There seems to have been a subtle (or maybe not so subtle)...

There seems to have been a subtle (or maybe not so subtle) change in direction by Hazer management in the last several months. Maybe it was always part of the plan, but I suspect not.

The thinking a while ago seems to have been "build a better mousetrap, and the world will beat a path to your door". However, initial interest has not translated into deals that will definitely produce plants.

The approach now seems to be a lot more strategic. In recent times they have targeted funding focused on proving the tech at scale, then seem to be getting on with the job of designing and building it. Now, they have identified where they think the most compelling use case lies and sought a partnership with the biggest enabler in that market. I wonder if KBR has been in the mix for a while and has had some influence in suggesting the new focus on proving the tech at scale.

I was very concerned that management were still in "build a better mousetrap" mode and just hoping someone would sign up. The KBR partnership gives me a lot more confidence, especially as LL makes the point - where Hazer is the exclusive methane pyrolysis technology they intend to push.

I believe the signing of the partnership deal now is meaningful. Here, KBR are brokers. There is only any point for them in them signing an exclusivity deal now, which will exclude them from other methane pyrolysis technology deals, if they have a client ready to sign up, or if they want to lock up the rights in the best tech around. Either way, its a good story for Hazer shareholders. No wonder the SP is on the up.