Agree with the comments on efficiency, but you can live with...

Agree with the comments on efficiency, but you can live with inefficiency if costs are low. And that's just not the case with green hydrogen. The only thing that comes close is when the source is cheap firmed power such as old hydro with the original investment already written off. The problem with that is it only works if you have excess capacity, otherwise you are just displacing current efficient use of that green power with something less efficient.

You can also live with inefficiency in a distorted market with subsidies, but once again the economics of green hydrogen are so poor, the subsidies need to be very large.

The beauty of our royalty based model though is we don't have to over-think the use cases. If something stacks up for someone else due to local fiscal conditions, we're happy to let them build a plant with their money and we'll take the royalties. In the meantime, we have a massive immediate market in displacing dirtry SMR, and an emerging very large green steel market. And the great thing is we don't need to wait for solutions to some of the tricky hydrogen supply chain issues for these two markets.

Looking forward to this SPP being out of the way and letting her off the leash. I just can't see any other clean hydrogen technology coming close to this at the moment, and it's great that management sees a sense of urgency to take advantage of the current favourable conditions. Probably just one or two announcements away from a serious move.