Webinar. My name is Alex Paul from InvestorStream, and I'll be your host today. Presenting for you today is AnteoTech Managing Director David Radford, who will be discussing the release of the company's half-yearly report for the six months to 31 December 2024. A copy of the presentation is available on the ASX, and a copy of the webinar replay will also be available on AnteoTech's website and social media platforms later today. I'd like to throw it over to David to kick things off for us. David, the floor is yours.
Thanks, Alex, and great to have this opportunity again. Good afternoon, ladies and gentlemen. My name is David Radford, and I'm the CEO and Managing Director of AnteoTech, and it's my pleasure to provide the following review of the first half of financial year 2025. The company is focused upon the commercialization of technologies that provide cost-effective performance enhancements across both clean energy technology and life sciences. We have multiple revenue opportunities in both divisions, and we have a focus upon diversification of customer markets. There's strong IP protection with scalable business models across both teams. Our revenues have grown 74% compared to last year, and we're seeing good engagement with a range of partners in both business segments.
The use of validated data has driven our credibility and engagement with partners, and the evaluations that have been taking place are, in many cases, coming to a stage at which commercial agreements are close to being finalized. As was advised at the AGM, the company continues to work with Mercedes and other EV manufacturers as they look to develop their next-generation battery solutions, as well as a range of other battery companies and technology companies. In parallel, we're following a portfolio approach to the clean energy tech market. We're seeing engagement in consumer electronics, healthcare, and specialty chemical companies. This diversification is allowing us to focus upon fast-tracking revenues through both development opportunities using AnteoX and UltraNode, and at the same time, AnteoX sales.
These increased revenues and deep sales funnels have been achieved whilst continuing to drive down the operating costs of the business with a further 25% reduction in costs compared to the same period last time. In summarizing the breadth of the operational achievements, the company is continuing to make good progress across both focused divisions, with commercial traction, as well as the initiatives taking place at the corporate level, including the appointment of the company's first International Vice President of Sales, Fabian Beck. The market for lithium-ion batteries continues to grow, and there's growing recognition of the importance of increasing silicon in the anode to both generate improved performance from an energy density perspective, as well as an ability to diversify and de-risk battery supply chains. This is an important consideration given that 70% of the world's graphite is currently sourced from China.
We're now seeing recognition of both of these benefits in driving the transition to increased silicon anodes. In the life sciences business, the Indian strategy is driving revenue growth. The Indian government Health for All initiative is forecast to see the diagnostics market in India grow from approximately $13 billion in 2023 to more than $26 billion by 2028. Much of this growth is expected to come from point-of-care development, with AnteoTech very well positioned to take advantage of this opportunity. In reviewing the progress in the clean energy business and its position in the market, we've achieved an incredible outcome of 900 cycles and 70% energy retention, with an anode containing more than two times the energy content of an equivalent graphite anode.
These results enable us to target the consumer electronics markets already, and whilst we remain focused upon achievement of the 1,000-cycle and 80% energy retention target, our current capability is encouraging a range of battery companies and electric vehicle manufacturers to engage with AnteoTech as they look to make this transition to increase silicon in their anodes. Our sales funnel continues to develop across multiple market segments. These include, as I've said earlier, consumer electronics, advanced chemistries, and electric vehicles. Progress has been made with several companies that are expected to convert to commercial engagements in the near term. All of the companies with which we are working are looking to drive performance improvements, i.e., increased cycling or energy density with ideally reduced input costs. Our offerings continue to be focused upon delivery of the lowest delivered cost per kilowatt hour.
Since Fabian Beck, our International Vice President of Sales, has commenced with the company, we have expanded the sales funnel. We now have both Manuel and Fabian interacting across deep networks within many companies, and we're seeing positive engagement within these targeted opportunities. As advised in the previous slide, many of these opportunities are concluding extensive evaluations with commercial discussions and proposals submitted and conversations underway. The Indian focus for AnteoTech is not only in the clean energy division with a range of battery companies with which the company is in initial discussions, but it is also a key driver for us of the life sciences growth. We are seeing the partnership with Serum Institute expanding and an increasing demand for AnteoBind. In parallel, the results we are generating for the Vidcare evaluation have been very pleasing.
There are multiple other companies currently assessing AnteoBind NXT for use in a range of diagnostic products, and we remain focused upon supporting our distribution partner to bring these to closure and the generation of future revenue streams. In summarizing the goals for success, the company is working upon this diversification of our customer opportunities across both business units. We're working to close out several clean energy opportunities in the near term and have put the sales resources into place to drive these opportunities to closure. The Indian life science opportunities continue to develop, and we're working with our distribution partner to drive the increasing uptake of AnteoBind. We're also continuing to focus internal investment within the company into areas that will generate short-term revenues for the business. In looking at closing this presentation, there are several key takeaways to leave with you.
Firstly, revenues are growing, and we have multiple commercial milestones we are targeting. Secondly, we continue to generate compelling and validated data to support our clean energy offerings. Assuming we continue to achieve mutually agreed KPIs, we have identified pathways to commercial agreements already under discussion. Thirdly, and importantly, our life sciences revenues are growing, and we have multiple growth opportunities ahead as we do in the clean energy. I would like to conclude the presentation there, Alex. Thank our shareholders for their support and interest, and I would be pleased to answer any questions that may have been submitted by the shareholders.
Yes, thanks, David. Look, the first question that's come through, apart from the appointment of Fabian Beck, which you mentioned during the presentation, has AnteoTech taken any further steps to expand their physical presence in Europe or North America?
Yes, so Fabian started with us in early December, and he's focused upon leveraging his extensive sales networks and driving our existing sales opportunities to closure. We are continuing to support those initiatives by internal resources from Brisbane, but as the business grows its revenues in both Europe and North America, there is every probability that the physical presence will increase in those regions in order to better serve the customers.
Thanks, David. Has the life science division expanded testing of AnteoBind NXT into applications other than vaccines and POC tests?
We've identified several exciting opportunities that are in addition to the vaccine development and point-of-care testing. However, it's important that at this stage of the commercialization, we remain totally focused in driving current opportunities to increase revenues. Yes, we've identified them. They are interesting, but our focus right now is really on point-of-care testing and working within the vaccine market.
Moving on to Mercedes, is Mercedes's ongoing evaluation of AnteoX independent of their testing of UltraNode, or are they now evaluating AnteoX as part of their assessment of UltraNode?
That's a very good question. Look, it's important to clarify the question. AnteoX is a critical ingredient within UltraNode. Any customer that's evaluating UltraNode will also be evaluating AnteoX as a component of that product. That's the first distinction I would make. Mercedes has purchased UltraNode for incorporation within their testing and validation network. We understand that the AnteoX that has been provided to them is being used in an assessment of the manufacturability of their own proprietary anodes. As far as we're aware, both the evaluations are continuing well, and we remain excited about the opportunity with Mercedes.
When does AnteoTech expect the UltraNode patent to be granted?
As our shareholders, I'm sure, are aware, we've submitted patents for the UltraNode product. The patent process is underway, and until such a time as the patent is actually approved, we're unable to give any guidance as to date of formal approval.
Thanks, David. Finally, is the company targeting companies that may have a faster path to market than the electric vehicle market that has a longer validation timeline?
As I have said during the presentation, we are following a portfolio approach and have been over the last couple of years. We are taking a broad approach to the market, including consumer electronics, specialty chemical companies, and battery manufacturers in these segments. This diversified approach provides a range of opportunities to drive the shorter-term revenue opportunity. As we have said, we have multiple evaluations underway and are hopeful of announcing progress in the near future. Yes, we are targeting a range of companies with different speed to market. Yes.
Fantastic. Thank you all for joining me. I would also like to note the strong turnout for today's webinar, which is really appreciated by myself and obviously the AnteoTech team. I would also like to thank David for taking the time to present for us and answering some questions for us. Now, David, before I let you go, any final comments you want to leave with us today?
Yeah, Alex, I'd like to obviously thank the shareholders for their ongoing support. As I say, we are very optimistic that we will have some interesting news flow in the near term. Thank you again for all your support. Alex, thanks again for the opportunity to present.
Thanks, David. Now, as I mentioned before, a copy of the webinar replay will be on AnteoTech's website and social media platforms later today. A copy of the presentation is also available on the ASX. That wraps it up for us here. Thank you, everyone. Have a great day.
Thanks, Alex.