The size of the Pilot Plant has always been identified as suitable for refueling, but that does not mean the first partner will be for that purpose. Every presentation has used images of Fuel Cell Vehicles so hopefully they have had some interest in this respect.
I also think it would be appropriate to release MIN royalty rates after the 1tpa is designed and producing. The reason being is that the new technology is designed to optimize graphite purity, so once this has been achieved and they lock in off take partners (hopefully before years end) they can release some guidance regarding potential income and production date.
The development pathway does make it seem Primetals is some way off, given that the scale they require is much more significant than where the technology is at. In saying that, this has always been known to management but this did not stop management in saying that it would be sooner rather than later. If you look at the development with Primetals and LanzaTech, they commenced a collaboration in 2014 and have only just started their commercial plants. We could still see a signed development agreement with Primetals in the near term, with the view of commercialisation in in 2-3 years time.
HZR Price at posting:
26.8¢ Sentiment: Buy Disclosure: Held
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