Kyle Gallagher: Smart man.
Mark Jensen: Those patents price, roughly there are about five patents including the patents we sold to Novusterra have roughly about 15 years for the life on them. So, we have a pretty long runway on all of our patent portfolio. Now, we are also working on about three additional patents around our process chain for various materials. And hopefully get at least one or two of those filed here within the next six months.
Kyle Gallagher: Got it. And then just last thing for me. I am kind of trying to read between the lines here a little bit and just in listening to the call, but hope maybe you can kind of just speak to it like, do you think it’s a fair characterization? I am trying to look at your guys’ business, specifically on the ReElement side and think, I understand on a high level, you guys have positioned the ReElement business that what you feel is the bottleneck and the process as far as the purification and recycling of these rare earth elements. As you guys are ramping that business up, what do you see the bottlenecks to ramping that business? Is it more on the securing feedstock side offtake agreements, or is it just simply the process of, hey, these companies, there is plenty of feedstock, there is plenty of offtake, it’s just more working to the process with those companies, to your point for them to see you, see the technology and make sure that you are the right partner?
Could you maybe just provide a little bit of clarity on kind of that portion of the business?
Mark Jensen: Yes. I am going to work my way from the end of your question backwards. Offtake wise, the people, there has been a lot of offtake signed in the industry, through people that had prior relationships with those firms. But what people don’t realize is those firms aren’t actually up and running. So, most battery manufacturers that have announced production in the United States are anticipating running by 2025, 2026. So, they are not actually supplying material yet. That being said, offtakes we don’t believe are going to be a problem. One, domestically everybody is searching for IRA compliant material. Our process enables IRA compliant material, we €“ there as nobody that refines rare earth elements in the country other than us.
And then on the battery side, you have our competitors, like Lifecycle or Ascend. They have €“ Ascend has a unique technology where they can produce cam material. That’s also going to a customer and trying to tell them to take a new product that changes how they do things today. We produce isolated, highly purified elements back to effectively better than the version of ore. That gives us the ability to have a lot more flexibility and our customers to have a lot more flexibility. So, we do not anticipate based on our conversations and based on the feedback of having issues with off-takes. I think we could sell everything into this industry 10x over, which is a great palm to have, especially the purities that we produce there. Now, as we work with the battery manufacturers of showcasing our technology on a co-location aspect, there is definitely I mean we are bringing a new technology €“ not a new technology, an existing technology to a new application.
That is they have to €“ they want to see and they want to they want to come to our facilities, and a lot of them have visited our facilities. And they feel very good about what they see. But they still want to see and they want to it to be showcased. And so that’s what we have been doing over the last six months. We have had €“ on a weekly basis, we have had battery manufacturers to partners coming through our facility, learning about our technology and getting up to speed on it. I mean the technology, as I said is not new. It’s been used in the sugar industry, which is a very low margin industry for years. Insulin, Eli Lilly produces insulin using chromatographic separation. That’s how it was actually through Dr. Wang. She worked with Eli Lilly for generations.
