@Slideup, all good questions! Still have some ways to go to wrap my head fully around the business, so don't have answers, but have some raw and highly simplistic opinions.

Re: hydrogen displacing existing fuel types. No sure how I would explore that to get some "definitive" cost of production numbers. My simplistic thought at this stage is that there will be continued and increasing pressure around carbon emissions that will "force" governments and businesses to seriously explore and get on with turqoise hydrogen to get down to zero carbon emissions. My thesis is predicated on this pressure intensifying in the coming years, making the Hazer process more valuable as time goes by.

Re: sites limitations. Yes, agree. Choice of technology is one thing, but other environmental matters like feedstock availability, energy source, nearby need for H2 etc, will also drive feasibility. No different from any other plant setup considerations, it would seem. Which is why HZR's marketing efforts are focused on mostly LNG producing regions (that comes out more clearly in the opportunity map). The CDP in WA also brought to life how the process could be value adding in areas where methane is produced as a by product - there will be increasing pressure for these companies to act and reduce carbon emmissions I suspect.

Re: Graphite. This is the kicker I think. A clear differentiator is that a co-product of the Hazer process is carbon graphite. This is looking to be increasingly valuable, particularly after the rare earths spat with China. This co-product is pure upside to recover/reduce the cost of the H2 production. As I understand it, the other Methane Pyrolysis methods produce carbon black/carbon solids which, at face value, have some value, but at the lower end of the value chain. This graphite co-product upside is another thing that was attractive to me.

The graphite upside makes the HZR process more valuable to customers, which makes licensing the HZR process more attractive. As I understand it, the graphite upside should go straight back to the customer, not HZR, who only earn revenue from licensing the IP.

Still many more areas to work through, but exploring HZR has really helped open up a bit more of the "green world" for me which has been very interesting to explore ...

Collecting a bunch of questions which I will post in the Slido for the HZR chat that @Strawman has lined up for late Nov.

@jcmleng ,@Slideup great posts. I think CEO Glenn Corrie would argue that there is already a large global hydrogen market (he's right) and that Hazer is well placed to start making inroads.

I've held Hazer for a couple of years now because I believe it can fill a big gap for hydrogen users in ammonia production (fertiliser, explosives) and refining. Both of these massive industries use SMR to turn natural gas to hydrogen and simply vent the CO2. In countries like Australia and the EU where a carbon price already exists, there's incentive to upgrade to a hazer like process, especially if the graphite helps push the economics over the line. Other countries like Japan and Korea are heading this way and I think will help their industrials with grants to implement clean hydrogen. Unfortunately for Hazer, refinery economics are such that they're not really positioned to spend large amounts of capex to replace functioning SMR plant in old facilities, and there aren't new refineries being built in the western world where carbon price is a thing. I think new ammonia facilities should still be popping up for a while yet......the people gotta eat! There's a new fertiliser facility (perdaman) being built near Pt Hedland that will take gas from Woodside's Scarborough project. It will face millions of dollars per year penalties for its carbon emissions under the safeguard mechanism....I'd love to understand why Hazer isn't part of their plans.

To me the convenience of the Hazer process is hard to beat. These industrial facilities already have the gas supply, they already use the hydrogen, simply insert Hazer instead of old SMR process and you have cleaned up your product significantly. It just has to have sufficient economic incentive, which i think still needs govt support in most cases.

For Hazer to progress beyond grant supported installations and really gain scale, carbon prices and graphite prices will need to offset the extra cost of building and running the process. For me this is the 10 or 20 bagger scenario that could occur, even if its a while off. However I still believe Hazer can grow significantly on grant funded or loss leading trials for hydrogen users in the meantime.