Dear Friends and Investors,
As the year comes to a close, we’d like to share our December updates and take a moment to summarize our progress throughout 2024.
R&D Updates
We are working diligently to finalize our technology and prepare for small-scale production. This month, we signed two additional contracts with subcontractors. One focuses on advanced modeling and research, while the other specializes in production launch. By Q1 2025, we aim to have a clear roadmap for production, including volumes and implementation costs.
We have reached TRL 7 this year, marking a significant milestone in our development. At this stage, our technology has been demonstrated in an operational environment. Additionally, we initiated the ICC-SWCC certification process, which will validate our technology and enable us to leverage U.S. government programs supporting turbine installations. While this is a lengthy process, we expect to complete it before production begins.
New Partnerships
This month, we signed a Letter of Intent (LOI) for turbine installation at the stunning "Deux Vert Vineyard". This milestone is particularly meaningful as the vineyard’s owner is also one of our investors. Alongside the LOI, they increased their investment by acquiring Sirocco Energy preferred shares. Next year, we plan to conduct meteorological testing at this location to determine the turbine parameters for installation.
Broadened Investment Opportunities
We’ve broadened funding opportunities for Sirocco Energy. This includes actively pursuing grants and launching a new investment option through "Alto", a self-directed IRA platform. This collaboration allows you to invest in Sirocco Energy using retirement account funds, offering significant financial and tax advantages.
We’re also encouraging reinvestments with a 30% discount and the opportunity to purchase additional company shares. Please contact us for more details about these exciting offers.
Expanding in Europe
Given that a portion of our target market is in Europe, we’ve been building connections in the region. This month, we participated in the "European Expo Forum", where we showcased decentralized energy generation solutions for suburban businesses.
Additionally, we joined the "Enterprise Europe Network", one of the largest platforms dedicated to fostering international business, and became members of the Energy Efficiency Committee. These steps are helping us build local partnerships, understand the nuances of the European market, and identify opportunities for Sirocco Energy.
Building Distribution Networks
In parallel, we’ve started searching for distributors in targeted markets and aim to sign our first distribution agreements during the first half of 2025. We expect our distributors to have a strong presence in their local markets, experience in renewable energy or related industries, and a proven track record with other technologies. Their target clients should align with our focus on businesses within the niches we’ve identified. We are also open to your assistance in identifying potential partners. Additionally, we have a prepared proposal for distributors that outlines the benefits and terms of collaboration, which we would be happy to share upon request.
Team Updates
We’re thrilled to introduce our Chief Legal Officer, Liudmyla Sokolovska, who brings over 10 years of experience in corporate law, M&A, contract law, and intellectual property. One of her key responsibilities is preparing Sirocco Energy for scaling in target markets, ensuring the company is ready to expand operations, establish a robust legal and organizational framework, and adapt to local regulations, opportunities, and risks. This includes supporting the development of strategic partnerships, optimizing compliance processes, and mitigating potential challenges to facilitate seamless growth.
New Office in Boston
With our focus on seven states in the northeastern U.S. (Connecticut, Massachusetts, New Hampshire, Maine, Vermont, New York, and Michigan), we’ve opened a new office in Boston, MA. This location was chosen for its concentration of knowledge and technological development in renewable energy, a robust talent pool, and startup support programs.
As we prepare for 2025, we’re confident it will be a year filled with significant achievements. Thank you for being part of our journey. We wish you a joyful holiday season and a prosperous New Year!
Warm regards,
Sirocco Energy Team