What you need to know: • BES has announced several positive updates over the last few months including an agreement with Enercare to distribute and install its home backup power system. • Braille is progressing through Enercare’s onboarding process and expects sales over the coming quarters. • EarlyAlert is in the final stages of its product development and will begin sales in the coming months. • In our view, BES stock has not reflected the major progress made. Braille Energy Systems (BES:TSXV) has made several notable strides over the last six months, including reaching an agreement with Enercare to distribute and install its home backup power system. Surprisingly, the market did not react to this news, with the stock down 14% YTD. BES is now working towards generating meaningful sales from Electrafy while securing new partnerships. EarlyAlert is also making solid progress with its product development and will begin sales over the coming quarters. We are maintaining our BUY rating and $0.15/share target price on Braille Energy Systems. Braille Energy Systems Update As a reminder, Electrafy is BESI’s modern home energy storage solution, that provides cost-effective emergency backup power. The system is quiet, fossil-fuel free, and automatically turns on when needed. Electafy is available in 5.12kWh and 10.24KWh configurations, ideal for urban homes where gas generators are not feasible. Electrafy has inked a deal with Enercare (see below) and will be expanding into large retailers and home builders in the future. We find this incredibly impressive to see a nano-cap company secure an agreement with such a large partner. On January 8th, BES announced its formal agreement with Enercare Home and Commercial Services Ltd. to distribute and install the Electrafy Standby Home Back-up Power System. Enercare will begin offering Electrafy to Canadian residential customers in 2025, marking a major commercialization milestone for BES’s clean energy division. Enercare is one of Canada’s largest home and commercial services companies, servicing over 1M homes, providing an elite sales and installation partner to support Electrafy. Enercare’s SVP of Product & Marketing highlighted the need for the Electrafy system for customers whom traditional power solutions are not an option due to housing density and affordability.