40% 32% 7% 13% ✓ Feasibility study ✓ Develop project plan ✓ Monitor regulations ✓ Clear project requirements ✓ Gather customer specs ✓ Analyze use cases ✓ Commercial & technical proposal ✓ Finalize commercial terms ✓ Contract negotiation ✓ Letter of intent ✓ Open closing conditions ✓ Binding agreement ✓ Open closing conditions ✓ Purchase orders and/or MSA with down payment 8 Commercial Opportunity Pipeline & Orders Backlog Current Commercial Activity Q1 LOI conversion increased commercial backlog to over $6 ...