Ann: Letter to Holders of Listed Options, page-39

Like  your efforts in reviewing HZR.

I would say its a chicken and egg situation.

Need a demo plant, and be able to produce hydrogen at low cost, to maximise gain in partnerships and royalities.

It looks like a reasonably simple  engineering exercise to build  a  plant, and probably similar or  less complexity

than a steam methane Reformation plant.

The maximum profit is producing  hydrogen at low  cost.

So  I think the FEED is the most important  thing to be released. 

And also  making demo  plant which is modular, that can be easily  duplicated

and scaled  up with known costs. ( I think this would be Geoff Wards strength).

Money follows  good ideas, so money is  not going to be an issue, except

Australians are so risk adverse. 

I like his strategy, If you can built plants and produce  hydrogen at  say

half the cost of SMR, I would built them and own them myself because

you would own the total market in a few years. 

( Is this going to be disruption technology?)

(you will know this, because after  demo plant is built, company would become a takeover target)

Hydrogen looks like the decarbonising  fuel of the future.