Ann: Additional Information Tesla Offtake Agreement, page-51

SYR's goal is to build a 40-50kt AAM plant. There are steps you must first take. This has never been done before outside China. Think about that. This announcement is a small step, albeit crucial, to achieve the goal. Let's not get overly melodramatic about it

1/ build a fully operational pilot plant and have the product tested and certified - TICK

2/ sign an off-take agreement with a tier 1 company to help secure finance - TICK

3/ secure the financing and announce a FID

4/ build a small commercial 10k plant, iron out the bugs to get the product right to show the world SYR can do it

5/ once the bugs are ironed out, quickly expand the plant to 40-50kt and sign more off-takes

6/ once the 40-50kt plant is up and running, take the know how which nobody else outside China has and build a 40-50kt plant in Europe

I have a feeling some of the financing for the 10kt plant was tied up in the BBB $1.9T legislation. My theory is because Manchin doesn't want to vote for it, SYR decided to release the offtake agreement on its own to get a bounce out of the SP and time to put the back-up CR plan in place before releasing the FID with the CR