Toyota to build world first hydrogen and renewables plant, page-9

Interestingly in the last quarterly they stated that their “current cash reserves” are sufficient to last until at least the end of the 2019 Calander year.

They also anticipated cash would be around $6m at 30 June 3018. Assuming they receive another $800,000 this time next year for 2018FY research and development, leaves $6.8m for 6 quarters.

Given HZR will be spending about $1m on staff and corporate costs (historically it has been about $1.1-1.2m) it would indicate that they have not factored in much cash for future spending on research and development (which includes spending on various plants)

To me, this indicates that they don’t anticipate building the hydrogen pilot plant themselves (cost previously estimated as costing $1-3m), so presumably they have factored in another partner to fund the hydrogen pilot plant.