Core Viewpoint - FlexGen has acquired the majority of Powin's business, including all intellectual property, spare parts inventory, and access to Powin's on-site projects, following Powin's Chapter 11 bankruptcy filing [2][4]. Group 1: Acquisition Details - The acquisition was completed through an auction at the end of July, with FlexGen designated as the "stalking horse bidder" offering $27.5 million for debtor-held assets [4][5]. - FlexGen's energy management system (EMS) and control software, HybridOS, will be made available to Powin's customers [4]. - Other bidders included Mainfreight, which proposed to purchase $3 million in secured notes, and Hitachi Energy, which sought to acquire the remaining 20% stake in EKS Energy, a converter manufacturer in Spain [5][6]. Group 2: Powin's Financial Situation - Powin had previously reported potential layoffs and operational shutdowns within two months before filing for Chapter 11 bankruptcy protection [4]. - The company faced financial difficulties exacerbated by industry headwinds affecting its U.S. operations, including ongoing U.S. import tariff negotiations [4]. Group 3: Industry Context - Powin was a pioneer in the battery energy storage system industry, deploying the first projects in the mid-2010s as a developer and system integrator [4]. - The company had exited the development business and was among the first to procure lithium-ion cells and package them into complete turnkey systems [4]. Group 4: Future Events - The 10th Western Energy Storage Forum is scheduled to be held in Hohhot, Inner Mongolia, on August 19-20, 2025, alongside various related events [6].

Group 1 - MSEDCL has issued a tender for the installation of a 2GW/4GWh Battery Energy Storage System (BESS) in Maharashtra, India [1] - The selected developers will be responsible for the construction, ownership, and operation of the battery storage facilities, which must support two hours of discharge duration and allow for two charge-discharge cycles per day [1][2] - The minimum bid size for the project is set at 100MW/200MWh, with land provided on a usage rights basis at an annual rent of 1 Indian Rupee per plot [1] Group 2 - Developers with valid Power Purchase Agreements (PPAs) for state projects and existing renewable energy developers are eligible to participate in the bidding [2] - The battery storage systems must be charged using a "DC to DC" method from nearby solar facilities, utilizing existing grid evacuation arrangements [2] - For battery storage systems not built near renewable energy projects, MSEDCL will provide AC input for charging [3]

Report Information - Report Title: Nickel Daily Report [1] - Date: August 1, 2025 [2] - Research Team: Non - ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Core Viewpoint - On the 31st, black - series commodities tumbled, and Shanghai nickel showed weakness, closing below the 120,000 mark again. The main contract 2509 closed down 1.79% at 119,830, with the total open interest of the index increasing by 11,234 to 190,329 lots. The nickel surplus pattern remains unchanged, and prices declined again after the cooling of macro - sentiment. The overall surplus pattern of nickel is still significant, and the nickel price is temporarily regarded as weak [8]. Section Summaries 1. Market Review and Operational Suggestions - **Market Performance**: On the 31st, black - series commodities fell generally, and Shanghai nickel was weak. The main 2509 contract closed down 1.79% at 119,830, and the total open interest of the index increased by 11,234 to 190,329 lots [8]. - **Supply - side Situation**: There are expectations of loose supply from the mining ends in the Philippines and Indonesia, and the probability of subsequent decline in ore prices is high. Under the pressure of losses, some production lines in Indonesia have switched to producing high - grade nickel matte, driving a slight recovery in the low - level nickel - iron price. On the 31st, the average price of 8 - 12% high - nickel iron was reported at 912.5 yuan per nickel point, but the acceptance of high - price nickel ore remains low [8]. - **Demand - side Situation**: The stainless - steel market is still weak, in the traditional off - season of consumption with high inventory. As the nickel - iron price rises, some downstream enterprises prefer to purchase scrap stainless steel for production, and the acceptance of high - nickel pig iron prices is also poor. The price of battery - grade nickel sulfate remained flat at 27,370 yuan per ton on the 31st, and it stopped falling and rebounded in the short term supported by the rigid replenishment demand of precursors and the low inventory of nickel salt plants [8]. 2. Industry News - **Indonesian Investment**: Indonesia's national investment management agency Danantara is exploring investment opportunities in the nickel downstream industry. It is considering acquiring the PT Gunbuster Nickel Industry (GNI) smelter. Danantara expects to prepare an investment plan of over $20 billion and provide about $60 million in medium - term financing through a syndicated loan [9][10]. - **Battery Energy Storage**: Bulgaria officially launched the largest - scale operating battery energy storage system in the EU, with a capacity of 124 megawatts/496.2 megawatt - hours. Renewable energy storage company Apatura has obtained planning permission for a 100 - megawatt battery energy storage system (BESS) project in Scotland, and its approved total energy storage capacity has exceeded 1.6 gigawatts [10]. - **Solar Cell Innovation**: A research team in Turkey developed a TOPCon solar cell using nickel (Ni) contacts with almost no silver (Ag), achieving nearly the same efficiency while significantly reducing silver usage, which is expected to reduce production costs and improve sustainability and scalability [10].

Financial Data and Key Metrics Changes - In the first half of 2025, EBITDA reached $659 million, representing a 10% improvement compared to the previous year, driven by strong generation performance and improved gas trading activities [26][32] - Net income for the first half amounted to $246 million, an 8% decrease from the previous year, primarily due to higher general and administrative expenses [26][35] - The first half FFO showed significant improvement, reaching $403 million, 7.8 times the previous year's figure [26][27] Business Line Data and Key Metrics Changes - Hydro generation remained consistent with last year's levels, supported by higher thermal dispatch, despite a 5% decrease in net electricity generation compared to June 2024 [9][20] - The distribution segment has seen increased energy losses due to higher electricity prices and climate events, prompting the company to implement better payment plans and tools to manage debt [48][49] Market Data and Key Metrics Changes - The national electricity system faced challenges including poor hydrological conditions and maintenance issues, leading to increased spot prices in the Central Southern Zone of Chile [16][17] - Despite these challenges, the company maintained its hydrology guidance for the year, expecting hydro generation to reach around 11 terawatt hours [17][56] Company Strategy and Development Direction - The company is committed to its Resilient and Winter program to strengthen the grid and improve response to climate-related events, including deploying remote control systems and vegetation monitoring [11][12] - Plans to launch construction of battery energy storage projects in Northern Chile, adding around 0.5 gigawatts to the portfolio within the next two years, were announced [15][72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about hydro production for the second half of the year, despite a dry start in July, citing favorable conditions for snowmelt [56] - The company is actively advocating for a new regulatory model to recognize significant investments in the network to address climate change impacts [95][96] Other Important Information - The company changed its functional currency from Chilean pesos to US dollars as of January 1, 2025, for comparative purposes [25] - Capital expenditures in the first half reached $157 million, with a focus on Greece investments and thermal projects [27][28] Q&A Session Summary Question: What is the main reason behind the higher energy losses in the distribution business? - Management indicated that higher electricity prices and climate events contributed to increased energy losses, and they are working with regulators to improve the situation [49][50] Question: How sustainable are the higher gas sales in the generation business? - Current guidance for gas sales is between $80 million to $90 million for the year, with expectations for sustainability depending on market conditions [52] Question: How do you expect hydro volumes to evolve in the second half? - Management is optimistic about hydro production due to favorable conditions and expects to meet the full-year target of 10.7 terawatt hours [56] Question: What is the current average cost of debt? - The average cost of debt has decreased to 4.9%, reflecting favorable conditions from previous financing [57] Question: Are there plans to adjust the full-year guidance in light of market conditions? - Management remains confident in their ability to navigate challenges and does not anticipate adjusting the full-year guidance [59] Question: Will there be any additional impairments related to the SALINA project? - Management does not expect further impairments for the SALINA project after recent adjustments [63] Question: What are the expectations for the new battery investment plan? - The new battery investment plan aims to hybridize existing solar PV plants and is expected to enhance production during non-solar hours [88]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The nickel market remains in an oversupply situation, with the short - term market dominated by macro logic. The overall oversupply pattern is still significant, and the nickel price is expected to be weak. The upstream nickel ore supply is expected to be loose, the support from iron plants and stainless steel is limited, and the battery - grade nickel sulfate price has rebounded. [7] 3. Summary by Directory 3.1行情回顾与操作建议 - The main contract of Shanghai nickel, 2509, closed down 0.85% at 121,800, and the total open interest of the index decreased by 3,705 to 174,585 lots. [7] - The supply of nickel ore from the Philippines and Indonesia is expected to be loose, and the ore price is likely to fall. [7] - The support from nickel iron plants and the stainless - steel market is limited. The cost of nickel iron plants is high, and some Indonesian production lines have switched to producing high - grade nickel matte. The stainless - steel market is weak due to the traditional off - season and high inventory. [7] - The price of battery - grade nickel sulfate continued to rise, reaching 27,370 yuan/ton on the 29th, supported by the rigid replenishment demand of precursors and low inventory of nickel salt plants. [7] 3.2行业要闻 - Indonesia's Danantara is exploring investment opportunities in the nickel downstream industry, considering acquiring the GNI smelter. It plans to prepare an investment plan of over $20 billion and provide about $60 million in medium - term financing through a syndicated loan. [8][10] - Bulgaria has launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh. [9] - A research team in Turkey has developed a TOPCon solar cell with nickel contact and low silver usage, which can significantly reduce production costs. [9] - Apatura has obtained planning permission for a 100 - MW battery energy storage system project in Scotland, with a total approved storage capacity of over 1.6 GW. [9]

Core Viewpoint - Tesla reported its worst quarterly results in a decade, with Q2 revenue dropping 12% year-over-year to $22.5 billion, attributed to sudden changes in EV tax credits and tariff impacts, leading CEO Elon Musk to predict "difficult quarters" ahead [1][6][31] Financial Performance - Q2 revenue fell 12% year-over-year to $22.5 billion, marking the largest decline in at least ten years [1] - Regulatory credits revenue decreased over 26% to $439 million, down from $595 million in Q1 and $890 million year-over-year [6][28] - Tariff costs increased by approximately $300 million, with two-thirds impacting automotive operations [6][28] Business Outlook - Musk expressed confidence in the future of Tesla, emphasizing the potential of autonomous driving and humanoid robots, with expectations for RoboTaxi services to cover half of the U.S. population by year-end [1][5][8] - The company anticipates capital expenditures exceeding $9 billion this year, focusing on AI, robotics, and manufacturing capacity expansion [4][31] RoboTaxi Expansion - Tesla successfully launched its first RoboTaxi service in Austin, with plans to expand the service area significantly [5][32] - The RoboTaxi service has already logged over 7,000 miles with positive customer feedback and no significant safety incidents reported [5][61] Full Self-Driving (FSD) Adoption - FSD adoption in North America increased by 25% since the release of version 12, although about half of Tesla owners have yet to try the feature [7][28] - Vehicles using FSD are reported to be ten times safer than those without it [7][28] Optimus Robot Development - The design for the third version of the Optimus humanoid robot is complete, with a prototype expected by year-end and mass production aimed for next year, targeting an annual production of 1 million units within five years [8][25][57] Energy Business Growth - Despite challenges, Tesla's energy business achieved its highest gross profit to date in Q2, driven by increasing demand for energy storage solutions [9][29] - The company plans to launch its first LFP battery manufacturing facility by year-end and a third mega factory by 2026 [10][57]

Group 1: Report Overview - Report Name: Nickel Daily Report [1] - Date: July 18, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] Group 2: Market Review and Operation Suggestions - Nickel Market Performance: On the 17th, Shanghai nickel was under pressure at the 120,000 integer mark and operated weakly. The main contract 2508 closed down 0.6% at 119,880. The total index position increased by 4,627 to 155,945 lots. [9] - Spot Market: In the off - season, the spot trading of refined nickel was average. Enterprises mainly purchased on demand, and the spot supply was sufficient. The average premium of Jinchuan nickel was 2,050 yuan/ton, and the premium and discount range of mainstream brand electrowon nickel was - 100 - 300 yuan/ton. [9] - Market Outlook: The support at the mine end in the front - end of the industrial chain has weakened. The overall bargaining range of nickel iron has moved down, and some nickel iron plants have cut production. The sulfuric acid nickel price may rise from a low level. Currently, all links in the nickel industrial chain are weak, and the macro - sentiment temporarily dominates the market. Wait for a lower price to go long. [9] Group 3: Industry News - Indonesia Nickel Industry: In 2025, Indonesia's actual nickel ore production was only 120 million tons, while the approved RKAB quota in the first half of the year was 364.1 million tons. The industry is facing cost pressure due to policies and taxes. The APNI is working on ESG norms to enhance its international reputation. [10][11] - Bulgaria Battery Storage System: Bulgaria officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh. This is a step towards its 10,000 MWh battery storage capacity target. [11] - Nickel - based Solar Cell: A research team in Turkey developed a TOPCon solar cell with nickel contact and almost no silver, which can significantly reduce production costs while maintaining high efficiency. [11] - UK Battery Storage Project: Apatura obtained planning permission for a 100 MW battery energy storage system project in Scotland, which will help the region achieve its net - zero and renewable energy goals. [11]

Report Overview - Report Title: Nickel Daily Report - Date: July 10, 2025 - Research Team: Non-ferrous Metals Research Team of Jianxin Futures - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - Trump's announcement of tariff implementation on August 1st has increased macro uncertainty, leading to a decline in market risk appetite. The weakening macro support has caused nickel prices to fall under the pressure of fundamental oversupply. The Shanghai nickel main contract fell below 120,000 yuan on the 9th, with a closing decline of 1.2%. The total index positions increased by 10,628 to 158,316 lots. Given the current weak performance of each link in the nickel industry chain, previous long positions should be closed, and a rolling operation strategy should be continued [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Situation**: Macro uncertainty has increased, causing a decline in market risk appetite. The weakening macro support has led to a continuous decline in nickel prices under the pressure of fundamental oversupply. On the 9th, the Shanghai nickel main contract fell below 120,000 yuan, with a closing decline of 1.2%, and the total index positions increased by 10,628 to 158,316 lots [8]. - **Spot Market**: During the off - season of demand, the spot trading of refined nickel is average. Enterprises mainly purchase on demand, and the spot supply is sufficient. The average premium of Jinchuan nickel is 2,100 yuan/ton, and the premium range of mainstream brand electrowon nickel is - 100 - 300 yuan/ton [8]. - **Supply Side**: The decline in mine - end interference has weakened the support. The premium of Indonesian domestic red clay nickel ore has declined, and there is a risk of subsequent ore price decline. The price of high - nickel ferro continues to fall, with an average price of 905 yuan/nickel point on the 9th. Nickel iron plants are facing increasing losses, and some have cut production [8]. - **Demand Side**: The demand for new energy batteries is in the off - season, and the support for nickel sulfate is limited. Although nickel sulfate has rebounded slightly to 27,420, some enterprises have cut production to support prices due to losses [8]. - **Operation Suggestion**: Given the current weak performance of each link in the nickel industry chain, previous long positions should be closed, and a rolling operation strategy should be continued [8]. 3.2 Industry News - **Bulgaria**: Bulgaria has officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh. This project is a step towards the country's goal of deploying 10,000 MWh of battery energy storage capacity within a year [9]. - **Turkey**: A research team in Turkey has developed a TOPCon solar cell using nickel (Ni) contacts with almost no silver (Ag). The silver consumption is less than 0.5 mg/W, far lower than that of traditional silver - contact cells, while achieving almost the same efficiency. This innovation is expected to significantly reduce production costs [11]. - **UK**: Renewable energy storage company Apatura has obtained planning permission for a 100 - MW battery energy storage system (BESS) project in Scotland. This is the tenth approved project in the past 17 months, with the total approved storage capacity exceeding 1.6 GW [11].

Group 1: Report Information - Report Name: Nickel Daily Report [1] - Date: July 9, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The macro atmosphere has turned weak, and uncertainty has increased, leading to a decline in risk appetite. On the 8th, Shanghai nickel continued to be weak in the non - ferrous sector under the pressure of fundamental surplus, temporarily stabilizing above 120,000. The nickel industry chain shows weak performance in all links. Be cautious about the rebound space, reduce long positions on rallies, and adopt a rolling operation strategy [8] Group 4: Market Review and Operation Suggestions - **Macro and Market Conditions**: The macro atmosphere is weak, and risk appetite has declined. Shanghai nickel is weak in the non - ferrous sector under fundamental surplus pressure [8] - **Supply - Side Conditions**: Since the end of June, the support from the ore end has weakened, and the price of Indonesian domestic red clay nickel ore has loosened. The high - nickel iron price continued to fall, with the average price on the 8th dropping by 2.5 to 905 yuan/nickel point. Nickel iron plants' losses have intensified, and some have cut production. The steel mills are sluggish, with reduced production schedules and high inventories, and can only maintain the rigid demand for raw materials [8] - **Sulfuric Acid Nickel Situation**: Sulfuric acid nickel remained flat at 27,410. The recent rise in LME nickel prices has increased the immediate production cost of nickel salt plants. Some nickel salt plants have stopped production for maintenance due to losses, and some are holding up prices. The short - term price of sulfuric acid nickel is expected to remain stable [8] - **Operation Suggestions**: Be cautious about the rebound space of nickel, reduce long positions on rallies, and adopt a rolling operation strategy [8] Group 5: Industry News - Bulgaria officially launched the largest - scale operating battery energy storage system in the EU, with a capacity of 124 megawatts/496.2 megawatt - hours, located in the Balkan Industrial Park in the north - central city of Lovech [9] - A research team from Turkey's Odtu - Gunam Institute and Necmettin Erbakan University developed a TOPCon solar cell using nickel (Ni) contacts and almost no silver (Ag), with silver usage below 0.5 mg/watt, far lower than traditional silver - contact cells [11] - Renewable energy storage company Apatura obtained planning permission for a 100 - megawatt battery energy storage system (BESS) project near Kilwinning, North Ayrshire, Scotland [11]

Core Viewpoint - The article discusses the implications of Trump's "Great Beautiful Act" on the energy storage sector, particularly how it affects AI data centers and the challenges they face in power management [1] Group 1: Energy Storage and AI Data Centers - Battery storage is essential for managing the power fluctuations associated with AI data centers, which can experience load variations up to ten times greater than traditional cloud data centers [7][10] - The AI data centers' load fluctuations can reach between 10 to 20 megawatts during pre-training phases, posing significant challenges for existing power grids [10][11] - Tesla's Megapack energy storage system is highlighted as a crucial solution for stabilizing power supply to AI data centers, capable of responding to load changes with hundreds of megawatts of power [15][19] Group 2: Legislative Impact on Energy Sector - Recent legislation has avoided imposing additional taxes on renewable energy, allowing for a more favorable environment for energy storage development, which may alleviate some concerns for industry leaders like Musk [3] - The legislation's provisions include delaying subsidy reductions as long as certain conditions are met, providing a temporary reprieve for the energy sector [3] Group 3: Future of Energy Infrastructure - The need for a new power system to support AI data centers is emphasized, as traditional grids struggle to handle the instantaneous load changes caused by AI workloads [4][5] - Google has identified infrastructure, particularly power systems, as a critical area for innovation to support the growing demands of AI technologies [11] - The potential costs of building battery storage systems for future gigawatt-level AI data centers could reach up to $1 billion, raising concerns about the economic viability of such projects [18]