Tigo Energy, Inc. (TYGO) Earnings Call Transcript & Summary

Hello. Welcome, everyone. Welcome to this webinar. I'm Luca from Tigo. And today, we will go through the Intersolar highlights, what actually happened in the trade show a couple of weeks ago, there we stand with our new products and new program for the solars. And we will go through in 4 different points for different chapters. Starting, of course, with the new product, which is 4-X and is our new MLPE solution. Then of course, we will do like a recap of what we hope for the resi markets. And after that, we will have 3 different other points, one for the new loyalty program that we launched directly at the trade show and, of course, the tailored offerings that we have for our solid professionals, as Green Glove or the Tigo Academy. But without hesitation, will actually start, first of all, talking about the company, who we are, where we're going and what we're expecting from future of our company. For the one of you that don't know us, I will start, of course, with the history of the company. We are present in the market by some time right now. We were founded in 2007 in Silicon Valley, California, we are Latin American company. Actually, we are now the leader of the MLPEs, Module Level Power Electronics, markets. And right so because as you can see in the maps, we are present in 7 continents. We own more than 80,000 systems that are running with our products. Daily we deployed the production on the 1.5 gigawatt hour of production monitor by our software and our solution. We are present in 3 different markets from the residential to the commercial to utility scale for system for a company that grew a lot in the last years. And since 1 year, we are also listed in NASDAQ, we are actually a public company. They give us also ground for investments and for growing further and position ourselves in even more stronger position for product development and, of course, the future. Specifically, the future for the missions, the Tigo mission is actually our foreseeing for the upcoming markets. In energy, the mission for us is to deliver for our clients as combined solutions, software and hardware, that will integrate what you actually have as energy yield, operating cost and safety on 3 different levels: commercial, resi and utility through our brand products. So we will start, of course, for the optimizer called TS4, MLPE and so basically the software. For the resi, as you can see on the bottom of this slide, we have like the inverter, the battery and also the link, like a complete full solution. But coming back a little bit and discussing about what actually went down on Intersolar highlights. First, of course, for new brand products, that is the new TS4-X, it will be entering the family of the Flex MLPE as new line for product, of course, we position ourselves right now as the only one in the market that can provide this kind of like standards and performance. These new product that we launched at Intersolar will have a maximum PowerPoint of 800 watts and 25 ampere of Isc. There is nobody else in the market that can actually reach this sort of level. Anyway, this is also a solution that like the one in the past is basically done on the same philosophy. So once again, we will operate an open system. So we will have the compatibility with any inverter manufacturer that has at least 1 MPPT for inverter. With the modules right now, we reached the 100% module capability in the market. There's no more problem on current or power for the even bigger modules that are now used in the utility scale sector. The feature are identical to the one in the past. So we have still optimization, monitoring and rapid shutdown included for this final option. You will see through the slide in a couple of minutes. We will add actual Multi-Factor Rapid Shutdown, what that means there is increased level of safety of your PV system by adding another layer on the already consolidated rapid shutdown, that we add on our old product. The differentiators that we have compared to the market, and they are actually similar to the one that we have for the last product, as I said before, like the philosophy, it's maintaining the same performance going up and the multi-factor. But just go through a little bit of this bullet points. Like in the past, installation, really fast. We don't have like ground wire, bolts, no screws, nothing is required as clip the product directly on the modules with the metallic thing that is present in plate, metal plates and then connect to the [ source ]. While [ racking ] modules and then with longer wire directly to the strings. This is a product they maintain the same characteristic of optimize what is necessary as the one in the past is TS4-A. Okay. That is resulting, of course, in a less operating time and longer resistance to the time. This is a product that has 25 years of warranty. So for that reason, we can maintain this high standards, also duration in time. Flexible deployments as well, we were like for ability for new kind of products, PV installation, but also for like retrofits as well with any kind of modules or scales of PV systems. And of course, as integrated, is there is the platforms, our monitoring platform, the high intelligence, our energy intelligence in which you will find earlier modules on different PV system and so on and this proven track record, as you saw also before with more than 80,000 different PV system, that means a bit improving also the software on the software side. For -- regarding the software, of course, this is like a tool that we developed for the installers because they will give you an upper hand and understanding what exactly is going on in the roof usually or on the ground installation and make your cost-cutting efficiency. That's why because you basically reduce your truck rolls because you should understand exactly, every single day, what's happening on every single modules by the current temperature, the voltage and so on. You understand exactly how well is performing the PV system. And if you need intervention, if you need an on-site visit to adjust some problem with emission that you might face at the site basically. And this is like a powerful tool as I say, for you to really reduce the maintenance and cost. I know that you have like contracts with your clients, specifically if they're in the C&I, they usually, there are 2 years contracting with responsible for maintenance operation of the PV system. And for this reason, it's a really good tool that makes you understand exactly what is going on, when and if it's necessary to intervene. And if it is necessary to intervene actually, you will go on the site well prepared because you know exactly where the module there is the problem, which kind of problem there is. And so you prepare yourself first and you're going to go really like cost efficiency, cost effective on the site to manage the problem and also running the PV system longer as well. For the safety, I mean we discussed first like part of the monitoring, optimization part of course, granted this is, of course, still an optimizer then we wanted to go through a little bit more of what actually is this multi-factor rapid shutdown maybe and then the safety features. And in the past, we have TS4-A, which had the integrated alloy in rapid shutdown with CCA and TAP. Well, these products are exactly the same. The only thing is that we go on layer over and now it is possible also to add on the PLC part. So what actually that means is that you will like a PLC kind of communication running through your system. And on top of it, you will have the wireless kind of communication. So to activate rapid shutdown you will need one of these -- sorry, these 2 together to be activated in order to initiate rapid shutdown and for that to bring the voltage from -- whatever voltage you have on the module to actually 0 and create like a safe environment for first responders, for operators actually to go on sites and do their job in a safe manner. This is -- this is really important because they will give you like a level of more control on actually the activation of the rapid shutdown itself and also like manage the safety of your PV system. Of course, like the one that we had in the past, like the TS4-A, they will have built-in temperature sensor or over-current sensor, then we basically exclude the module whenever is necessary, and we're using that as bypass but their work was a standard in our previous product and we bring -- just carryover directly into the new one. Of course, we know that this product is specifically designed for the bigger modules as well. So we need to provide you also with the proper cabling length in order to install correctly and properly to the bigger modules, the optimizer. So we will be available on 0.6 meters or 1.2 meters for the input modules, also because you can see in the picture the 700-watt modules are quite bigger compared to the 400-watt. Output is the same, we carry over like 1.2 meters in the old problem are available meters. For the connectors, we know that usually, these sort of modules also combined with inverters that can maintain more than 1,500 volts. So in that sense, we will have the double choice as MC4 connector or EVO2 connector as well. So this is also another carry-over from the previous generations of products. And the last bits and the different variety between the families of this portfolio, we will have the same letters as the one before, so we still have the F, S and O differentiating in this case, of course, is the functionality and of course, in price and F will be the cheapest options with a lower functionality. While there will be the premium option with more functionality. Going, to once again, through the functionalities. We will have F, of course, to rapid shutdown only PLC without monitoring, so there will be necessarily only to RSS Transmitters working in PLC with the F. Then we will move one step forward with the integration of the monitoring. In this case, with S, you will have the RSS Transmitter PLC on top of [indiscernible] S and for running smoothly the monitoring, you would then need CCA and TAP, and this is already the double-safety stack feature that you will have. And then, of course, with the premium, with the all exactly the same components for the S . So you will have the transmitter, the CCA and the TAP for both PLC and wireless communicate PLC, of course, for safety and wireless communication for both safety and monitoring, but on top of that, of course, new levels optimization, all 3 products are running on 800 watt and 25 ampere of Isc. So also, in this case, for all the 3 products, we did not differentiate all the technical features, but mostly in the kind of functionality that will carry out. And that was basically for the first introduction of new products. If you need more information, please go on our website, as like a page dedicated to if you need additional info. Later on in this presentation, we'll also give you the contact in case that you will need additional support. And now slightly change gear and give that a little bit more in what actually is our new markets, we are expanding in the portfolio, we're famous, of course, for the MLPE products, as you see before, [indiscernible] here already. Now we have also our inverter solution with the batteries, specifically for the residential markets and just go down a little bit to understand what exactly we bring on. First of all, value proposition. Now you have the chances like fully integrated all-in-one solution, for -- with Tigo from the [indiscernible] running from the MLPE until basically the battery and the EV charging, passing through inverter, the cabling, the software platform to actually control the system. What actually means is that if you have anything to refer to you just contact only one company. That is us, for support, for deployments or engineering purposes and so on, it's like one-stop solution. It is really important because we saw in the past that you have like multiple different brands combining together in one single installation, and then it can be kind of [indiscernible], for the communication, specifically for the support with us, operations running smoothly. You have anything that is necessary for running properly PV system in the residential markets, and you have only one point of contact, meaning single company that is us. This is also reflecting in the software as well. It's not only hardware, but also software because thanks to have this integration system, you will have anything than you actually need to monitoring and operate in this single platform, one only solution. So one single software. Anything -- everything will be included in that from the monitoring of the different PV system to the useful of the batteries to withstand different [indiscernible] input and output from the system as well and also the different [indiscernible]. So we combine our proper all-in-one solution hardware and software. And talking about the hardware, those are the components as you also probably saw during the trade show in Munich a couple of weeks ago, if you were there, I would just go through very quickly with you once again. So first thing first, on the top of this tower, we will have the inverter. Our inverter is an EI Inverter with availability in 2 different phases, 1-phase and 3-phase. For the 1-phase, the dimension of 3, 5 and 6 kilowatts for the 3-phase 6, 10 and 15 kilowatts. Both cases to MPPT, of course, the 3-phase you can actually put on it one strings for single MPPT and for the dimensioning on the roof, you can actually oversizing up to 150%. So that means that in 1-phase system, we can actually reach a little shy of 9 kilowatts and in 3-phase, we can go up to almost 20 kilowatts. Then like the most important things, in my opinion, for you as the installer, is the hiding because this is a centralized wiring station for you, where you will already find the [ RCT ] ATS, different meters already the part of the communication with the CCA integrated [indiscernible] UPS and everything. So that's really useful for you because it's just like plug and play. This is a real plug and play components in which we really have a full backup already integrated in the metal. So this really [indiscernible] -- what is the time for selling like proper -- proper system. Then, of course, we go onto the batteries, LFP chemistry, like last generation for safety and efficiency. Of course, with different management has told for integrating ready in the software and with the modularity and we have like flexibility is the philosophy is a key and a component for Tigo strategy towards the clients, and we have like also inadvertently the same philosophy with 3-kilowatt hour per modules, up to 4 modules per single PMS. And that's basically it for the tower, really simple, really fast [indiscernible] and with high performance. Then, of course, we have our products. Our more famous 4, the TS4, we will discuss it a little bit in advance, what was the new kind of characteristics. Of course, they're integrating the combined dual system. Already starts a little bit the energy intelligence our software to managing the dual system properly. And since a couple of quarters I would say, beginning of this year, we are present in the market, obviously, with our EV charger and the GO EV charger also in this case, present with 2 different phases, 1-phase and 3-phase versions. And for the 1-phase you can go up to [ 10.2-kilowatt ] hour or 22 kilowatts for 3-phase. An overview of the old system, it's quite complete. So we will have TS4 platform, 1 per single module. Then we will have a TAP that is on actually our Tigo Access Point. There is the wireless communication for generating the mesh over the system, how does actually work. TAP will communicate closest by TS4. The TS4 will be used as a repetitor (sic) [ repeater ] of the senior, creating this mesh and all the information will be collected by the TAP. And the TAP, of course, will be connected with the cable usually in the RS-485. This cable will run directly through the CCA and this is really built in within the inverter apparatus and already communicated with the system with inverter and so on. And of course, being connected with the internet, all the information about the system will be then analyzed and easy to assemble with an easy UX interface that will be softer for the final clients. And last, the new GO EV charger for the car. So as you can see, it's really like a full system all-in-one solution, the thing that's -- the inverter is installed outside. It's not just for showing the product, is actually possible. We have for the old system, an IP65 certification, that means that our system can be installed either outside or inside of the house. So also that's another key factor that is going towards the philosophy of flexibility if there's no space enough inside the house. We know that all house are different so you actually need to give flexibility to the clients also to install, whenever necessarily whatever is possible, the inverter. Talking of the inverter and a different installation and also combine that with the flexibility, the configuration. We have a total of 7 different configurations that is possible. We're starting with the first one that is, of course, for the single-phase inverter. We have the battery that can run from 3 to 12 kWh, so for 1, up to 4 modules. Of course, in a single-phase it is starting with 3 kilowatts inverter. So that means that the lowest you can get with the batteries actually to 1, so you can actually for 1 battery, like a ratio is 1:1 and 3 for the batteries, and then you can actually go forward. We can install, of course, bigger inverter and it like in bigger battery capacity. The thing is if you run over the -- install more than 2 battery in my suggestion, it will be to install the second tower because if you have like the second configuration that you'll see on your left-hand side, starting from the left hand side, there's 2 batteries 6-kilowatt tower and the inverter, then basically the old tower's [indiscernible] [ 180 ]. So in that sense, if you have like 3 batteries then my suggestion is you install 2 tower, 1 close to the other as well. You will have the battery access for that so there will be easy to communicate and put together 2 different tower. Of course, that is also 4 batteries for 12-kilowatt tower, last configuration. This is for the single-phase. Then 3-phase starting, of course, with a higher battery capacity because the dimensions of battery is bigger, so it's logical to proceed in the way. So we're starting for 2 batteries through to 4, same logic as well for this single-phase. Also in this case, if you reach more than 3 batteries then you install the second tower as well close to each other and also in this case accessories are provided, it will be also really easy to put the communication in 2 different tower. For the installation itself, this is a product that was developed thinking about what installers doing, how they are installed and how to make the life simple. We know that usually like spaces are smaller when you install usually so we provide you with a really like easy-to-install and light material solution, all the components really light. If you think about it, like inverter's 22 kilos, batteries like a little bit more than 30 kilo and the centralized cabinet we pull in from the cable and [indiscernible] is on 10 kilos. So what it means is actually like 1 single person can actually install this. Really easy and really fast. Fast also is the deployment of the app itself because, of course, everything is really combined, everything is really a preassembled and preinstalled and that means they're all the different aspects of commissioning the system will be really, really fast because you do everything in 1 single platform. And this will translate actually in time. So really time-saving and time efficiency, less than 1-hour installation. Of course, this is the number for installed that there are already installed 1 inverter for the first time. I know that you need a little bit more trial and error to understand how to install and everything. But once you start the first one, the second one already will be under 1 hour. Same thing is for commissioning, less than 10 minutes. Of course, the first one will need practice with the new apps, but nevertheless, once you used to, you saw the kind of system in less than 1 hour 50 minutes, you will have like a system complete. And 1 person can actually do this really faster. Now talking about what we bring compared to what you can find in the market, specifically for your clients. I think is this fundamental -- fundamentally different. That is our full back-up integrated solution. So as you can see here in the block diagram, there will be the ATS will be connected to the whole house. So that means in the moment, [indiscernible] a full back-up function, I will have the whole house as a full back-up. And the nominal power of inverter in B, in case we are running on the PV, that actually will be the power available as back-up. So example, if you install a 6-kilowatt single-phase inverter and the moment you run a full back-up, then you still have 6 kilowatts of power output from the inverters. So we [indiscernible] derating of the inverter in the moment to full back up. This is basically just seeing kind of capacity that inverter has when it's running normally compared when it's running with full back-up. You can see also from the animation, closely on the ATS in the middle of the square. In the moment that I switched to the back-up mode, you see like the ATS is connected that RCD and the whole system is working, [indiscernible] and still operating or normal against the same, of course, nominal ratio in terms of powers. Things same for the battery as well. If it's not, if you're not, of course, in the day, but this is something -- this is something that happens in the night. You're actually running on your batteries. And you're sure that all the house is completely covered by the full back-up system. As I told you, this is like the nominal power is not the power that we will have as a full back-up. And this is also written down in our data sheet. You'll see -- this is a screenshot from our data sheet is available. As you can see here, the AC of grid nominal output power is reflecting for actually what is the nominal power of the inverter. So as you can see, there should be no -- there's no need to install like an additional components or so on, if in case like a full back-up system is already integrated. And it's really simple than to install and operate remotely. Then, of course, we will have the EV charger that also is integrated between our platform in the monitoring solution as well. You can operate the EV charger through the app in terms of understanding the charge status of the car and [indiscernible] operating and also changing the operational functionality on the EV chargers itself. The interface is pretty simple, it's the same, it's integrated. So that's also really intuitive to you as the first time you are using it. Talking about the modes, as I [indiscernible] a little bit before that we're running mostly on 2 modes here in this screen, the third one is basically stopped at standby, but put an example to understand easily imagine that you need to recharge a car. Well, you can -- you can choose how you can recharge the car. So the first one is the green one. And this is the sustainable option, I will say, in which the EV chargers will just pick the energy from your PV system, from your battery and will charge your car. In this case, you can set up a maximum current output of 16 ampere. And then we, of course, then recharge the battery with that. It will be like a full renewable sustainable solution in this case, powered only by the solar PV system. Then, of course, you have the Boost one that is when it's needed like, you need like fast recharging, it's like reaching 32 ampere as a current in the output. And in this case, it's mostly supposed to renew as a percentage, but it cannot [indiscernible] if it's not run -- if you're not using -- cannot generate enough PV from the PV size then is using [indiscernible] to be sure that you can charge your car as fast as possible. This is classical example. I have time, maybe I need to pick up the car a couple of hours or in the afternoon. I'm working now in the morning and then in the afternoon I need to go like somewhere with car then I can use to Green one, I'm sure that I can charge my car fully with solar. If I need the car quite fast because I need to go -- I need to rush somewhere in less than an hour or something, then I would just choose the Boost and then just really charge fast the car to be sure that actually the battery is ready for what I needed. So also in this sense, another step we've done for match basically the demand on the market, still using the same philosophy as discussed before for the MLPE and inverter as well with flexibility So this is really custom-made experience depending on what actually is necessary or the clients' needs then we got it covered. Talking of cover, warranties are things really important, specifically in the sector when product needs to last, right? Because PV system is not something that you install today and tomorrow you're changing something. It needs to be lasting for a long time. And this is exactly our philosophy. We have like top-notch market warranties. Basically no company can reach this kind of standards. So we have like for TS4 for 25 years, CCA and TAP 5 years, RSS Transmitters 10 years. That is also match the new product TS4-X because you will need that combination of RSS transmitter and CCA. So I'll pick up that this treated for warranty for the MLPE sector. Then, of course, for the inverter and batteries, we have inverters is like 152 months, translating in years is 12 years and 8 months. The AI link is 60 months. That's why because the CCA and the TAP are included. So this is also matching the warranty of the CCA and TAP, but also the different components, the meters and some of the usually is 2 years, we had like 3 years warranty because we are confident that our product is solid and can last for longer. Of course, then we have the BMS and the battery. Battery management system and the battery itself. There are like same length of warranty, it's like 132 months, like 11 years. For the battery, there's an addition of 6,000 cycles. It's like one of it should come first, either in the 600 cycles -- 6,000 cycles or the 11 years. For 6,000 cycles, I mean cycle for 0 to 100 and 100 to 0 to be considered as a full cycle. And of course, then the EV changer with 5 years warranty. Then as anticipated before, we launched during the Intersolar in the trade show, our new Tigo Solar Loyalty Program. And we already like a couple of presentations during the trade show, but today, we will go through once again all the different categories, how you can apply, what you will have, what are the benefits and so on and so forth. But just get to deep dive, first thing is basically more is actually like a loyalty program is promises supporting the installer that decided to use us and believe in our products, in our company, in our vision for this market might give them like exclusive access to new products, benefits, materials and support. And as I told you before, we kick off that Intersolar Europe. And how is actually played out. I was done. We have 3 different levels of different tiers for the installers. Starting, of course, with the first one is the Certified Installer, this is basic level. For that one, you need to install at least 5 monitored TS4 systems per month. And what you will have in return, you'll have a digital badge from us online, be like official certified Tigo installer, so if your clients wants like system installation they know that you are certified and you're able and capable of installing and run our system properly. Of course, you will have like some co-branding with us and placement on your web page as well for us as well for like cooperation and, of course, early product access. This is something that will be a Installer Loyalty Program will be like is already advantage to our competitors as well. So you can have like product earlier compared to the market. The next step will be, of course, installing more, but what actually basically having more systems. So if you sold at least 5 residential system per month, you will be, of course, all the benefit of the certified. You will have more branded materials from us. You will have like a higher placement on the installer web page. The installer page is that a dedicated to our website when if somebody is looking for an installer in their region, in their area, so they will have like a list of installers. Of course, if you are in advance installer in this case you will be placed higher up in the ranking. And in this case as well, priority in terms of access to new products, specifically if there's like the beginning, like lower availability, so you will have granted a priority for that. And of course, on top of that, you will have custom and digital collateral and customized for you according to your needs and so on. We have like third option is an Elite Installer. In this case, you need to install at least 10 EI Residential systems per month and you enter in the top-notch installer with the Elite Installer benefit that will be integrated also already that are discussed, which will be, of course, integrated. Even more branded material, in this case, we really support you in terms of materials and collaterals. In that case, you'll have the highest placement on the installer web page, will be like on top of it. So on the least, we've been on the first positions. You will have like premier access to the new product. And in this case, we will ask you for feedback in your case. So if you launch a new product, you will have a priority access to it, and we'll have this kind of like close collaboration in terms of we will ask you like a feedback about it. So you will actually become like an installer that will help a company like ours to actually develop the product as well. Another thing is fundamental for me is the priority of routing. That what actually means is that if we found that we have clients that want to [indiscernible] in your area, we will contact you then we'll send you over. The clients, you will have like digital and printed as well custom collateral in terms of materials and so on. Of course, unique marketing site as well in terms of supply [indiscernible] we will organize together like, as you can see your dinner or events with us to really bound this collaboration better that really like generate this really close partnership in that sense, but if you're an Elite Installer. So at least 10 residential system per month. I'm actually enrolled in it. You can actually understand is basically everything is done through our website. You can start taking courses on our Tigo Academy, are available on demand on the residential solutions, on TS4, on software. You then need to commission the site of the EI portal to understand -- to show that you actually are installing 5, 10, whatever systems per month so that is actually track on the app and this will actually automatically be counted by us in terms of like how many systems you're installing. And of course, after that, it will be verified, our Tigo representative will be in touch with you. And if you meet, of course, the minimum requirements, you will be contacted and then you be granted the loyalty program benefits that I discussed with you before. So you can see it's really easy, really smooth. I don't think they actually need to do here is just to basically take a Tigo Course Academy and then start in store. That's a simple sense to get all these benefits that I mentioned before. Of course, there was not the only thing that was discussed in the trade show for our installers, but we also move forward with the -- our, not only Tigo Academy, but also another Tigo offered to the PV professional, that is the Green Glove. Green Glove is our solution for whoever is that the first time installing one of our product. We know from experience that when it comes to new products, there are doubts, there are questions, there are something that is not really clear the first time so. And of course, in this specific market, when you have like electronics, and different components, can be actually complicated to navigate through different guidelines and to understand exactly how to install properly; assistant, but no worries, we're there for you. And through the Green Glove. So how it actually works is it's divided in 3 different phases, first phase the design. So once you will be enrolled in it, you will have like somebody from our engineering department, specifically from the sales engineering team that will help you to understand how to design proper system within our components, with the products as well. You will have like with 6-point system design review. Then we'll later on will go through the quick as well. And we will have like one-to-one interaction in one of our engineers. And once the design is set in order to deploy the development of system is done and just you need to install that you will be contacted by one of our technicians from this technical support. And you will have like a dedicated on-call service in which you will go through all the different installation and commissioning together with somebody from our team that to make sure that you're installing properly, you're like running everything smooth and everything is done correctly. Then after that, of course, you will be being contact with us once again to understand how it went, how was the installation, if something happening after the installation of -- like post-installation feedback. There is even like a check-in with one of our operators to understand if you need like some additional actions or like also checking on the software side as well if the commission went smooth, also like a full 360-degree support from the design to the after-installation. Talking about the design, I just want to come back a little bit on that How does that actually work? So how you work for the installation and post-installation is quite simple on the phone with one of our technicians and running the operation closely with you. But for the engineering review, we'll have the 6-point design review in which our engineer will go through your system design, compatibility. If you're starting a C&I, you provide kind of inverter you're installing and the modules. We do like a compatibility check through the inverter and the modules as well, then installation plan so how long you took to install this, like the deadline and everything. And then you go through what is actually done a review for the bills of materials, understanding the PV plants, how many TS4 based on that you need, how many CCA and TAP you will need and where to actually position the TAP and the CCA and so on. We help with electrical chart to make everything integrated as smooth as possible in the more correct manner. Of course, after combined with that in parallel, then we will have like Tigo Academy as well. This is also one of the parts to become installer. Certified in the loyalty program. We have multiple courses in multiple languages, your native language. If you need it, it's not in English. We also have it in German, Portuguese and Italian, French and so on. So to really help you understand the products from the inverters, the battery, to TS4 and so on. And this is also one of the things that is required actually to access to be in installer program. Of course, at the end, I need to give you the context to translate all of this presentation into something that can be also useful for you in the future, if you have any questions, doubts, whatever, we have like a specific Green Glove website page dedicated, where you can actually enroll for your first PV system installation. With us. Of course, we have the tech support e-mail and direct line on the phone. The phone that you'll see there, +39 in Italian, if you call it is free. So don't be shy, call if you have any doubts, questions, so on. We have a specific dedicated support website that is different from the one that we have usually it's like support.tigoenergy.com. This is specifically designed for you as a installer to understand the product. We have like a literature article, scientific research article in which we explain exactly what is product, how this works, how you can install, its specific guideline. We have, for example, like cabling standard, and so on for our product. That's also everything is there, all the information that you need are there. Of course, if that is not enough, you need to understand a little bit more, of course, then you can contact us and as well like Tigo Academy web page dedicated on our website. And for that to enroll, of course, to like the first step for the certified program. And for today, after 45 minutes, the webinar is over, so that you really send some questions over the chat to be answer as quick as possible. We will be in contact with you if you leave a question over here the chart (sic) [ chat ], you will be hearing from us in the next couple of days. And I want to thank all of you for your time and dedicated to me to listen to our highlights from Intersolar. And have a nice day.