Yes, it seems
MoUs don’t need to be announced, so we can’t argue Hazer is breaking any rules.
In GW’s time, there’s been the MoU with WaterCorp only, I believe, which was announced on its own and featured by Bloomberg. The WaterCorp ANN concerned a potential customer win for Hazer, so a possible significant revenue stream.
Chiyoda, on the other hand, may be lining up as an engineering partner to help Hazer into the Japanese market. This news doesn’t identify any potential customer or revenues. It’s good to know, but not something to jump up and down about yet.
GW’s logic appears to follow those lines. He seems conscious to avoid raising expectations unnecessarily. Primetals, announced with a fanfare by GP, would have been an engineering partner too, not a customer.
Primetals is case study in hype to avoid. GW’s cautious approach is sensible in my view. Insider trading is a problem when news is material, but this is far from it.
(20min delay)