Sean Morgan: Hey. Thanks, Tony. Sean Morgan from Evercore. I just wanted to get an update on the e1 Marine JV and just trying to understand better how long it’s going to take for commercialization of that kind of new nascent business? And like what are the €“ I guess, what are the gatekeeping factors for getting that up and running? And then also, once you kind of have the technology ready, are you seeing any green shoots of a distribution network of hydrogen and ports starting to develop? And if so, where are you seeing that distribution network start to pop up?
Gernot Ruppelt: Sure. So let’s comment on Element 1 and then Tony, maybe on the marine side. I think as we think about Element 1, certainly, it’s an earlier-stage company, but the benefit that it actually already is €“ has revenue today is cash flow positive. And really for them, it’s the evolution of expanding their licensing model on a global basis and across industry verticals and regionally, and then at the same time, engaging with the large global industrial players that could actually service as a distribution and global partner for them. I think they have the interesting model, where the most critical piece of their equipment is this metal filter that actually produces this ultrapure hydrogen to like the 99.99% level that can be used in fuel cells.
And so for them to control that core bit of the technology, but then leverage other organizations in terms of distribution, this is a big year for that to continue to play out, and then I’d say maybe on the marine side.
Anthony Gurnee: Yes. So I think €“ and I think the demand will come when the regulations are set. The advantage of the system is that it takes methanol and water, methanol molecule and water, there’s a lot of hydrogen there, right? So it takes a mix of roughly 50-50 and reforms it into high-purity hydrogen stream, so that you don’t have to store hydrogen. And we think the best applications are going to be generated replacements on chips or shore power facilities on docks and maybe propulsion for river in Coastal craft. The partnership with e1 Marine is three-way between Element 1 Ardmore and Maritime Partners and Maritime Partners has announced that they’re financing and building the first-ever hydrogen power tug and the hydrogen is going to be produced by the Element 1.
Sean Morgan: Another big-picture industry question. As you point out, the industry does a great job of efficiently moving these products around the world and they’re products that economies absolutely need or they’ll grind to a halt without them. Yet at the same time, you have the governments trying to outlaw full in products, the EUs outlying gasoline-powered cars by 2035. So if I’m in your seat at a Board meeting talking about capital investment on a long-lived asset for what we call it, 25 years, just for rounding purposes, how do you make that decision in the near -term? And I would guess, as we get closer to that date, no matter how bizarre you think it is what the government is trying to do, doesn’t that just mean there’s going to be less supply because more people won’t take the risk of spending that kind of capital on an asset that might not be worth very much in a decade, and how do you think about that?
