Here are some prices of graphite to put things in the...

Here are some prices of graphite to put things in the perspective:

• Price of Nature Large Flake Graphite: 2,000/ton*
• Price of Sphericalized Nature Large Flake Graphite: $3000/ton**
• Price of coated Sphericalized Nature Large Flake Graphite: $7,500/ton***

GW

As I think you said, electrolysis is going to be the main way that hydrogen is made. Do you have an understanding, can you share with us what the cost differential is going to be between your process and electrolysis?

We think we can be quite competitive with electrolysis, certainly in the near to medium-term. Long-term, there’s definitely going to be market opportunities where we’re more competitive in electrolysis. Electrolysis with solar works brilliantly in places like the northwest of WA, so Australia’s really blessed; maybe parts of North Africa, Mexico, Texas, areas which have good wind, solar, large availability of underutilised land. But areas like Northern Europe, Japan, Korea, the Northeast of the US where they have poor solar resources and don’t have a very strong wind resource, they’re going to struggle to be anywhere near the cost effectiveness of renewables plus electrolysis that we can demonstrate in Australia.

From that perspective, the market isn’t going to be a single price all around the world and there’s going to be some areas where we’re very competitive versus those technologies.