Beam Global-BeamWell-Jordan Deployment 3 Beam Global CEO Desmond Wheatley was on the ground in Jordan for the deployment and met with the U.S. Ambassador to Jordan and senior officials from the Royal JAF to discuss future opportunities for BeamWell™ deployments to support humanitarian needs, rebuilding efforts and broader deployments in the Middle East. Beam Global - BeamWell Jordan Deployment 1 Beam Global CEO Desmond Wheatley was on the ground in Jordan for the deployment and met with the U.S. Amba ...

Core Points - The US Export-Import Bank will invest $100 billion to secure supply chains for critical minerals, nuclear energy, and LNG as part of President Trump's plan [1][2] - The agency aims to reduce reliance on China and Russia for critical materials, with initial projects in Egypt, Pakistan, and Europe [2][4] - The bank has $100 billion available for deployment out of $135 billion authorized by Congress, with $8.7 billion in new transactions authorized in the past year [3] Investment Focus - The first deals include a $4 billion credit insurance guarantee for LNG from Egypt and a $1.25 billion loan for the Reko Diq mine in Pakistan [2] - Ex-Im Bank is experiencing high demand for support for US LNG exports from Europe, Africa, and Asia, with multibillion-dollar deals expected soon [4] - The bank's focus has shifted from renewable energy projects to supporting LNG exports and energy security [6] Strategic Importance - The new chair, John Jovanovic, emphasized that secure supply chains for critical raw materials are essential for achieving broader US objectives [2][4] - Ex-Im Bank's role in providing energy security through American LNG is highlighted, especially in regions that require it most [5]

Core Insights - The US Export-Import Bank (EXIM) plans to invest $100 billion to support the Trump administration's strategy for achieving global energy dominance [1] - The investment aims to reduce the West's reliance on supplies from China and Russia, which is viewed as unfair [2] Investment Focus - The first tranche of investments will target Egypt, Pakistan, and Europe, including $4 billion in natural gas to Egypt and a $1.25 billion loan for the Reko Diq copper mine in Pakistan [3] - EXIM is finalizing several larger deals related to critical minerals, indicating readiness to engage in pacts with allies like Australia [4] Energy Security Initiatives - There is a heightened emphasis on energy security, with ongoing discussions about nuclear projects in southeast Europe involving US companies [5] - Last year, EXIM supported $1.6 billion in green energy projects, marking a 74% increase compared to 2023 [5] LNG Developments - EXIM has received requests for support in LNG from Europe, Africa, and Asia, with potential announcements of multibillion-dollar LNG supply deals forthcoming [6]

Core Insights - The Northeast Supply Enhancement (NESE) project has achieved significant regulatory milestones, securing necessary permits from New Jersey and New York, which is expected to enhance energy affordability and reliability in New York City [1][2][3] Project Overview - The NESE project aims to improve energy affordability and reliability by expanding access to natural gas infrastructure, displacing high-emitting fuel oil, and is projected to generate over $1 billion in investment [2][5] - The project will deliver natural gas to 2.3 million homes and reduce CO2 emissions by over 13,000 tons annually, equivalent to removing 2,800 cars from the road each year [5] Economic Impact - NESE is expected to support over 3,000 jobs and contribute $1.8 billion in economic development, increasing state and local tax revenues during its construction phase [5] - The Constitution Pipeline project is projected to generate up to $11.6 billion in total savings by lowering natural gas prices in the Northeast and support nearly 2,000 jobs annually over a 15-year period [6][7] Strategic Importance - The expansion of natural gas infrastructure is deemed vital for lowering costs and increasing economic opportunities in the Northeast, with natural gas produced at a cost equivalent to less than 50 cents per gallon of gasoline [4] - The projects are positioned as critical to connecting energy to economic opportunities in the region, supporting both environmental stewardship and economic growth [3][4]

Core Viewpoint - Terra Innovatum Global N.V. and Uvation Inc. have signed a Letter of Intent to initiate a 1 MWe pilot program for a micro-modular nuclear reactor, with an option to expand to 100 MWe to support Uvation's growing AI and data center infrastructure needs [1][4][5]. Company Overview - Terra Innovatum is focused on making nuclear power accessible through scalable and safe micro-reactor solutions, aiming to address global energy shortages [7][8]. - The SOLO Micro-Modular Reactor (SMR) is designed to provide efficient, environmentally conscious energy, with a market-ready solution expected to be available globally within three years [9][10]. Industry Context - The demand for AI infrastructure is rapidly increasing, particularly in the U.S., with forecasts indicating that some off-takers expect demand to exceed 1 GW [5]. - The integration of the SOLO reactor is seen as a critical step to secure reliable, behind-the-meter energy sources, which is essential for scaling AI and data center operations [5][6]. Technological Advantages - The SOLO reactor offers a CO₂-free, stable energy source that enhances cybersecurity and ensures continuity during maintenance or power shortages, making it suitable for high-performance modular data centers [4][5]. - Its modular design allows for easy scaling to deliver up to 1 GW or more of power, making it a viable alternative to fossil fuel-based thermal plants [10].

Core Insights - Ithaca Energy has signed a farm-in agreement with Shell UK for a 50% working interest in licences P2629 and P2630, which include the Tobermory gas discovery in the West of Shetland basin [1][2] - The agreement enhances Ithaca Energy's position as a significant player in a key gas hub, contributing to the UK's energy security [2][4] - The West of Shetland basin is identified as critical for Ithaca Energy's long-term growth, with ongoing developments in the Rosebank field and progress in the Cambo and Tornado discoveries [3][4] Company Positioning - Ithaca Energy claims to be one of the largest independent oil and gas companies on the UK Continental Shelf, ranking second-largest by production [4] - The company has a 50/50 joint venture with Shell in the Tornado discovery, which is strengthened by the new farm-in agreement [2][3] Strategic Developments - The farm-in agreement is part of Ithaca Energy's broader investment strategy in the West of Shetland basin [1] - In March 2023, Ithaca Energy acquired JAPEX UK E&P, increasing its interest in the Seagull oilfield from 35% to 50%, with an enterprise value of $193 million (£149.5 million) [5]

Financial Data and Key Metrics Changes - For Q3 2025, revenues were $5.8 million, down from $40.9 million year-to-date as of September 2024, largely due to order timing [3][4] - Gross profit for Q3 2025 was a negative $28,000, resulting in a 0.5% gross margin loss, compared to an 11% gross margin in Q3 2024 [4][5] - The net loss for Q3 2025 was $4.9 million, compared to a net profit of $1.3 million for the same period in 2024 [7] - Year-to-date net loss as of September 30, 2025, excluding non-cash items, was $7 million, compared to $5.8 million for the same period in 2024 [7] Business Line Data and Key Metrics Changes - Revenues for the nine months ending September 30, 2025, were 67% derived from commercial customers, up from 31% in the same period of 2024 [4] - International customers comprised 39% of all revenues in 2025, compared to 20% in 2024 [4] - The energy storage systems business saw a 21% increase this year, primarily from new customers with challenging requirements [24] Market Data and Key Metrics Changes - Beam Europe contributed about 40% of revenue in Q3 2025, with new product portfolios helping to offset declines in traditional products due to political unrest [34][35] - The company is experiencing significant growth opportunities in the Middle East, particularly in electrification and charging infrastructure [30][56] Company Strategy and Development Direction - The company has established Beam Middle East as a joint venture with the Platinum Group, aiming to leverage local partnerships for growth [10][11] - The strategy includes expanding product portfolios and geographic reach, particularly in Europe and the Middle East, to mitigate reliance on U.S. federal sales [29][41] - The focus is on developing differentiated products that command higher margins rather than competing at the commodity level [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future revenue growth despite current challenges, attributing recent revenue declines to order timing rather than fundamental issues [33] - The company anticipates a return to appetite for electric vehicles and charging infrastructure in the U.S. as global demand for EVs continues to rise [66] - Management highlighted the importance of maintaining operational efficiencies and reducing costs while expanding into new markets [41] Other Important Information - The company has a contracted backlog of $8 million as of the end of Q3 2025, not including potential future orders from the Middle East [36][38] - Beam Global's products have demonstrated resilience in extreme weather conditions, showcasing their reliability and operational capabilities [28] Q&A Session Summary Question: Inquiry about wireless charging sales efforts - Management indicated that while there has been interest in wireless charging, automotive OEMs have been slow to integrate necessary receivers into vehicles, which is crucial for market adoption [44][45] Question: Clarification on battery business trial periods - Management noted that the timeline for customer orders varies, with some customers eager to move quickly due to the unique advantages of Beam's battery solutions [48][49] Question: Breakdown of backlog and pipeline opportunities - Management confirmed that the backlog is now more diversified, with contributions from battery opportunities and new products, moving away from reliance on federal customers [52][54] Question: Manufacturing capacity and growth - Management stated that current manufacturing capacity is underutilized due to a decline in federal sales, but there is significant capacity for expansion, particularly in Europe [59][63]

Core Insights - The International Energy Agency (IEA) projects that oil and gas demand could continue to grow until 2050, moving away from previous expectations of peak oil demand due to slower adoption of green technologies [1][2][9] - The IEA's "Current Policies Scenario" anticipates global oil demand rising to 105 million barrels per day by 2035 and 113 million barrels per day by 2050, driven mainly by petrochemical feedstocks and aviation [6][10] - The share of electric vehicles (EVs) in total car sales is expected to plateau after 2035, contributing to sustained oil demand growth into the 2030s and beyond [7][11] Demand Projections - Under the "Current Policies Scenario," global oil demand is projected to increase from 100 million barrels per day last year to 105 million barrels per day in 2035 and 113 million barrels per day in 2050 [6] - The "Stated Policies Scenario" suggests oil demand will peak at 102 million barrels per day around 2030 before gradually declining, while gas demand continues to grow into the 2030s [11] Renewable Energy Outlook - Renewables are expected to grow faster than any other major energy source, with solar photovoltaics leading the charge, particularly in China, which is projected to account for 45% to 60% of global deployment over the next decade [16] - The share of renewables in electricity generation is projected to reach nearly 55% by 2035 in the "Stated Policies Scenario," while the "Current Policies Scenario" sees slower growth due to challenges in grid integration [18] Climate Impact - The IEA warns that even with increased renewable energy adoption, energy-related emissions will not sufficiently mitigate climate risks, with global temperatures projected to rise by nearly 3°C by 2100 under the "Current Policies Scenario" [19][20] - The "Stated Policies Scenario" predicts a slightly lower temperature increase of 2.5°C, while the Net Zero Emissions scenario indicates temperatures exceeding 1.5°C for several decades before returning below that threshold by 2100 [20] Energy Security Concerns - The IEA emphasizes the importance of energy security, highlighting the need for reliable electricity grids, energy storage, and demand-side flexibility [22] - The concentration of supply in critical minerals, particularly in refining where China controls around 70% of the market for most energy-related minerals, poses significant challenges [22]

Financial Data and Key Metrics Changes - T1 Energy generated record net sales of approximately $210 million in Q3 2025, with expectations for significant growth in Q4 as previously booked merchant sales are delivered and inventory is liquidated [19][20] - The company maintains its 2025 EBITDA guidance of $25 million to $50 million, unchanged from previous estimates [13][20] - Cash position at the end of Q3 was $87 million, with $34 million unrestricted, and an additional $118 million added in October [22] Business Line Data and Key Metrics Changes - T1 produced over 2.2 GW of solar modules year-to-date and is on track to meet its 2025 production plan of 2.6-3 GW [18] - Daily production record achieved in October was 14.4 MW, equating to an annualized run rate of 5.2 GW [18] Market Data and Key Metrics Changes - The U.S. electricity demand is growing rapidly, necessitating a doubling of electricity additions to 100 GW per year to meet AI-driven demand [6][8] - T1 is positioned to benefit from the onshoring of advanced manufacturing and strengthening of U.S. energy security [5][6] Company Strategy and Development Direction - T1 aims to build the first end-to-end domestic polysilicon solar supply chain in the U.S., with G2 Austin as the centerpiece [4][5] - The company is focused on integrating upstream production capabilities and expanding its domestic supply chain through partnerships with Hemlock Corning, Next Power, and Talon PV [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's compliance with domestic and non-FIAC supply chain plans, indicating solid progress in the de-fiancing process [32] - The company anticipates a challenging but promising 2026 as a bridge year, with expectations for strong demand in 2027 as G2 comes online [58][60] Other Important Information - T1 has secured partnerships for domestic production of solar wafers and steel frames, which are critical for meeting domestic content requirements [11][37] - The company is actively working to monetize Section 45X production tax credits, with expectations for a more regular cadence in future transactions [68][70] Q&A Session Summary Question: Update on de-fiancing process - Management is confident in compliance and has a solid plan in place, though specific details are not disclosed for competitive reasons [32] Question: Context on Q3 contract dispute - The contract's financial impact has been included in guidance for two quarters, and discussions with the contract party are ongoing [34] Question: Integration of partnerships with Next Power and Talon - Next Power partnership focuses on domestic content and scaling, with initial modules expected in 2026 or 2027; Talon investment allows for potential cell sourcing [36][38] Question: Claiming 45X credits with production at different sites - Provisions in the act allow for unrelated party transactions, which will enable T1 to claim credits despite production at separate facilities [40] Question: Update on G2 construction timeline - Construction is on track to start in Q4 2025, with significant progress made in design and securing contracts [46][48] Question: Demand and pricing outlook for 2026 and 2027 - Demand is expected to be high in 2026, with non-FIAC cells sourced for that year; 2027 will see domestic cells coming online with strong interest from utility-scale investors [59][60] Question: COGS movement and normalization - COGS is expected to decrease as production scales up, with improvements anticipated in the second year of operation [63][66] Question: Regularity of monetizing 45X credits - Future monetization is expected to follow a more regular cadence, with quarterly sales anticipated [70]

Financial Data and Key Metrics Changes - T1 Energy generated record net sales of approximately $210 million in Q3 2025, with expectations for significant sales growth in Q4 as previously booked merchant sales are delivered and inventory is liquidated [19][21] - The company maintains its 2025 EBITDA guidance of $25 million to $50 million, unchanged from previous estimates [13][21] - Cash position at the end of Q3 was $87 million, with $34 million unrestricted, and an additional $118 million added in October [23] Business Line Data and Key Metrics Changes - T1 produced over 2.2 gigawatts of solar modules year-to-date and is on track to meet its 2025 production plan of 2.6 to 3 gigawatts [18] - Daily production record achieved in October was 14.4 megawatts, equating to an annualized run rate of 5.2 gigawatts [18] Market Data and Key Metrics Changes - The U.S. electricity demand is growing rapidly, necessitating a doubling of electricity additions to 100 gigawatts per year to meet AI-driven demand [6][8] - T1 is positioned to benefit from the onshoring of advanced manufacturing and strengthening of U.S. energy security [5][6] Company Strategy and Development Direction - T1 aims to build the first end-to-end domestic polysilicon solar supply chain in the U.S., with G2 Austin as the centerpiece of this strategy [4][5] - The company is focused on integrating upstream production capabilities and expanding its domestic supply chain through partnerships with Hemlock Corning, Next Power, and Talon PV [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the compliance with domestic and non-FIAC supply chain plans, indicating progress in the de-fiancing process [34] - The company anticipates a challenging but promising market environment in 2026, with a focus on sourcing non-FIAC cells during that year [63] Other Important Information - T1 has secured partnerships for domestic production of solar wafers and steel frames, which are critical for meeting domestic content requirements [11][39] - The company is actively working to monetize Section 45X production tax credits, with expectations for a more regular cadence in future monetization efforts [72] Q&A Session Summary Question: Update on de-fiancing process - Management confirmed progress on compliance plans and expressed confidence in meeting requirements [34] Question: Context on Q3 contract dispute - The size of the contract was not disclosed due to confidentiality, but the financial impact has been accounted for in guidance [35][36] Question: Integration of partnerships with Next Power and Talon - Next Power partnership focuses on domestic content and scaling, while Talon investment allows for potential cell sourcing [39][41] Question: Claiming 45X credits with production at different sites - Provisions in the act allow for unrelated party transactions, maintaining eligibility for credits [44] Question: Event path for G2 and production timelines - Construction for G2 is expected to start in Q4 2025, with a focus on securing long lead items [51][52] Question: Demand and pricing outlook for 2026 and 2027 - Demand for domestic cells is strong, with expectations for higher prices in 2026 due to sourcing non-FIAC cells [64][66] Question: COGS movement and normalization - COGS is expected to decrease as production scales up, with improvements anticipated in the second year of operation [68][70] Question: Regularity of 45X tax credit monetization - Future monetization is expected to follow a more regular cadence, with quarterly cash settlements anticipated [72][74]