Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
You are right mja, I see now that the loan has to be repaid on the date of FID, not on 31st March. So it's really rather open-ended, which I don't think is very good as it gives Peel too much flexibility, and too much scope for feet dragging.
Pat, I expect that the first use for a DMG at Protos will be to generate electricity, with the hydrogen production to come later when the HGV fuelling station is built. That was the plan laid down a couple of years ago.
But I believe that the main delay factor for the construction of the DMG at Protos is the plastic feedstock, which will come from the waste plastic sorting and recycling facilities, and as far as I know they have not started to construct these facilities at Protos yet.
V-it-is: As far as I'm aware Peel didn't put anything into the SPV except £1 share capital to register the company!
So yes it does look pretty poor especially as Peel is presently 100% owner of the SPV (with its one share) but on the other hand bear in mind that the £3.8M is a short-term loan, not an investment into the SPV, and it is due to be repaid by 31st this month. Also, PHE are earning interest on any part of the loan that has been drawn down by the SPV.
Well if PHE do that DW, then I would think that their chances of getting repayment would be considerably reduced!
I expect that when they come to Financial Close for the SPV, then the £3.8 million will become part of PHE's shareholding or contribution to the SPV, to be matched by Peel as it's on a 50/50 basis.
DW: The loan of £3.8M was given by PHE to the SPV company, to be repaid by 31st March. I don't know how much of that has been drawn down, but whatever amount has been drawn will have to be repaid or the loan extended. We will know by the end of next week.
As they have only recently confirmed Petrofac as the contractor for the building and installation work it is unlikely that Petrofac will have given them a price for the job yet, so PHH-Peel won't have been able to finalise the total capex for the SPV.
Whatever kind of agreement they end up with between PHE and Peel, it is essential that PHE has the right to enter into a JV project with waste management companies and local authorities, which they would be unable to do under Peel's exclusivity agreement.
This doesn't sound like AFC fuel cells to me.
https://fuelcellsworks.com/news/megawatt-fuel-cell-powers-electric-race-cars-at-extreme-e-saudi-arabia/