It's an interesting point and a good one - and I've seen that...

It's an interesting point and a good one - and I've seen that happen in new markets when there aren't incumbents. There's a new idea, and lots of people can have a crack before things settle down.

But there are incumbents here who will try and protect their turf; we don't hear from them or have much visibility over what the likes of Sumitomo are planning.

The old way of making HPA will die, but A4N could be in a very exciting position, making HPA and all the precursors as cheap as anyone else with a less carbon-intensive process. And they might even end up helping the incumbents stay in business if they start selling them ATH.

And with long product development timelines and product qualification often taking years, it's not that people can't make HPA; my question is, can they compete and stay in the game long enough to get a foothold? We've all seen from the sidelines how hard A4N has worked over the years on marketing their products; they've been hard at it for years now - and still dont' have offtake. Others who try won't have that first-mover advantage (over the incumbent process) that A4N has.

You may be correct, and I could very well be wrong, but I don't think there will be such a significant deficit in the future that newcomers won't face a very competitive, aggressive marketplace, hopefully with A4N at the centre of it.

ps - nice end to the week!