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    Donovan Schafer • Northland Capital Markets

    Donovan Schafer's questions to Evolution Petroleum Corp (EPM) leadership

    Donovan Schafer's questions to Evolution Petroleum Corp (EPM) leadership • Q4 2024

    Question

    Donovan Schafer of Northland Capital Markets inquired about the Delhi Field, asking for the specific location of Test Site V, the potential for larger expansion phases, the outlook for production recovery after a downturn, and the monetization strategy for new carbon capture certifications.

    Answer

    CEO Kelly Loyd and COO J. Bunch explained that Test Site V is an incremental extension of the current development, not a new phase, and is being developed with high-return producer wells. They noted that larger expansions are further down the queue. They expect Delhi production to increase, viewing the prior quarter's dip as an anomaly due to a temporary halt in CO2 purchases and a compressor issue, both of which are being resolved. Regarding carbon capture credits, Mr. Loyd stated that the monetization timeline and strategy are still being developed.

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    Donovan Schafer's questions to Emeren Group Ltd (SOL) leadership

    Donovan Schafer's questions to Emeren Group Ltd (SOL) leadership • Q2 2024

    Question

    Donovan Schafer of Northland Capital Markets asked for clarification on the DSA portfolio, questioning if the 1.7 GW of Italian BESS projects were a subset of the 2 GW total contracted DSA portfolio. He also inquired about the specific trigger for the recent project write-offs and whether monetizing 400-500 MW of advanced-stage projects remains a priority for the year.

    Answer

    CEO Yumin Liu confirmed that the Italian BESS (Battery Energy Storage System) projects do indeed represent over 80% of the currently contracted DSA portfolio. He explained that the recent $2 million write-off was specifically triggered by interconnection approval challenges in markets like the U.S. and Spain. Liu also affirmed that monetizing 400-500 MW of advanced-stage projects is 'absolutely true' and remains a priority, explaining it was not highlighted in the shareholder letter because it is considered part of their 'normal business,' unlike the newer DSA strategy.

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    Donovan Schafer's questions to Emeren Group Ltd (SOL) leadership • Q1 2024

    Question

    Donovan Schafer inquired about a significant change in the Spanish battery storage pipeline, where about 1 GWh was moved from advanced-stage to early-stage. He also asked about the reduction in Germany's early-stage solar pipeline and whether it triggered an impairment charge, and questioned the potential risk of Chinese government retaliation impacting Emeren's business.

    Answer

    CEO Yumin Liu explained the Spanish storage pipeline was reclassified to early-stage as a conservative measure due to anticipated interconnection approval delays, not because the projects were cancelled. CFO Ke Chen clarified the German pipeline reduction was due to losing bids on two projects, which resulted in a minimal impairment of less than $50,000. Regarding China risk, both executives stated they see no impact, as their IPP business in China serves local enterprises, and Mr. Liu highlighted China's cost-effective and dominant position in the global solar supply chain.

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    Donovan Schafer's questions to Hyliion Holdings Corp (HYLN) leadership

    Donovan Schafer's questions to Hyliion Holdings Corp (HYLN) leadership • Q2 2024

    Question

    Donovan Schafer of TD Cowen asked for quantification of the KARNO generator units corresponding to the fully booked 2024 capacity and the 50% booked 2025 capacity. He also inquired about the generator's physical footprint compared to conventional offerings for data centers and the primary drivers behind the increased 2024 spending guidance.

    Answer

    CEO Thomas Healy stated that 2024 deployments will be in the 'mid-range of single digits' for the 200-kilowatt BETA gensets, with 2025 volume being 'much more than in the teens' to align with the low double-digit million revenue target. Healy highlighted that KARNO's fuel flexibility allows it to serve as both a prime and backup power source, potentially reducing the overall footprint for data centers. CFO Jon Panzer explained the increased 2024 spending is for an accelerated ramp-up of the Texas production facility, driven by capital investments in new and used additive manufacturing machines.

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