Ann: Half Yearly Report and Accounts, page-42

Funding for the demo plant is certainly an interesting one.

Since Ward came on board he has had some optimism of securing funds by way of other means (ARENA has been mentioned several times).

Ward also did not appear driven to get the options in the money, which further supported the idea that he was confident in securing funds by alternative means.

Also during this period, the proposed Demo plant size went from 36tonnes of hydrogen per year, to 100tonnes of hydrogen per year. The increased size of the plant also implies that he does not believe funding will be an issue. I also believe the increase in size may have been at the request of a possible end user request.

If we assume management isn't stupid, then I think it is very unlikely they will be required to raise funds for the demo plant. In saying that, they would probably raise funds in the second half of the year when the demo plant is locked in and the SP is higher.

Probably the most exciting thing I have seen on hazer for a while is the estimated cost of the commercial plant (30-35m). Based on my modelling, this would be a seriously viable plant that would attract some serious interest. A long way off though, but if the demo plant is done with a hydrogen offtake, you can guess who will be the offtaker for the commercial plant too.