From the presentation, it's clear that the phased development approach that was applied to the HPA project was deliberate and wasn't unique to this project but is more representative of Alcoa as an astute investor of new technologies. As you pointed out Elysis is critical to Alcoa's future portfolio and is mentioned throughout their website https://www.alcoa.com/sustainability/en/elysis and even this "development project" has received the same cautious approach that the HPA project has received. This should provide people comfort that the phased approach doesn't mean Alcoa isn't serious about the project but instead is representative of Alcoa's investment approach towards new technologies. If the project can scale and the HPA market grows as expected you can count on Alcoa being in that market alongside FYI. Every HPA hopeful is subject to the same two items (scale & market growth).
What's important for FYI in the short-term is to regain investor confidence which they can do by achieving what they say they are going to achieve. Two of the nine quarterly planned activities have been achieved with the 3rd item (pilot plant trial) set to be achieved next week. I'm still expecting by the end of next quarter we should complete the FEED and FID on the 1k tpa demonstration plant and move into phase 2. We just have to be patience.
FYI Price at posting:
38.5¢ Sentiment: Buy Disclosure: Held
