Ann: FFI to Acquire Interest in Sparc Hydrogen, page-54

Since forming the hydrogen joint venture 4 months ago with the university, there would have been little progress made with the development (short time, no added value made yet). Therefore today deal is fair in the dollars but extremely good for the technology development. FFI is developing its own electrolysers as well as to manufacture licensed electrolysers from the largest factory in the world ($1billion facility in Queensland). FFI aims for small hydrogen production this year to demonstrate the operations of its hydrogen powered trains, trucks in the iron ore mining. There is no doubt that hydrogen is new and it needs a market to be developed before commercially produced and FFI is doing that. FMG iron ore mining will be the large pilot project for FFI before it will deploy this around the world and at the same time help FMG to decarbonise by 2030, an impressive deadline. I'm guessing that this ultra hydrogen can be for example deployed to generate hydrogen as stand alone fuel stations without the needs of transporting hydrogen or solar power requirement. If you search this technology, it is not new. The university in Japan has a show case of this technology, with hydrogen bubling out of water. The university of Adelaide may have done similar things with different materials or increase the efficiency with the graphene. In short, I think we are in much better hand when FFI joins.