Core Viewpoint - Vietnam is significantly expanding its power generation capacity and modernizing its electricity infrastructure to meet future energy demands, with a focus on renewable energy sources and advanced technologies [1] Group 1: Power Generation Capacity - According to the adjusted eighth power plan, Vietnam's total installed power capacity is expected to reach approximately 150,000 megawatts by 2030, nearly double the current capacity [1] - Renewable energy is projected to account for 36% of the total capacity by 2030, with an increase to 75% by 2050 [1] Group 2: Demand and Infrastructure Development - Peak load demand is anticipated to double by 2030 and increase to 4-5 times the current level by 2050 [1] - To accommodate this growth, the 220-500 kV transmission system must be expanded, with construction and renovation expected to be twice the current volume by 2030 [1] Group 3: Technological Advancements - The project emphasizes the need for investment in modern technologies such as nuclear power, Flexible AC Transmission Systems (FACTS), High Voltage Direct Current (HVDC), and Battery Energy Storage Systems (BESS) [1] - A modern control center capable of high-precision real-time monitoring of the power system is essential for integrating these advanced technologies and regional grid interconnections [1] Group 4: Project Details - The National Electricity and Northern Power Dispatch Center project is located in Hanoi, covering an area of 3,810 square meters, with a total construction area of over 39,000 square meters [1] - The total investment for the project is approximately 87 trillion Vietnamese Dong (around 33 million USD), with an expected completion date in 2028 [1]

Core Viewpoint - Fluence is expected to reach the lower limit of its previously announced revenue guidance for fiscal year 2025 due to delays in expanding its production base in the U.S. [2] Financial Performance - For the third quarter ending June 30, 2025, Fluence reported revenue of $602.53 million, a 24.7% increase from $483.32 million in the same quarter last year [4][5] - Adjusted EBITDA for the third quarter was $27.4 million, compared to $15.6 million in the third quarter of 2024 [4] - The gross profit margin for the third quarter of 2025 was 12.7%, slightly down from 13.1% in the previous quarter [6] Orders and Backlog - The company signed new customer orders worth $508.8 million during the quarter, bringing the total backlog to approximately $4.9 billion [5][6] - The majority of projects in development are located in the Americas, particularly in the U.S., with previously stalled projects now being restarted [5] Manufacturing and Strategic Initiatives - Fluence is facing delays in production and expansion due to typical upgrade issues while transferring technology from Vietnam to the U.S. [7] - The company is committed to local manufacturing in the U.S., with plans to produce energy storage system enclosures using 100% American steel [7] - Fluence's strategy aligns with new tax credit rules aimed at promoting domestic manufacturing and reducing reliance on foreign suppliers, particularly from China [7] Market Outlook - The company maintains its revenue guidance for fiscal year 2025 at $2.6 billion to $2.8 billion, although it is expected to be closer to the lower end of this range [6] - Fluence believes that the U.S. battery storage market will primarily be dominated by local suppliers, making it difficult for Chinese suppliers to take a leading role [7]