I wouldn't get too tied up with the input costs - they'll vary...

I wouldn't get too tied up with the input costs - they'll vary massively depending on the source and jurisdiction.

HZR have already said they'll be going with a Capital light model of licensing this tech and receiving royalties rather than building these plants themselves everywhere, so it'll be buyers that will need to work out the economics. Of course HZR will need to have a good understanding so they know the fixed price point of licensing the tech + the variable royalty fees.

So I'm more interested in the quantum of the license fee (fixed commensurate with plant size) and royalty fees.

Biggest factors for me will be the Carbon credit for a particular jurisdiction, combined with alternatives for H2 and/or graphite. So current users of Chinese graphite with carbon costs will be my bet on lowest hanging fruit.

Suspect HZR will need to play around with the structure of their fees as they develop their model as they chase scale, and legislation changes and supply chain / geopolitical factors play out.