Ann: Half Yearly Report and Accounts, page-111

In relation to the 10m for the Demo plant, I think it might be possible that they can raise around $7m in total by way of government grants (ARENA) and possible sponsorship from a hydrogen offtaker. Hazer would then have to front up the remaining $3m.

The Commercial plant (30-35m) is some years away. It seems as though the Concept Design for the commercial plant will continue to be developed while the Demo plant is commissioned, so it would probably still be about 3 years away.

Securing funding for the Commercial Plant would also be easier if the Demo Plant was successful.

I know that you are very concerned that the opportunity of hydrogen is 'slipping away' but if Hazer isn't a viable technology in 3 years, then it doesn't matter if we get to market now or in 3 years, the same result will eventuate.

But as we know, the economics of Hazer stack up very well.

The Commercial Plant is VERY financially viable, the Demo Plant not so much.

For this reason, I would not be surprised if the partners for the Demo Plant are also the partners for the Commercial Plant, conditional upon success of the Demo Plant (e.g. mid 2020).

Why would partners be interested in getting a slice of a demo plant, if it did not potentially lead to bigger and better things.

Funding is of course an unknown, but if Hazer had an offtake agreement with Hyundai, for example, then I bet my bottom dollar they would be chipping in significantly to the Demo Plant.

Don't get me wrong, funding is my number one concern . But I think a fully funded Demo plant with several big names could really open doors for Hazer. I would then hope the rest sort itself out.

There will be funds raised again at some point in the next 12 months. 

And to give management credit, they have only raised funds once since IPO and that was at 3x the IPO price to a commercial partner, so I don't see why such a situation couldn't play out again.