Pieter, great to see you. You've just put out your quarter one update, so I thought it'd be useful for investors to spend a few minutes talking through what's changed, what's progressing in the business, and how you're approaching the next phase of this business cycle. Let's start at the top. The update talks about Quantum Data Energy evolution from a U.K.-focused flexible generation operator to a more modular, data-integrated power platform. Can you explain to investors how they should think about this shift in sort of practical terms?
This is an evolution rather than a pivot. Flexible generation remains central to what we do. It remains our core business, but we're applying those capabilities in a more structured, platform-based way. We're increasingly focused on where power, data, and infrastructure intersect, particularly in environments where reliability and flexibility matter more than pure scale. The strategy is about building something repeatable and scalable over time rather than just developing isolated assets.
Now, you recently completely rebranded Quantum Data Energy. Why was that an important step, and what does this signal to the market?
The rebrand to Quantum Data Energy signals our evolution into a platform focused on the critical intersection of power and data. This is a response to an urgent global reality. The data center sector energy demand will more than double by 2030, accounting for nearly 3% of global power use. In the U.K., the challenge is even more acute. Ofgem has reported that the electricity grid is effectively overwhelmed by a flood of connection requests, with new demand tripling in the last year alone, a surge driven primarily by a rush for data centers. For us, this isn't about chasing a trend. It's about identifying where flexible, reliable power solutions can play a role when traditional grid access becomes a bottleneck. By providing power where grid capacity is constrained, we enable critical infrastructure growth while maintaining the capital discipline our shareholders expect.
The update lists the existing operating assets across the U.K. How do those assets fit into the longer term picture?
They're fundamental. These assets provide operational credibility, grid relationships, and importantly, real-world experience. They also give us a stable base while we progress new opportunities. This isn't about moving away from flexible generation. It's about building on it in a structured and scalable way.
For those investors who are sat at home at the moment, they're looking at the last quarter, and looking at your report, what would you say are the key areas of progress during that period?
The focus is on progression rather than headlines. We continue advancing several growth pathways in parallel, including data center-related power solutions, CHP applications, and development opportunities, also while progressing project-level funding discussions. A lot of this work happens behind the scenes, but it's essential groundwork that supports sustainable growth and capital discipline.
How do you position yourselves within that expanding landscape then?
Our focus is very specific. We're looking at opportunities where flexibility, modularity, and speed of deployment matter, particularly where grid capacity is constrained. We're not trying to solve every problem in the data center market. We're focused on areas where our capabilities genuinely add value and where projects can be structured in a disciplined, repeatable way.
Now, you also referenced progress, on the non-dilutive project funding level. Why is that such a key part for this strategy?
Capital discipline is central to how we think about growth. Where possible, we want our projects to be funded on their own merits rather than relying on QDE equity issuance as the default. That approach gives us flexibility and helps ensure that growth doesn't come at the expense of existing shareholders.
Finally then, and we're looking ahead to sort of Q2 and Q3 of this year, what should investors be focused on?
I'd emphasize consistency and execution. We have a clear strategic direction and long-term ambition, but it's underpinned by measured progress and capital discipline. Investors should expect us to continue building steadily, communicating clearly, and updating the market through the appropriate regulatory channels as material developments occur.
Well, Pieter, that's really helpful, and I know that investors appreciate the update and the clarity, and they'll no doubt be looking forward to hearing more as your story continues to develop.
Great. Thank you, Martin.