Operator: Thank you. One moment for our next question. Our next question comes from Sean McLoughlin with HSBC. Your line is open.
Sean McLoughlin: Good morning.. Thank you for taking my questions. Firstly, just on the IRA, you’ve talked about your expectation for the first orders in June ’23. I mean will there be a lag into that? Are customers waiting until they understand the full complexities and details of the IRA — from the IRAs over the next quarter or so? And also then, I mean, how should we think about the actual volume of orders? Are we going to see a real explosion in June or is it a kind of a gradual ramp up over the 12 months from June? Any color there would be helpful. The second question, just on Ultrastack. Your first success has been in Europe. I mean is this a product targeted at the European market under the margins in Europe actually better than in the U.S. market? Thank you.
Julian Nebreda: In terms of the IRA, what we have in our conversation with our customers, they are working on the stand-alone storage projects as working on the — looking for the sites and electrify the connection points. I think this will be a gradual increase, I will say, they will come as, all of them started in June will get to the full amount and then going forward, I think they will start coming in. The way I’ve seen these projects develop. The ones we’ll see firms are the ones that are connected closer to transmission lines where they can connect is the substation capacity. And as we move along, they will continue to move forward. So that’s way we see it, it takes a little while for these projects to be — for our customers to be ready to have these projects at a point where they can sign.
They need to develop the project, find the off take it and then work with us. In terms of our transformation rate, we seen this as a global product. We started in Europe, we started where we had a 200 megawatt hour plus with . Now we are expiring Germany. Clearly, in Europe, there’s a lot on for these because they’re looking to integrate a strengthened. But the U.S. has a major, major challenge. In order to make this work, we have also or where we have talked to work with the regulators there to ensure they understand the value. So we have been success there, and we hope to see tenders coming out for these type of solutions in Chile in very soon. And then we’re working in the U.S. with our sales team, talking to regulators, to customers. And so we can create a regulatory base for these two joints.
And we are confident that it will happen. So this is a global product that the 17 gigawatts by the year 2030 that we talked about, it is a global demand.
Sean McLoughlin: Thank you.
Julian Nebreda: Thanks, Sean.
Operator: Our next question comes from Pavel Molchanov with Raymond James. Your line is open.
Pavel Molchanov: Thanks for taking the question. We talked a lot about the U.S. and Europe. Historically, you’ve had a strong presence in the Australian market where there is more and more talk about storage as part of the new labor party climate policy. Can we get an update on what’s happening in Australia in demand?
Julian Nebreda: Yeah. We have a very, very strong pipeline in Australia. We’re working with good clients, customers who have there are a few projects that are coming along. And I think that you will see some projects of significant projects, which you see some significant projects called signing — coming into our backlog for the year. We don’t disclose numbers by market by not too far. But we’re confident this is one of clearly a market that is promising to me. It appears to be very, very promising for ’23 for our fiscal year.
