2024 CEO New Year Letter

Dear Inergy Friends,

Happy New Year! As 2024 begins, the Inergy Team reflected on 2023 for perspective for the following year. For Inergy, although full of challenges including inventory shortages related to the COVID19 pandemic, 2023 was a year full of accomplishments and milestones, achieved in great part due to a committed team, collaboration from our partners and suppliers and the best customers we could ask for. We would like to highlight some of those 2023 “wins” below:

• Fulfilled final group of orders from $13M Pre-Sales Campaign from 2-year COVID pandemic-exacerbated inventory “drought”.
• Transferred the critical company functions from Idaho to Utah and conducted significant layoffs to reduce overall expense “burn” and increase company financial health.
• Introduced and launched the reservation campaign Flex P3 product at Idaho Capital Connect conference and launched the pre-sales campaign for the Flex UPS Rapid Charger product.
• Completed the $750K Air Force STTR development contract that resulted in the Flex Tactical.
• Launched a Flex Tactical pre-sales campaign and sold over $1M.
• US Army awarded Inergy a $1.73M Phase 2 SBIR research contract to "militarize" the Flex P3 system for Air Force Strategic Command (AFSOC).
• Successfully completed StartEngine equity crowdfunding campaign and raised $748K from 451 investors and was featured on multiple equity crowdfunding analyst reports and podcasts.
• Manufactured and fulfilled the first batch of Flex UPS Rapid Charger.
• Selected by AFSOC’s newly formed 1st Special Operations Wing’s Mission Sustainment Teams (1st SOMST) to submit a $1.9M follow-on funding proposal to finalize the production of the Flex Tactical to fulfill military contracts.

On behalf of everyone at Inergy, thank you for your support. We wish you and yours a very happy, healthy, green and prosperous 2024!

Sean Luangrath

Inergy CEO