Core Insights - TDK Ventures, the corporate venture arm of TDK Corporation, focuses on deep-tech and hardware-led startups globally, with a significant emphasis on India as a strategic market [1][4] Investment Thesis - TDK Ventures was established in 2019 to partner with early-stage founders and startups, leveraging TDK's expertise in material science and process innovation to inform its long-term product roadmap [1] Fund Structure - TDK Ventures manages a total of $500 million across four funds, including a $50 million fund from 2019 and three subsequent $150 million funds, primarily investing at Series A with initial checks up to $5 million and potential follow-ons up to $15 million per company [2] Sector Focus - The firm invests at the intersection of deep-tech and hardware, focusing on two main themes: energy transformation (including new energy generation and storage) and digital transformation (covering semiconductors, mobility, space-tech, robotics, and industrial tech) [3] Importance of India - India is a key market for TDK Ventures, with the company operating five component manufacturing facilities and large battery plants, employing nearly 5,000 people, and having made four investments in local startups [4] Portfolio Companies - TDK Ventures' Indian portfolio includes startups such as Infinite Uptime (industrial AI), Exponent Energy (ultra-fast EV charging), Ultraviolette (electric motorcycles), and a precision agritech company focused on sensor-IoT and AI technologies [4] Views on Deep-Tech Exits - The primary challenge in deep-tech is securing intermediate capital, as monetization signals appear later, although successful IPOs like Ather and Ola Electric demonstrate that hardware-led companies can scale and exit within comparable timelines [5]

Core Viewpoint - Eos Energy Enterprises, Inc. is participating in the World Economic Forum Annual Meeting 2026, highlighting its role in advancing energy resilience and security amid rising global energy demands [1][2]. Company Overview - Eos is an American energy company specializing in zinc-based battery energy storage systems (BESS), focusing on safety, flexibility, and durability [3][6]. - The company's innovative Znyth™ technology offers a non-flammable and stable alternative to conventional lithium-ion technology, suitable for various applications including utility-scale and microgrid energy storage [6]. Manufacturing and Deployment Strategy - Eos has developed a manufacturing model designed for global replication, allowing for faster deployment without straining local resources [4]. - The company emphasizes the importance of scalable solutions that can be built and deployed rapidly to meet increasing energy demands [4][5]. Engagement at WEF - At the WEF Annual Meeting, Eos aims to engage with global leaders on strengthening energy systems in response to economic and technological changes, leveraging its operational experience and manufacturing discipline [5].

Core Insights - Uni-Fuels Holdings Limited has received a Letter of Award for a three-year supply of marine fuels from a leading EPCI contractor in the Asia Pacific region, starting January 1, 2026, marking a significant milestone in the company's market validation [1][2] Group 1: Company Overview - Uni-Fuels is a global provider of marine fuel solutions, established in 2021, with a presence in major shipping hubs including Singapore, Seoul, Dubai, Shanghai, and Limassol [4] - The company focuses on delivering customer-centric, compliant, and reliable fuel solutions, supported by a team of over 30 employees and an extensive global supply network [4] Group 2: Strategic Importance - The awarded contract is expected to enhance Uni-Fuels' revenue over the next three years, reinforcing the company's growth trajectory in the marine fuel sector [3] - The award reflects increasing industry trust in Uni-Fuels' operational expertise and reliability, as well as the company's ability to support offshore oil and gas projects [2][3] Group 3: Operational Focus - The company aims to strengthen its operational capabilities and ensure disciplined execution to drive growth and long-term value creation [3] - Uni-Fuels leverages its extensive local supply network to ensure consistent marine fuel supply and compliance with regulatory standards [2]

Core Viewpoint - Electrovaya Inc. is actively participating in several upcoming conferences to enhance its visibility and engagement with investors and industry stakeholders [1] Company Participation in Conferences - The CEO of Electrovaya, Dr. Raj DasGupta, will attend the 15th Annual Craig-Hallum Alpha Select Conference on November 18, 2025, at Sheraton NY Times Square Hotel, New York, NY [1] - The company will also be present at the 17th Annual Southwest IDEAS Conference on November 19, 2025, at The Westin Irving Convention Center Las Colinas, Irving, TX [1] - Additionally, Electrovaya will participate in the 13th Annual UBS Global Industrials & Transportation Conference from December 1-4, 2025, at Eau Palm Beach Resort and Spa, Manalapan, FL [1] Company Overview - Electrovaya Inc. is recognized as a leader in the global energy transformation, focusing on the development of safe and long-lasting lithium-ion batteries [1] - The company possesses extensive intellectual property and specializes in designing, developing, and manufacturing proprietary lithium-ion batteries and battery systems [1] - Electrovaya's products are aimed at energy storage and heavy-duty electric vehicles, utilizing its Infinity Battery Technology Platform [1]

Core Viewpoint - Electrovaya Inc. is initiating an underwritten public offering of its common shares to raise capital for various strategic investments and operational needs [1][3]. Group 1: Offering Details - The offering will include a 30-day option for underwriters to purchase an additional 15% of common shares at the public offering price [1]. - The common shares will be offered in the U.S. under a previously filed shelf registration statement and will also be qualified for distribution in Canada, excluding the Province of Québec [2]. - Oppenheimer & Co. Inc. is the sole book-running manager, while Raymond James Ltd. is the lead manager for the offering [3]. Group 2: Use of Proceeds - The net proceeds from the offering are intended for investments in energy as a service, next-generation battery and separator R&D, and general corporate purposes [3]. Group 3: Regulatory and Compliance - The offering is subject to customary closing conditions, including the listing of common shares on the TSX and NASDAQ, and any required approvals [4]. - Access to the prospectus and related documents will be provided in accordance with securities legislation [5][6].

Core Viewpoint - Fingrid's half-year report for 2025 indicates a significant decline in turnover due to a mild winter, while the company continues to attract investments in data centers and energy storage, reflecting a shift in the energy landscape in Finland [3][4]. Financial Performance - Turnover for January–June 2025 was €572.1 million, down 23.4% from €746.7 million in the same period of 2024 [2]. - Operating result decreased by 7.3% to €140.0 million from €150.9 million year-on-year [2]. - Result before taxes fell by 8.8% to €134.5 million compared to €147.4 million in the previous year [2]. - Net cash flow from operations increased significantly to €261.2 million from €109.7 million, a 138.2% rise [2]. - Accumulated congestion income rose to €168.4 million, up 21.0% from €139.2 million [2]. - Interest-bearing net debt increased by 49.6% to €1,047.6 million from €700.1 million [2]. Operational Highlights - The transmission reliability rate of Fingrid's grid remained very high at 99.99999% [2][4]. - Electricity consumption in Finland was stable at 43.3 TWh, slightly up from 43.1 TWh [2][9]. - The company connected 794 MW of new renewable production to the grid, an increase from 585 MW [2][9]. - The number of connection enquiries for new electricity consumption exceeded 400 GW, with approximately 30 GW for grid energy storage [9]. Investment and Development - Fingrid's gross capital expenditure is projected to be around €1.7 billion from 2025 to 2028, with €629.8 million already committed [4]. - Key projects, including the Aurora Line and EstLink 2, are progressing on schedule, enhancing cross-border transmission capacity [7][9]. - The company raised grid service fees by 8% starting January 2025 to cover increased operational costs [4][9]. Market Dynamics - The energy transformation in Finland is accelerating, with a notable increase in interest for data centers and energy storage investments [3][4]. - The balance service's share of turnover decreased to 46% from 57% due to lower imbalance power prices [4]. - The electricity market is experiencing significant price volatility, impacting operational costs and risk management [10][17]. Regulatory and Legal Matters - Fingrid is involved in legal proceedings regarding the Energy Authority's decisions on balance service terms and profit specification for electricity transmission operations [11][12][13]. - The company is actively reviewing its investment needs as part of a 10-year grid development plan [6]. Future Outlook - The company anticipates continued growth in electricity consumption in Finland and plans to maintain its investment capacity to meet customer needs [17]. - Fingrid's debt service capacity is expected to remain stable, with no changes to its earnings guidance [17].

Financial Data and Key Metrics Changes - Consolidated net sales for Q3 FY 2025 increased by 2.7% to $53.8 million compared to $52.4 million in Q3 FY 2024, marking the third consecutive quarterly year-over-year increase in sales [11] - Non-GAAP operating profit for Q3 FY 2025 rose to $2.2 million, up from $1 million in the prior year [6][12] - Consolidated gross margin for Q3 FY 2025 was 31.0%, up from 29.5% in Q3 FY 2024, driven by margin expansion in PMT and GES [13] - Net loss for Q3 FY 2025 was $2.1 million, while non-GAAP net income was $1.6 million, compared to a net income of $0.8 million in Q3 FY 2024 [15] Business Line Data and Key Metrics Changes - Semiconductor wafer fab sales surged by 139% year-over-year, while Canvys sales increased by 39.5% [5][12] - PMT sales grew by 6.6% due to higher sales to semiconductor wafer fab customers [12] - GES sales totaled $9.3 million, a 55% increase over Q2 FY 2025 but down 19% year-over-year due to lower sales of wind turbine battery modules [23] - Canvys net sales increased by 39.5% to $9.2 million in Q3 FY 2025, driven by higher sales in North American markets [36] Market Data and Key Metrics Changes - The backlog for GES and PMT remained strong at $95 million at the end of Q3 FY 2025 [27] - Canvys' backlog at the end of Q3 FY 2025 was $36.6 million, providing a robust foundation for future business [36] Company Strategy and Development Direction - The company is focusing on core businesses, particularly Green Energy Solutions, following the sale of its Healthcare business [7][42] - The strategic transaction is expected to simplify the business and improve the financial model long-term [42] - The company aims to capitalize on policies driving manufacturing back to the US and increase the need for US content [8] - Investments will be made in business development and engineering teams to improve market reach and time to market [49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities in semiconductor wafer fab equipment and Green Energy Solutions [53] - The current operating environment is described as fluid, with expectations of limited market growth in the US but continued sales growth through market share gains [29] - The company is well-positioned to differentiate itself in global niche markets like energy storage [48] Other Important Information - The company ended Q3 FY 2025 with no debt and $36.7 million in cash and equivalents [19] - A quarterly cash dividend of $0.06 per common share was declared, to be paid in Q4 FY 2025 [20] Q&A Session Summary Question: What should we expect in terms of sequential growth for GES? - Management expects growth in Q4 FY 2025 and FY 2026 based on backlog and inventory position [57] Question: Are there any cancellations or delays in projects? - No cancellations reported; all identified programs are moving forward [60] Question: How is the semiconductor wafer fab business performing? - Strong growth is expected to continue, with visibility from corporate and engineering teams [62] Question: How will capital allocation be handled post-Healthcare sale? - Initial investments will focus on expanding existing products and technologies [86] Question: Can you provide updates on Progress Rail and Wabtec? - Significant orders are being processed, with shipments expected in FY 2026 [94][97] Question: What are the expected losses from the Healthcare segment? - Specific loss figures are not disclosed, but efforts are being made to minimize them [104]