Member Info for JWilliam

Yeah agree with that, although just from the top of my head I think electrolyser cost is around a third and all the other inputs equate to a 70% weighting on cost. Chronos is about 40% cheaper I think they mentioned, so it is a meaningful reduction on the electrolyser side.

Chronos has a few efficiency improvements as well, so less electricity per kg of hydrogen. So my view is that Chronos will be a step change for green hydrogen production for the world, and enable projects that otherwise wouldn't go ahead or even be thought of. It seems like momentum will begin without Chronos given all the mandating but it'll just push it into hyperdrive. All in my own optimistic view of course.

If some of the larger FID's come in this year we'll see £2+ easy, but anything that doesn't move the revenue needle in the near term I don't think will have a great deal of price impact, given we've had some great non-revenue generating yet news this year.

But in my view, it'll really be Chronos to unlock massive demand in the sector. So that'll really be the lift off moment.

Sounds reasonable. Given the factory for Chronos wouldn't be operational until 2028, we probably wouldn't see them roll it out commercially before then. It'll be all pilot units built at a relatively high cost to the much lowered unit cost the dedicated factory would enable.

Thanks Eastwood.

Any other insights from Justin on the rise?

It looks interesting, but the limiting factor is always going to be using waste plastic to generate hydrogen. There is definitely a marginal role for it, but it's not something the economy can mobilise around.

Just to caveat, Chronos isn't released yet. But in my humble opinion I think given it was built in 2025, I'd expect some kind of release this year, and perhaps an in tandem Chronos / Hydropulse contract which would be quite something for the industry.

Biggest catalysts imo are

- Chronos, next gen electrolyser. 40% cheaper. Making green hydrogen more competitive

- Hydropulse, production subsidiary, who will be able to produce green hydrogen at unmatched prices. Waiting for contracts...

- Probably some large FID's coming this year

CEO's still have ordinary financial obligations, mortgages, kids, etc. It would come with great risk for a CEO to also plough all their personal savings into the company they're steering, so Dennis is probably satisfied that his options are giving him enough upside.

I'm holding till £4-£7 a share. Hydrogen is at an inflection point, 2024/eary 2025 will be remembered as the days of peak pessimism for this stock and others.