Could you start by giving us an overview of the company, your overall game plan for the synthetic fuel market, and especially how you plan to bring those costs down to the point where they're competitive with fossil fuels?

Yeah, really cool.

And, and Synthaline predates my involvement by almost a decade.

I'm really lucky to be partnered with an engineering team [clears throat] who saw this opportunity early and put in a huge amount of elbow grease and effort to take it from sort of early technical proof points into now a degree of industrial confidence and commercial confidence where we really are ready to lean into our first commercial production facility and scale up from there.

And so Synthaline rests on this pretty massive industrial change and technological change in the production of low-cost hydrogen.

When you're making hydrocarbons, synthetic fuels, eSAF, e-diesel, whatever you're making, you can assume that about 70% of the cost base of getting to that hydrocarbon chain that you want to is locked in the efficient production of hydrogen.

Hydrogen is the hydro in the hydrocarbons, and historically, its production has been very inefficient and very expensive.

Walk us through those details and, and what they mean for the company moving forward.

Is that owned by a utility?

Power station is actually owned and operated by the municipality and the local utility.

Yes.

In that region.

And we've got a beautiful 500 meter squared site.

It's just adjacent to that historic Hoosivik power station, which is a very beautiful facility.

It's got access to a huge amount of heat and steam.

Who will it serve?

Talk me through the food offering.

So depending on the site, it's, it's a slightly different brand lineup and food lineup dependent on where you stop and sometimes when you stop.

We try and offer real choice about the food that you would experience, um, as high quality as possible.

But typically, the roadside food offer is about familiarity.

It's about having things that customers want and, and is often aligned with what you would see on the high street.

So we have a very large relationship with McDonald's, so thirty McDonald's restaurants in all but one of our sites.

We then have Costa Coffee in all of our sites.

You know, we like brands." I think, "Oh, no, you know, we're not willing to take a chance on a bit of originality."

Mm-hmm.

But the SOEC has another feature, and that is that it doesn't just need electricity.

It doesn't just accept electricity as an energy input.

It can actually accept industrial heat.

This is a high-temperature electrolysis process, and so it operates at, like, 650, 700 degrees Celsius, depending on which unit you're operating.

And so by using thermal integration, which is what Syntholine has built our IP portfolio around and why we're integrating to co-located heat and electricity in the form of geothermal, we can actually further reduce the amount of electricity that's needed upwards of 25 to 30%.

So these are compounding efficiency gains over your standard electrolysis process, but you have to have cheap electricity, and you have to have cheap or essentially free heat, waste heat from some other process.We've seen this SOEC integrated to things like waste heat historically.

[laughs]

Uh, just explain a l- little bit to the audience and, and walk us through how that, that thermal integration works and, and, uh, what it means for your CapEx.

So first and foremost, this thermal integration strategy has been demonstrated at a prototype scale.

At the Idaho National Lab going back into the mid-2010s and even on into 2022, they used a simulated heat source in a lab environment to show that the use of integrated heat can reduce the cost of hydrogen production, hydrogen being the key feedstock to synthetic fuels, about 70%, and into a range where we can imagine the industrial scale-up delivering cost competitiveness with fossil fuels.

Syntholene is now taking this a step further.

We're actively in construction on the world's first geothermally integrated solid oxide electrolyzer cell.

This is kind of the key piece of technology which allows us to feed not just electricity, but also heat into our system and attack those cost competitiveness and ultimately, hopefully, cost competitiveness with fossil fuel.

So-In Iceland, we have an unusual abundance of geothermal power.

I mean, are you having interesting conversations?