August 1st, we received $1.9 million down payment from the City of Wu’an for its first EV bus order. This order calls for the delivery of 50 medium-sized EV buses by the end of 2012.
In the next few weeks, we’ll create ground in the first phase of construction at the plant Altair site and Wu’an Technology Park. And essentially we’ll be building a showroom in sales office as part of the first phase of construction.
In terms of revenue, the management team has placed great emphasis on the issue of revenue generation both through the delivery of existing orders and through new sales. We have four large energy storage systems in our product pipeline, project pipeline, I’m sorry, along with smaller early stage projects.
Although our Q2 revenues were fairly low, our system deliveries to customers like Hawaiian Natural Energy Institute, known as HNEI, ESH and then European renewable energy customer, again, later in the year, which will trigger large milestone payments related to the testing, installation and commissioning phases of those programs.With respect to sales, in addition to the $1.9 million down payment that we just received, we grow the supply agreement Proterra in May and received the first PO in June for deliveries within January 2013.We also received the follow-on order for algorithm dynamics from HNEI which I’ll be utilizing two entities that we will be delivering to them for using solar and wind applications.During the quarter, I also met with HNEI in El Salvador. As you know, we ordered a contract for a 10 megawatt turnkey system there. HNEI continues to show its support for the deal and we’re directly engaged with them to win the necessary and regulatory approvals.With respect to our proposal activity, we recently down selected the final large turnkey frequency regulation project and had submitted several other projects for turnkey projects. Although the sales process for the motor systems can be quite challenging, customer are becoming increasingly aware of our product capabilities and strengths and inviting us to tender.Read the rest of this transcript for free on seekingalpha.com
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