Ann: Half Year Report and Accounts - 31 December 2020, page-94

Precisely. It constantly surprises me how surprised people are at the drawn out timeframes for getting this project to the start line. EPC projects are not quick and simple. Kalina do not help themselves when they set precise timeframes that are hard to meet. But the degree of complexity in getting all of the ducks lined up is enormous. So we cant sit there wetting the bed while we are waiting, waiting for a new announceable, terrified that our technology is becoming irrelevant. Do some numbers on the size of the WHP market in North America!

FNTP by July is what we are told. We also know progress is being made on all fronts in parallel. Accordingly, once the first announcement drops, i expect that there will actually be a much shorter time till the next one and the next one. The newsflow into July should be peppered with news.

I completely agree that a huge step forward will be the completion of the procurement of suppliers. If we land a big name that is capable of supplying heat exchangers or turbines for tens of plants, i think that will be a huge smoke signal of where things are going. That it is not just Ross dreaming. I don't imagine a big name supplier will bother with a company like Kalina working through appropriate engineering designs for one or two plants. They wont want to put their reputation on the line with a minnow that is going to fail. No this will be on the assumption that there are going to be many many plants. And as you say, they wont be this far advanced through the process with a supply agreement if finance isn't assured. So if we end up couple to a big name, i expect the credibility of Kalina will all of a sudden also be assured.

And i expect the the price action will correspondingly turn. When you have a ESG play like PRL that is dreaming of producing green hydrogen but realistically still at the feasibility stage assessing whether they have sufficient renewable resources valued yesterday as high as $140M MC and they are light years from revenue if ever, then $50M MC for Kalina looks awfully attractive given they may receive $10-12M revenue in a few months and have $280M bankable projects starting and a pipeline for a Billion more.

I'm backing management on this one and giving them a bit of slack. I'm dying for an announcement as much as anyone, but in the meantime i'm backing my research that this one will succeed.