theCUBE + NYSE Wired: Powering Tomorrow | Jaime Martinez, Terra Energy

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Gemma Allen

Host, theCUBE + NYSE Wired

theCUBE

Jaime Martinez

Founder & CEO

Terra Energy

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Jaime Martinez, Terra Energy

Gemma Allen

Host, theCUBE + NYSE Wired theCUBE

HOST

Jaime Martinez

Founder & CEO Terra Energy

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>> Palo Alto Studio Connection, Silicon Valley and Wall Street. I'm John Furman, co-host here with Jay Vallante, my co-host. Welcome back to the Cube Studio here at the New York Stock Exchange. I'm Gemma Allen, co-host of NYSE Wired. And today we are talking about powering tomorrow. When we talk about the future of energy, we tend to think big, big power plants, grid infrastructure, data centers, and the enormous amounts of electricity we're going to need to power the next generation of tech. Yet important changes are happening much closer to home, on our rooftops, behind our meters, and inside the batteries sitting in our garages. What if you didn't have to buy solar? What if you could simply subscribe to it? Joining me now to unpack that commercial opportunity is Jamie Martinez, founder and CEO of Terra Energy. Welcome, Jamie.

>> Thank you very much. Super excited to be here.

>> So you have essentially disrupted the 25-year marriage that people have with electricity, right? You have given them the option to— you need to marry each other. Instead, you can see how you get on for 3 years, correct? And take it from there. Break it down for me. Give me the backstory to Terra. Explain the model to us.

>> Yes, of course. Thank you. So it's very simple. Our fundamental bet is that everyone needs energy. And as long as we can produce produce energy in a less expensive way and be resilient and provide a good service, there's no reason why a customer needs to be locked in for 25 years. So what we tell our customers is, listen, you are paying an energy service right now that is costing you X. We're going to install a bunch of equipment in your homes. We own this equipment and we're going to sell you electricity and provide you with resiliency. But you don't need to be locked in for a long long period of time. If you don't like our service or you find a better service, just go with someone else. But we know that once we install a system and we produce energy on-site from the sun, all we need to do is make sure that the sun comes out the next day to be able to provide that energy on-site. And by providing energy on-site, we don't need to pay for the transmission and distribution that the grid needs to, or charges big utility plants to send that electricity to the home. So we have that cost advantage of being able to build mini power plants, like same as building power plants in the middle of the desert, but generating on site and delivering the energy on site, which gives us this cost advantage to our homeowners. And homeowners like it because they don't have a big commitment. They're saving close to 50% versus they were paying before, and they never lose power because they have batteries there and solar on site. So if the grid is out, they can use the batteries. If the grid is out for many days, the sun just keeps recharging those batteries and it just continues to operate like that.

>> So interesting. So essentially the sun is your OPEX measure. For the most part, you just have to hope that it will rise every day.

>> Correct.

>> Let's unpack what's happening, though, in the industry broadly, because solar has had a challenging time of late, right? Like a lot of, I guess, green energy, cleaner energy. It's come under a little bit of, I suppose, commercial skepticism, whether it's valid or not, who knows. It certainly seems to me like the business model is quite tight. But we know that there has been, you know, a wave of enthusiasm and lesser enthusiasm for these models, right? Who is like buying into this idea? Explain to me who your typical residential client or customer is. Are these people who are buying new builds? In what states? Are they people who are trying to reduce their electricity bills after decades of just being frustrated with the lack of flexibility? Is the AI narrative entering this at all? Talk me through it.

>> Yes. So right now we operate in Florida. We've been operating in Florida for close to 3 years and we're one of the largest one of the largest and fastest growing companies in Florida for this. We just opened operations in Texas about a few months ago and launching California. Anyone in those states that owns a home is a potential customer of our service. We don't need new homes. It could be into any, any type of home. I think the key to our business model comes from making it much better for the homeowner, much better for the consumer, because again, we're not tying anyone to a 25-year contract. It's a service that if we are providing you the best energy option, you stay with us. If we're not, you can go and look for someone else. So that alone reduces our customer acquisition costs by a, by a lot. Um, and then the other piece that we do differently in our business model is that We are vertically integrated in a way that allows us to achieve a cost structure very similar to a utility-scale solar field. So the problem with solar throughout many years is that it was very fragmented. So the cost of putting solar in a rooftop was really high compared to buying electricity from the grid. That's not the case with us. We provide much lower electricity rates than buying it from the grid by just automating our entire operation and delivering energy on site.

>> Give me the marketing line here. Like, how much can you save? You're a ConEd user, you want to move to Terra. What's the, like, approximate cost saving?

>> Between 30 to 50% immediately. And people don't have to pay anything down. So they just subscribe to us. And once we turn the power on, that's when they start paying. So if it take us 4 months to turn on, build this, install this system in there in someone's homes and turn it on, we don't charge anything until we actually start delivering the electricity. Once we do, they save that almost 50% in some cases. There are batteries, right? So people are always concerned about the grid going down or things like that. So never lose power. The other thing that we do differently is we don't increase electricity rates just by 6, 10% every year. We have a very small escalator every year because, again, once we're deployed, we know that the sun's coming out the next day and we can forecast our, our operational costs. So we only increase less than 2% per year our electricity rates. And we tell customers, as the demand of energy increases, you're— you're— one of your alternatives is to stay with the grid, which is every year increasing its rates and providing a less reliable service. Or you can switch to us, which savings grow every year. And we're super reliable because we produce on-site and we have batteries to maintain to give you resiliency.

>> So talk to me about customer acquisition for a second. It's interesting you mention it because in some of the casualties that we have seen in the solar space, they have quoted like huge CapEx spend and customer acquisition as a challenge, like Mosaic being an example.

>> Mm-hmm.

>> How do you think about customer acquisition? Like what's different? What is the true selling point, do you think, for states like Florida, Texas, and California, which is an interesting next bet for you, right, from the perspective of how we profile Californian buyers, especially in the energy space. But talk me through customer acquisition and maybe also comment on retention. I'm interested to understand how you define that as well.

>> Yes. So custom— our customer acquisition cost is probably 6 to 10 times lower than the industry average. Again, because we give customers the flexibility, you know, we, we align our incentives with customers' incentives. We tell customers, if you're not happy with your system, with our solution, you can cancel. And that alone gives customers the flexibility and the openness to say like, okay, perfect, I'll try it. I don't need to understand what the technology is because you guys own the technology, you operate the technology, and you're just providing me as a customer a service that is way cheaper than the utility and more resilient. So that lowers our customer acquisition a lot. But then to your point of how long can we keep these customers, right? Because it's— it is a big capital investment that goes into these systems and we need to make sure that we keep those customers for a very long time. Our— we have thousands of customers. Our retention rate in the US right now is over 99%. So no one really cancels.

>> Wow.

>> Throughout North America is on the 98%. So no one really cancels. And we've had many years of data just showing that as long as we provide that, as long as we deliver our promise to the customer, they never cancel. And is what is allowing us to— to grow.

>> Those are impressive numbers. Let's talk the most of this business for a second, specifically from the perspective of the tech investment, right? So you— I've heard you speak about AI and the fact that that has certainly changed consumer impression, if anything else, in terms of how we need to think about predictable spend. But it's also, I'm sure, entering your business, right? Electricity and energy, it's always been high-level deterministic. You know, people know they control smart meters. People know exactly, you know, inverters tell us what is being likely spent where and when. How do you think about AI from the perspective of the tech transformation for solar? Like, where are you seeing it? Are you using it in your stock? Help us understand that.

>> So the way we see how the industry will evolve is by having more and more decentralized infrastructure in the mix. And let me explain you that. So right now we're building what we call our first layer of infrastructure, which is power and batteries, all these distributed and decentralized mini power plants everywhere. The key to, to achieve and build that first layer is automation of all our operations, right? And we're— we are building power, please. We're building generation, which I feel like is something that is is very much needed right now. Everyone is struggling to get more energy, right? So that is the first layer. The second layer we're building on top of that is the virtual power plant and helping the utilities and the grid stabilize all these excess demand that is being used by the grid. So we have generation on site, and then we have a lot of battery capacity that we sell into the markets. For example, in Texas, we are a virtual power plant that we sell energy and buy energy when the grid needs that energy. And that's a second layer of infrastructure. But then a third layer of— and by the way, those two layers are hedging customers against electricity prices going up, right? As more demand hits the grid, you need to do more investment into the transmission and distribution lines. You need to fix connect the grid for everyone to be able to use this electricity. And that's what we're doing with Layer 1, which is power generation, and Layer 2, which is the virtual power plant. But something very interesting that happens once you unlock those two is that behind the meter opens a new possibility, which is direct current to direct current, which essentially bypasses the grid and allow— and that's a big bet that we're taking as a company of building a decentralized power infrastructure, but also start building everything in a direct current to direct current environment. Because if you look at the— if you look at how AC versus DC, alternate current versus direct current, evolved throughout the last 100 years, it was because we learned how to build very large power plants outside of the city, and then we needed to send that power into the cities. And the most efficient way to do that was through alternate current transmission lines, because it's very efficient to move electricity in AC through long distances. But as technology evolves and you can generate electricity on site, and that electricity is being produced in direct current from the sun into the batteries, you don't need to transform that direct current into AC for it to be used. You can just keep everything in DC and use it in DC. And you see that a lot of the AI play is to move into direct current to one, optimize and get rid of all those conversion losses of energy. But I feel like the second piece that is very important is that If you create a network where you produce and use energy on direct current, you completely bypass the grid. So as an example, we can put a very large commercial site with solar batteries and power whatever we want on that site in direct current without grid interconnection and without asking for permission to the grid. Right. And that is a third layer that for us is very interesting because We see all the— well, the first problem that we are hyper-focused on solving is electricity rates for homeowners, right? But I think that problem is solved. We're just scaling it as fast as we can and delivering this to everyone. But now we hear another problem, which is we cannot build power fast enough because we have all these interconnection queues. And we're like, well, If you build it on site, you have generation on site and you do it in a DC to DC architecture. You can build hundreds of megawatts instantly without even telling the grid, completely bypassing it. And I think that's a, that's a technology bet that we're pushing because then we have DC to DC architecture, we have virtual power plant to stabilize the grid and we have on-site generation powering the entire stack.

>> So you are truly talking about power on the edge in that model, right? We talk about the edge all the time here on the show. At the center of that, though, is obviously solar panels on the roof, but also the batteries, right? And we know that like across this industry, all of these CapEx assets are becoming increasingly expensive. How do you guys think about your own commercial model? I mean, to be the Netflix of solar, you are taking on a huge

>> CapEx investment upfront.Yeah.

>> How do you think about sweating those assets, for example? And how do you yourself think about the supply chain controllability of costs in this model? Like, what are you seeing?

>> Yeah, so that's, that's super important, right? Because it's, it's the CapEx of building these centralized platform like this is, is enormous, but it's also a very steady and stable CapEx. Like, I think the capital is always available if you can forecast its cost and its returns and the profile to it. And we have access to— it's very easy for us to forecast how every single dollar we invest into a system would look like. And given our cost structure, it makes sense. It's a profitable business model. So I mean, again, it's— they're very large amounts that you can have to continually deploy. But we build a platform that allows us to deploy that. Again, it's based on the same fundamental. Energy will always be needed. Energy in the traditional way needs to use the— has to use the grid, which makes it more expensive and by definition is not an easy problem to solve, to fix the grid, it will take trillions of dollars and decades. I think to us is more about building a new path in like that, that sort of bypasses the grid, offering these two savings to customers, right?

>> So Jamie, give us the commercials here. How much have you guys raised? You guys in funding rounds? And also talk me through what is the next— I know you're launching California, What does the next 2 to 5 years look like? What's the master plan here?

>> So we're always structuring capital to deploy our assets. We've raised hundreds of millions of dollars at this point throughout our operation, and we're always deploying as we scale into Texas and California. We think that we're— I mean, we're scaling fast in Florida. We have a very large market share right now and we we see that same path happening in Texas, but at a much faster rate. And in California, given that they already know, they're very accustomed to that technology, we think that that's going to be very successful. And plus in California, the electricity rates that people pay on a home are extremely high. So it's very much needed. But our goal, is to continue to deploy thousands of these systems per month in the 3 states and build these 3 layers that I spoke. The first power layer, which is the generation on site, put virtual power plants on everything we do in Florida, Texas, and California. And then as we start scaling and we solve the homeowner piece, we want to start solving the other— in the problem that other industries have on their energy needs. Right. And I think we can do that through a DC-to-DC architecture on-site, more on the edge, like you said.

>> I like it. Is New York on the map? Are we going to see lower electricity prices right here in Brooklyn? Because I can tell you, we also could do with that.

>> That's the goal. Like, at some point we want to go everywhere. It's just we need to stay very focused on the markets that we make sense Pursue because we want to keep that customer satisfaction high so that customers just renew.

>> And New Yorkers can be so cranky. Yeah. Jayan Rajanath, thank you so much for joining us on NYSE Wires.

>> Thank you so much.

>> I'm Gemma Allen here at the Cube Studio at the New York Stock Exchange. This is NYSE Wires, powering tomorrow. Thanks for watching.

Jaime Martinez, Terra Energy

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>> Palo Alto Studio Connection, Silicon Valley and Wall Street. I'm John Furman, co-host here with Jay Vallante, my co-host. Welcome back to the Cube Studio here at the New York Stock Exchange. I'm Gemma Allen, co-host of NYSE Wired. And today we are talking about powering tomorrow. When we talk about the future of energy, we tend to think big, big power plants, grid infrastructure, data centers, and the enormous amounts of electricity we're going to need to power the next generation of tech. Yet important changes are happening much closer to home, on our rooftops, behind our meters, and inside the batteries sitting in our garages. What if you didn't have to buy solar? What if you could simply subscribe to it? Joining me now to unpack that commercial opportunity is Jamie Martinez, founder and CEO of Terra Energy. Welcome, Jamie.

>> Thank you very much. Super excited to be here.

>> So you have essentially disrupted the 25-year marriage that people have with electricity, right? You have given them the option to— you need to marry each other. Instead, you can see how you get on for 3 years, correct? And take it from there. Break it down for me. Give me the backstory to Terra. Explain the model to us.

>> Yes, of course. Thank you. So it's very simple. Our fundamental bet is that everyone needs energy. And as long as we can produce produce energy in a less expensive way and be resilient and provide a good service, there's no reason why a customer needs to be locked in for 25 years. So what we tell our customers is, listen, you are paying an energy service right now that is costing you X. We're going to install a bunch of equipment in your homes. We own this equipment and we're going to sell you electricity and provide you with resiliency. But you don't need to be locked in for a long long period of time. If you don't like our service or you find a better service, just go with someone else. But we know that once we install a system and we produce energy on-site from the sun, all we need to do is make sure that the sun comes out the next day to be able to provide that energy on-site. And by providing energy on-site, we don't need to pay for the transmission and distribution that the grid needs to, or charges big utility plants to send that electricity to the home. So we have that cost advantage of being able to build mini power plants, like same as building power plants in the middle of the desert, but generating on site and delivering the energy on site, which gives us this cost advantage to our homeowners. And homeowners like it because they don't have a big commitment. They're saving close to 50% versus they were paying before, and they never lose power because they have batteries there and solar on site. So if the grid is out, they can use the batteries. If the grid is out for many days, the sun just keeps recharging those batteries and it just continues to operate like that.

>> So interesting. So essentially the sun is your OPEX measure. For the most part, you just have to hope that it will rise every day.

>> Correct.

>> Let's unpack what's happening, though, in the industry broadly, because solar has had a challenging time of late, right? Like a lot of, I guess, green energy, cleaner energy. It's come under a little bit of, I suppose, commercial skepticism, whether it's valid or not, who knows. It certainly seems to me like the business model is quite tight. But we know that there has been, you know, a wave of enthusiasm and lesser enthusiasm for these models, right? Who is like buying into this idea? Explain to me who your typical residential client or customer is. Are these people who are buying new builds? In what states? Are they people who are trying to reduce their electricity bills after decades of just being frustrated with the lack of flexibility? Is the AI narrative entering this at all? Talk me through it.

>> Yes. So right now we operate in Florida. We've been operating in Florida for close to 3 years and we're one of the largest one of the largest and fastest growing companies in Florida for this. We just opened operations in Texas about a few months ago and launching California. Anyone in those states that owns a home is a potential customer of our service. We don't need new homes. It could be into any, any type of home. I think the key to our business model comes from making it much better for the homeowner, much better for the consumer, because again, we're not tying anyone to a 25-year contract. It's a service that if we are providing you the best energy option, you stay with us. If we're not, you can go and look for someone else. So that alone reduces our customer acquisition costs by a, by a lot. Um, and then the other piece that we do differently in our business model is that We are vertically integrated in a way that allows us to achieve a cost structure very similar to a utility-scale solar field. So the problem with solar throughout many years is that it was very fragmented. So the cost of putting solar in a rooftop was really high compared to buying electricity from the grid. That's not the case with us. We provide much lower electricity rates than buying it from the grid by just automating our entire operation and delivering energy on site.

>> Give me the marketing line here. Like, how much can you save? You're a ConEd user, you want to move to Terra. What's the, like, approximate cost saving?

>> Between 30 to 50% immediately. And people don't have to pay anything down. So they just subscribe to us. And once we turn the power on, that's when they start paying. So if it take us 4 months to turn on, build this, install this system in there in someone's homes and turn it on, we don't charge anything until we actually start delivering the electricity. Once we do, they save that almost 50% in some cases. There are batteries, right? So people are always concerned about the grid going down or things like that. So never lose power. The other thing that we do differently is we don't increase electricity rates just by 6, 10% every year. We have a very small escalator every year because, again, once we're deployed, we know that the sun's coming out the next day and we can forecast our, our operational costs. So we only increase less than 2% per year our electricity rates. And we tell customers, as the demand of energy increases, you're— you're— one of your alternatives is to stay with the grid, which is every year increasing its rates and providing a less reliable service. Or you can switch to us, which savings grow every year. And we're super reliable because we produce on-site and we have batteries to maintain to give you resiliency.

>> So talk to me about customer acquisition for a second. It's interesting you mention it because in some of the casualties that we have seen in the solar space, they have quoted like huge CapEx spend and customer acquisition as a challenge, like Mosaic being an example.

>> Mm-hmm.

>> How do you think about customer acquisition? Like what's different? What is the true selling point, do you think, for states like Florida, Texas, and California, which is an interesting next bet for you, right, from the perspective of how we profile Californian buyers, especially in the energy space. But talk me through customer acquisition and maybe also comment on retention. I'm interested to understand how you define that as well.

>> Yes. So custom— our customer acquisition cost is probably 6 to 10 times lower than the industry average. Again, because we give customers the flexibility, you know, we, we align our incentives with customers' incentives. We tell customers, if you're not happy with your system, with our solution, you can cancel. And that alone gives customers the flexibility and the openness to say like, okay, perfect, I'll try it. I don't need to understand what the technology is because you guys own the technology, you operate the technology, and you're just providing me as a customer a service that is way cheaper than the utility and more resilient. So that lowers our customer acquisition a lot. But then to your point of how long can we keep these customers, right? Because it's— it is a big capital investment that goes into these systems and we need to make sure that we keep those customers for a very long time. Our— we have thousands of customers. Our retention rate in the US right now is over 99%. So no one really cancels.

>> Wow.

>> Throughout North America is on the 98%. So no one really cancels. And we've had many years of data just showing that as long as we provide that, as long as we deliver our promise to the customer, they never cancel. And is what is allowing us to— to grow.

>> Those are impressive numbers. Let's talk the most of this business for a second, specifically from the perspective of the tech investment, right? So you— I've heard you speak about AI and the fact that that has certainly changed consumer impression, if anything else, in terms of how we need to think about predictable spend. But it's also, I'm sure, entering your business, right? Electricity and energy, it's always been high-level deterministic. You know, people know they control smart meters. People know exactly, you know, inverters tell us what is being likely spent where and when. How do you think about AI from the perspective of the tech transformation for solar? Like, where are you seeing it? Are you using it in your stock? Help us understand that.

>> So the way we see how the industry will evolve is by having more and more decentralized infrastructure in the mix. And let me explain you that. So right now we're building what we call our first layer of infrastructure, which is power and batteries, all these distributed and decentralized mini power plants everywhere. The key to, to achieve and build that first layer is automation of all our operations, right? And we're— we are building power, please. We're building generation, which I feel like is something that is is very much needed right now. Everyone is struggling to get more energy, right? So that is the first layer. The second layer we're building on top of that is the virtual power plant and helping the utilities and the grid stabilize all these excess demand that is being used by the grid. So we have generation on site, and then we have a lot of battery capacity that we sell into the markets. For example, in Texas, we are a virtual power plant that we sell energy and buy energy when the grid needs that energy. And that's a second layer of infrastructure. But then a third layer of— and by the way, those two layers are hedging customers against electricity prices going up, right? As more demand hits the grid, you need to do more investment into the transmission and distribution lines. You need to fix connect the grid for everyone to be able to use this electricity. And that's what we're doing with Layer 1, which is power generation, and Layer 2, which is the virtual power plant. But something very interesting that happens once you unlock those two is that behind the meter opens a new possibility, which is direct current to direct current, which essentially bypasses the grid and allow— and that's a big bet that we're taking as a company of building a decentralized power infrastructure, but also start building everything in a direct current to direct current environment. Because if you look at the— if you look at how AC versus DC, alternate current versus direct current, evolved throughout the last 100 years, it was because we learned how to build very large power plants outside of the city, and then we needed to send that power into the cities. And the most efficient way to do that was through alternate current transmission lines, because it's very efficient to move electricity in AC through long distances. But as technology evolves and you can generate electricity on site, and that electricity is being produced in direct current from the sun into the batteries, you don't need to transform that direct current into AC for it to be used. You can just keep everything in DC and use it in DC. And you see that a lot of the AI play is to move into direct current to one, optimize and get rid of all those conversion losses of energy. But I feel like the second piece that is very important is that If you create a network where you produce and use energy on direct current, you completely bypass the grid. So as an example, we can put a very large commercial site with solar batteries and power whatever we want on that site in direct current without grid interconnection and without asking for permission to the grid. Right. And that is a third layer that for us is very interesting because We see all the— well, the first problem that we are hyper-focused on solving is electricity rates for homeowners, right? But I think that problem is solved. We're just scaling it as fast as we can and delivering this to everyone. But now we hear another problem, which is we cannot build power fast enough because we have all these interconnection queues. And we're like, well, If you build it on site, you have generation on site and you do it in a DC to DC architecture. You can build hundreds of megawatts instantly without even telling the grid, completely bypassing it. And I think that's a, that's a technology bet that we're pushing because then we have DC to DC architecture, we have virtual power plant to stabilize the grid and we have on-site generation powering the entire stack.

>> So you are truly talking about power on the edge in that model, right? We talk about the edge all the time here on the show. At the center of that, though, is obviously solar panels on the roof, but also the batteries, right? And we know that like across this industry, all of these CapEx assets are becoming increasingly expensive. How do you guys think about your own commercial model? I mean, to be the Netflix of solar, you are taking on a huge

>> CapEx investment upfront.Yeah.

>> How do you think about sweating those assets, for example? And how do you yourself think about the supply chain controllability of costs in this model? Like, what are you seeing?

>> Yeah, so that's, that's super important, right? Because it's, it's the CapEx of building these centralized platform like this is, is enormous, but it's also a very steady and stable CapEx. Like, I think the capital is always available if you can forecast its cost and its returns and the profile to it. And we have access to— it's very easy for us to forecast how every single dollar we invest into a system would look like. And given our cost structure, it makes sense. It's a profitable business model. So I mean, again, it's— they're very large amounts that you can have to continually deploy. But we build a platform that allows us to deploy that. Again, it's based on the same fundamental. Energy will always be needed. Energy in the traditional way needs to use the— has to use the grid, which makes it more expensive and by definition is not an easy problem to solve, to fix the grid, it will take trillions of dollars and decades. I think to us is more about building a new path in like that, that sort of bypasses the grid, offering these two savings to customers, right?

>> So Jamie, give us the commercials here. How much have you guys raised? You guys in funding rounds? And also talk me through what is the next— I know you're launching California, What does the next 2 to 5 years look like? What's the master plan here?

>> So we're always structuring capital to deploy our assets. We've raised hundreds of millions of dollars at this point throughout our operation, and we're always deploying as we scale into Texas and California. We think that we're— I mean, we're scaling fast in Florida. We have a very large market share right now and we we see that same path happening in Texas, but at a much faster rate. And in California, given that they already know, they're very accustomed to that technology, we think that that's going to be very successful. And plus in California, the electricity rates that people pay on a home are extremely high. So it's very much needed. But our goal, is to continue to deploy thousands of these systems per month in the 3 states and build these 3 layers that I spoke. The first power layer, which is the generation on site, put virtual power plants on everything we do in Florida, Texas, and California. And then as we start scaling and we solve the homeowner piece, we want to start solving the other— in the problem that other industries have on their energy needs. Right. And I think we can do that through a DC-to-DC architecture on-site, more on the edge, like you said.

>> I like it. Is New York on the map? Are we going to see lower electricity prices right here in Brooklyn? Because I can tell you, we also could do with that.

>> That's the goal. Like, at some point we want to go everywhere. It's just we need to stay very focused on the markets that we make sense Pursue because we want to keep that customer satisfaction high so that customers just renew.

>> And New Yorkers can be so cranky. Yeah. Jayan Rajanath, thank you so much for joining us on NYSE Wires.

>> Thank you so much.

>> I'm Gemma Allen here at the Cube Studio at the New York Stock Exchange. This is NYSE Wires, powering tomorrow. Thanks for watching.