Ann: TNG completes Binding Offtake Agreement with Gunvor, page-10

This is the question that will probably remain in the end. But is it really no question? Or is everything already knitted in the background when EIS and FEED are through? What could that look like? Why was PB so positive in the last interview and said that the 600 million (he probably means the full amount) will probably not be needed?

It is conceivable that TIVAN will be outsourced in some form. SMS builds the plant and gets the exclusive rights to market and build it worldwide. The building costs will be fixed and (almost) completely covered by KfW. However, TNG remains the 100% rights holder and earns from the licence fees. This leaves a sum X for Mt.Peak which is needed to build up and start the operation. The investors will probably want the shareholders to participate, which will lead to a dilution. However, as the amount may not be 600 million but much less, this is manageable for us and the SP. Perhaps the rest will come from government programmes and the current investors. I don't know, just sketched out, that might be a possibility.

But I am pretty sure that the roadmap is already in the drawer and has already been discussed. I don't think there is a tough struggle on this. That's because of the confidence shown in the last interview. The comment that no less money will be needed implies to me that the plan is in place.