Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
The final machinery was due to start arriving on site in "March and April", based upon shipments occurring during January/February. The latest RNS pushes the equipment arrival to April, with no mention of shipment dates. Significant shipments usually trigger an RNS. The probability of a further delay beyond April is surely materially high. In my view until the Cashew enterprise is generating meaningful business, it should be regarded as a liability, and there are a few hurdles still to clear before that happens.
But the "delay" Rivaldo is not just a few weeks . I refer you to the update from 15th June 2021:
"The majority of the remaining containers have been shipped and those remaining will be shipped within June (2021) and are not holding up current works."
It is a question of trust. Until the Cashew processing plant is processing at meaningful capacity, it should be considered a liability. So close yet so far :)
Project Start:
Project Status: The project is on track to deliver on time until there is no time left, at which time the project clock is reset and we might as well go back, ad infinitum, to "Project Start:"
Project End:
For me, the trading update paints a dire picture. There is a marked changes in ST's language, moving away from the "imminent" message of the last three years to "expected to start this financial year" statement. The financial loss surely accelerates, with borrowing increasing to worrying levels, in the absence of new systems contracts. SRT's business strategy is not entirely credible, with the droning on about the pipeline of projects becoming tiresome. It's all beginning to sound nothing more than an ST pipedream.
The cream needs to rise before it turns toxic!
The four contracts remain at the advanced stages, but ST seemed less sure about their immediate imminence, although he was confident that contracts will eventually be signed. It is unclear how he expects the Ocean Scan project to be architected, designed, built, tested, implemented and live in early 2019, when the Satellite provider isn't yet known. Space projects are notoriously hard and generally take a very long time to realise, and are somewhat expensive (particularly where bespoke requirements are in play), especially for a small company like SRT. I don't think it is likely that a significant revenue stream can come out of Ocean Scan during 2019, even with the experienced expert programme manager plucked directly out of ESA. However, should it be pulled off along the lines of ST's timeline, with the anticipated revenues following on, it will surely be judged as a remarkable achievement, and should lift SRT into and beyond the stratosphere!