Thanks for posting that @teilenwert, just watched the presentation and made a few notes for those who didn't see the whole thing. My main takes:
Mark spent some time talking about the rapidly changing technology around anodes, and the demand from car manufacturers for specifically engineered graphite particles that enable a whole host of variables in the final product. Clearly, given the TLG offices in Cambridge, and from the way MT was talking, TLG is at the forefront of this kind of technical innovation. This technological advantage/expertise/experience will stand us in very good stead when the time comes to negotiate deals when selling our product(s).
As far as financing, MT made it clear that the credit appetite from proposed financiers exceeds TLG's target debt requirements. In essence, I believe this means, there are institutions lining up to finance TLG- they can see the safety in putting money into this. MT stated that this is the first time (as far as he is aware) in the world a graphite project has beenfinanced by commercial debt, not consignment notes and pure equity. A huge vote of confidence from groups whose job it is to be, well, good at managing money.
Continuing in financing, MT pointed out that having the EIB (European Investment Bank) on board with financing, is a huge deal. The EIB is the gold standard in so many ways, they have the highest standards in many ways (ESG guidelines, independent reports required etc), and to get 'over the line' as TLG has done, sends a very strong message about the validity and viability of TLG's projects. To get commercial debt available from the EIB is just massive.
TLG's EVA demo plant in Germany is currently producinganode that are being shipped out to customers for testing andqualification. This has been going for 18 months. Everything in this process is owned and run by TLG; the graphite, the plant, the processes, the machinery, the product, everything. No only does this de-risk the production pathway that TLG will eventually upscale, but companies/customers that we already know about, and the "very, large range of customers you [we] don't know about" (direct quote) are currently becoming acquainted with TLG anodes. Offtake agreements will not be far off, and everyone knows what they will be negotiating for, because they've already tested it out.
Thecompany has detailed expansion plans; mine site expansion, product rangeexpansion, upscaling of production, diversification of materials used(including the Li), recycling of product, etc. This is not a companyhoping to get single mine-to-anode process in Europe up and running, andthen sit back on their laurels. TLG is aiming to grow. Significantly. They are developing multiple pathways to growth. "Globally significantproduction" was the line used on the presentation slide.
Talnode-Si (silicon anode); customers continue to show increasedinterest. TLG’s pilot plant continues to operate and lessons are being learnedhere. The commercial competition in terms of producing Si anodes is limited. Potentialpricing of Si anodes is a huge motivator apparently. TLG is making greatstrides and MT seems confident that TLG is far more advanced towards being ableto commercialise this technology at scaleahead of, and more efficiently than the competition. He stated that the companywould like to have production site, financing, and customers lined up before sayingtoo much. The focus remains on graphite anodes.
Finally, MT repeatedly refers to the difference between signing anagreement on graphite as a commodity,and signing an agreement on anode. Anodeis highly engineered, and the requirements and specifications for each customerare very specific, IP laden, and sensitive to rapid technological advancementand testing- they are time sensitive. Offtake agreements on this technology cannotbe made years or even months in advance. My impression is that it is only onceappeals are totally exhausted, and financing terms agreed, that the offtakeagreements that will put this ship into orbit will be announced. And they willbe good. My opinion only.
GLA
(20min delay)