Judd Merrill: Yes. Thanks for the question. If we look at kind of the public estimates out there for the competing hydro technologies, we’ve said that our initial plant takes about $30 million in CapEx, but the build out full campus is about $100 million in total, including that $30 million CapEx. And that’s processing 10,000 tonnes of black mass per year. And based on what we’re seeing, that’s about half of what the other hydro processes are quoting in the public. And that’s part of — Steve was talking about, we don’t use the same amount of chemicals. So, we save on all the storage space. We have less equipments. We have minimal waste. We don’t have big footing furnaces. And we’re not using one-time use chemicals. So, that’s what drives that significant reduction in CapEx that we’re seeing on our end.
Bob Meyers: Great. Thank you. The next question has several parts. So, I’ll try and address them one at a time. Many of the partnerships you have announced to date have been seemingly overlooked by the market. Can you perhaps provide some more granularity on economics? Do license agreements require CapEx? What kind of royalty rate should we expect? And congratulations on the success so far.
Steve Cotton: Yes. Good questions. So, in terms of the partnerships that we’ve announced to date, I could kind of take everybody through them one by one of what that means for the economics ultimately or what that means for Aqua Metals. So, let’s start with 6K Energy as an example. We’ve already announced an MOU to develop a co-located facility to supply 6K Energy enough material to have a significant debt in their supply chain for their 13,000 tonnes per year facility that is called PlusCAM that starts in Jackson, Tennessee. We’ll begin supplying that out of our facility right here in Tahoe-Reno when the Sierra ARC is beginning to produce tonnages of materials. We’re already supplying 6K Energy with quite a bit of the materials that we produce for samples that they’re putting in the hands of EV manufacturers and cell manufacturers by taking the samples that we provide, the connector technology that we did the non-recurring engineering deal with them to ultimately be able to do that.
And then the supply of that facility should generate initially tens of millions and then ultimately hundreds of millions of dollars of revenue for Aqua Metals. And so that’s a very exciting supply agreement not only in the sense that we can work with them to supply the materials that come off of our own facility here in Sierra ARC, but also off of the facility that we jointly build and then we’ll operate for them in the East Coast for their PlusCAM facility. So, lots of opportunity on that to shed some light on that relationship. And we’ve already received revenue effectively from 6K with the non-recurring engineering fees that we’ve been charging to develop the connecting technology to get the metals into the material form that they can make their cathode active material.
I’ll move on now to Dragonfly Energy, who is local, right here within the Tahoe-Reno area and is obviously quite interested in getting lithium from Aqua Metals. And as previously announced, has already taken lithium from Aqua Metals and built and cycled lithium cell and proves that the lithium sustainably that we provided to them is a great material for them to use, to produce new battery cells. So, as they begin to scale their pilot line, which is a significant pilot. I always joke with them — last time I checked a 100 megawatt hour facility, battery facility is not really as much of a pilot, it’s more of like a commercial demonstration plant. And that is going to be revenue generating for them and for Aqua Metals through supply of lithium for them to a significant degree.
