelo: The third major priority for <unk> is to build a cash flow powerhouse.

Dan Barcelo: Now that we are generating revenue from our world class asset at <unk>, we're focused on maximizing our long term cost plus contract portfolio for our integrated <unk> production footprint, while we build this cash flow wedge from our commercial activities. Our finance team will continue to progress the capital formation initiatives to fund G too often <unk> future cash.

Dan Barcelo: Flow engine on parallel paths.

Daniel Barcelo: Before we take your questions, I wish to commend the growing T1 employee family from our Austin headquarters to operations in Dallas for their collective dedication to our mission of building a domestic solar and battery supply chain to invigorate America with scalable, reliable, and low cost energy.

Speaker Change: Before we take your questions I wish to commend the growing tier one employee family from our Austin headquarters to operations in Dallas, where their collective dedication to our mission of building a domestic solar and battery supply chain to Invigorate America with scalable reliable and low cost energy on behalf of <unk> Board of directors and leadership team. Thank you to our investors customers partners.

Jeffrey Spittel: On behalf of T1's Board of Directors and leadership team, thank you to our investors, customers, partners, and employees for your support of this American advanced manufacturing. And with that, I'll turn it back to Jeff to coordinate the Q&A. Thanks, Sam. Operator, we're ready to open up the line for questions. Thank you. As a reminder to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster.

Speaker Change: And employees for your support of this American advanced manufacturing mission.

Speaker Change: And with that I'll turn it back to Jack to coordinate the Q&A.

Jack: Thanks, Dan operator, we're ready to open up the line for questions.

Jack: Thank you as a reminder to ask a question. Please press star one wanting your telephone and wait for your name to be announced to withdraw your question. Please press star one again.

Speaker Change: Please standby, while we compile the Q&A roster.

Gregory Lewis: Our first question comes from the line of Greg Lewis with VTIG, your line is now open. Yes, thank you and good morning, and thanks for taking my questions. I wanted to talk first, you know, it's good to see that new 250 megawatt sales agreement. A couple questions around that, and I'm going to try to tie it in the guidance. I guess the first question around the order was, was that a customer that was already, had placed orders that are in the backlog, or is that a new incremental customer?

Speaker Change: Our first question comes from the line of Greg Lewis with <unk>. Your line is now open yes.

Greg Lewis: Yes, Thank you and good morning, and thanks for taking my questions.

Speaker Change: I wanted to talk I'll first it was good.

Greg Lewis: Good to see that new.

Greg Lewis: 250 megawatts sales agreement a couple of questions around that.

Greg Lewis: Try to tighten the guidance I guess, the first question around the new the order was.

Greg Lewis: Is that a customer that was already had placed orders that are in the backlog or is or is that a new incremental customer.

Rob Gibbons: Yeah, Rob, why don't you take that and go through a little bit of the customer outlook? Sure. Thanks for the question, Nia.

Greg Lewis: Yes, Rob I wanted to take that and go through a little bit of a customer outlook.

Greg Lewis: Sure.

Rob Gibbons: That was a new client that was developed with the help of the Trina sales team. That was not in our previous backlog. As we continue to get the word out into the market in terms of what T1 is and we represent in terms of our G1 asset and the strength of the modules that we're building, we're getting a lot of inbound interest. So we're seeing continued development of merchant sales opportunities, which this 253 megawatt sale represents.

Speaker Change: Thanks for the question.

Greg Lewis: It was a new client.

Speaker Change: It was developed.

Speaker Change: With the help of the train a sales team.

Speaker Change: That was not in our previous backlog.

Speaker Change: As we continue to get the word out into the market in terms of what T. One is when we represent in terms of our G. One asset and the strength of the technology of the modules that we're building we're getting a lot of inbound interest. So we're seeing continued development of <unk>.

Speaker Change: Merchant sales opportunities, which.

Speaker Change: This 253 megawatt sale represents.

Gregory Lewis: Yeah, and just thinking about that, I appreciate those comments, just thinking about the uncertainty that's out there and the issues. I mean, the earth is definitely moving under everybody's feet.

Speaker Change: Yes, and just thinking about that and I. Appreciate those comments just thinking about the uncertainty that's out there and the issues.

Speaker Change: The Earth is definitely moving under everybody's feet.

Gregory Lewis: You know, as we think about the revised down guidance, as we think about the production targets, you know, I guess at the high and the low end, any kind of sense for The timing of that ramp, I mean, like, as we look at orders, incoming orders, as we look at that, are we thinking Q4, should we expect, you know, this clearly is going to be back end weighted, any kind of sense for the ramp in the production over the next couple quarters? Yeah, thank you for that. The entire management team, with the Trina Salesforce legacy support, you know, we're active meeting with all the large developers.

Speaker Change: As we think about the revised down guidance.

Speaker Change: As we think about the production targets.

Speaker Change: At the high and the low end.

Speaker Change: Any kind of sense for.

Speaker Change: The timing of that ramp I mean like.

As we look at orders incoming orders.

Speaker Change: As we look at that we think in Q4 should we expect this clearly is going to be back end weighted.

Speaker Change: Any kind of sense for the ramp in the production over the next couple of quarters.

Speaker Change: Thank you for that.

Speaker Change: The entire management team with the with the.

Speaker Change: With the Trina Salesforce legacy support.

Speaker Change: Active meeting with all the large developers, let's say a recurring theme is uncertainty.

Rob Gibbons: I'd say a recurring theme is uncertainty, whether it's reciprocal tariff uncertainty, whether it's Texas legislative session, uncertainty into Texas, all of those elements have led to uncertainty. What we have, what we are committed to doing is making sure we're doing margin sales that are attractive to us. You can imagine that given the uncertainty around tariffs, some customers are asking for T1 Energy to take full tariff risk. That is not something we would do. In terms of the ramp on the uptake, we're committed to announcing large and meaningful contracts as they occur in real time. We would expect to have those continue through the back half of the year, starting from as early as without giving guidance, just starting as soon as possible.

Speaker Change: Whether it was with Super Bowl tariff uncertainty, whether it's Texas legislative session inserted uncertainty into Texas all of those elements have led to uncertainty.

Speaker Change: We have what we're committed to doing is making sure. We're doing margin sales that are attractive to us.

Speaker Change: You can imagine that given the uncertainty around tariffs and some customers are asking for for <unk> energy to take full tariff risk that is not something we would do.

Speaker Change: In terms of the ramp on the <unk>.

Speaker Change: Uptake, we're committed to announcing large and meaningful contracts as they occur in real time.

Speaker Change: We'd expect to have those continue through the back half of the year starting from.

Speaker Change: Is it really is.

Speaker Change: Without without giving guidance just starting as soon as possible, but we are committed to giving those numbers.

Rob Gibbons: But we're committed to giving those numbers.

Rob Gibbons: I want to underscore one other thing. Production, these assets are producing by design. Terminal and conversion happened to confirm that. We're able to produce at design at five gigawatts. And this is really about a sales issue. We had the prior guidance of three, four in order to not overproduce and hold that inventory into 2026. We made this tough decision to reduce down. So on the production side, we're good. On the sales side, we're committed to announcing those announcements as they come. And I think as we see clearer indications, particularly around tariff uncertainty, seems to be the large one.

Speaker Change: I want to underscore one of the things production.

Speaker Change: We put these assets are producing by design.

Speaker Change: Term loan conversion happened to confirm that we are able to produce at design at five gigawatts.

Speaker Change: This is really about a sales issue we had the prior guidance of three four in all.

Speaker Change: Her to not overproduce and hold that inventory into 2026, we made this tough decision to reduce down so on the production side. We're good on the sales side, we're committed to announcing those those announcements as they come and I think as we see clear <unk>.

Speaker Change: Indications, particularly around tariff uncertainty seems to be the large one I think there was a positive news in terms of 45 X at 48.

Rob Gibbons: I think there was positive news in terms of 45X and 48E. It looks like a muting at the tail end of it. But those domestic content adders related to 48E were very important. And obviously for us, 45X critical. So from that standpoint, positive on the outlook.

Speaker Change: It looks like a muting at the tail end of it but those domestic content adders related 48 were.

Speaker Change: Pretty were very important obviously for US 45 X critical.

Speaker Change: So from that standpoint.

Gregory Lewis: The longer term, this near term uncertainty is what drove the guidance down. Yeah, no doubt.

Speaker Change: Positive on the outlook.

Speaker Change: <unk> term this near term uncertainty is what drove the guidance down.

Evan Calio: And then Evan, appreciate your comments around the low end of guidance and your liquidity outlook. As we think about that kind of 100 million you flagged, does that include any potential asset sales or sales from some of the legacy assets at, I guess, what was fair? Yeah, Greg, it's a great question. It does not, right? Any asset sale proceeds would be Right. I mean, what you know, what you're getting is, you know, you are getting some of the 2026 sales in 2025, right? The payment terms under the contracts provide for 50 percent of the contract payment in aggregate up to 30 days prior to the quarter.

Speaker Change: Yes, no doubt and then Evan I appreciate your comments around the low end of guidance and your liquidity outlook as we think about that as kind of a 100 million you flagged does that include any potential.

Speaker Change: Asset sales or sales from some of the legacy.

Speaker Change: Assets.

Speaker Change: I guess what was fair.

Greg Lewis: Yes, Greg it's a great. It's a great question it does not.

Greg Lewis: Any asset sale proceeds would be incremental right.

Greg Lewis: What youre getting is.

Greg Lewis: You are getting some.

Greg Lewis: Of the 2026 sales in 2025 right the payment terms into the contracts provide for 50% of the contract payment.

Greg Lewis: In aggregate up to 30 days prior to the quarter. So youre getting some at 26 sale price in 'twenty, five and Youre going to get 45 ex monetization on the.

Evan Calio: So you're getting some of 26 sale price in 25 and you're going to get 45 X monetization on the the modules you're producing and putting in inventory. So it'll be above 100 and it's supported by a lot of factors. I mean, it's inversely correlated, unfortunately, if the lower you produce, particularly on the base or on top of the one and a half gig contracts, you know, which you can see in the first quarter show you, you know, north of 40 percent gross margin, you know, that you have a higher cash position at a lower production.

Greg Lewis: The modules you are producing and putting in inventory right. So it will be above 100, and it's supported by a lot of factors I mean, it's inversely correlated. Unfortunately, if you to lower your produce particularly on the base or on top of.

Greg Lewis: But wanted to ask gig contracts, which you can see in the first quarter show you north of 40% gross margin.

Greg Lewis: That.

Greg Lewis: You have a higher cash position at a lower <unk>.

Greg Lewis: <unk> rates.

Greg Lewis: Okay, and then and then just one for me realizing it.

Greg Lewis: Its recent than not.

Greg Lewis: The heads up agreement has been signed but any kind of thoughts or color around.

Greg Lewis: What's that what that structure could look like I mean, I'm, assuming it's a joint venture.

Greg Lewis: At least how you're thinking about it in terms of.

Greg Lewis: Majority ownership and payment term any any things you can share about that.

Evan Calio: I think it's too early to have the final structure on it, but we're looking at a minority investor. into G2 slash G1. That would be working with our Saudi aligned partner to to close something or look for something with the Kingdom of Saudi Arabia with the Ministry of Finance there. That would be the core aspect of it, a minority investment into the G1, G2 assets. I'd note that as we've previously mentioned, we're looking at all other forms as well in terms of other types of private equity or private investments into that, which we think de-risks the project, bringing in, adding to the equity capital stack in particular.

Greg Lewis: I think it's too early to have the final structure on it but we're looking at a minority investment into <unk> to slash <unk>, one that would be working with our Saudi aligned partner to to close something or look for something with the kingdom of Saudi Arabia with the Ministry of finance, there that would be the core <unk>.

<unk> of it a minority investment in <unk> assets I would note that as we've previously mentioned we're looking at.

Greg Lewis: Other forms as well in terms of other types of private equity or private investments into that which we think de risks the project, bringing in adding to the equity capital stack in particular, I think the strategic nature of the Kingdom of Saudi Arabia wanting to invest in United States adds another element to it which we're very excited to have been part of the trade.

Evan Calio: I think the strategic nature of the Kingdom of Saudi Arabia wanting to invest in the United States adds another element to it, which we're very excited to have been part of the trade representatives going over there as well.

Greg Lewis: Representatives going over there as well.

Gregory Lewis: All right, super helpful. Thank you very much. Thanks, Greg.

Speaker Change: Alright Super helpful. Thank you very much.

Unknown Executive: Thank you and I'm showing no further questions at this time.

Greg Lewis: Thanks, Greg.

Speaker Change: Thank you and I'm showing no further questions at this time I'd like to turn the call back over to Jeff <unk> for closing remarks.

Jeffrey Spittel: I'd like to turn the call back over to Jeff Spittel for closing remarks. Thank you, Shannon. Thank you, everybody, for dialing in and participating today. We look forward to engaging with you on the road next week and throughout the quarter. Feel free to follow up with any questions via email or phone, and we'll talk to you all soon.

Speaker Change: Thank you Shannon and thank you everybody for dialing in and participating today, we look forward to engaging with you on the road next week and throughout the quarter feel free to follow up with any questions via email or phone and we'll talk to you. All soon this will conclude the call.

Unknown Executive: This will conclude the call. This concludes today's conference call. Thank you for your participation.

Speaker Change: This concludes today's conference call. Thank you for your participation you may now disconnect.

Unknown Executive: You may now disconnect.

Speaker Change: Okay.

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Yes.

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