So we think it’s a great opportunity for us to come in with the DOE funding and progress. You’ll know that the incentives for Direct Air Capture from 45Q or $180 per tonne. So they are the largest incentives in that program. And in addition to that, California is home to the largest concentration of carbon direct removal credits from Fortune 100 companies and tech companies that are very eager to purchase these sorts of instruments to offset and fulfill their net zero goals.
Nathaniel Pendleton: That’s really helpful.
Mark McFarland: It’s Mac. Just a couple of things. First of all, on the economics, look, if you look at the revenues, they’re the highest that are going through 45Q, as Chris just said, to something like Carbon TerraVault or the credits, if you will, that we count as revenues, but the technical issue there. But in any event, there are more credits that go to — through 45Q to DAC than there are to other forms of carbon capture. And that’s important, but it’s not enough because as you know, we’re talking about parts per million capturing. So very low concentration out of the air and sequestering. That said, we’re really excited about this in the DOE work and the consortium that Chris has been put together — has put together, and we’re advancing and responding to the DOE’s request.
And we hope to put the — one of the DAC hubs here in California through that consortium, and it’s very, very exciting. I mean, I will tell you that the breadth and the participants of our DAC consortium are far greater than I ever expected. Chris has done a tremendous job getting it there. And the response to it, whether it’d be through the government, local communities, colleges, all the rest has been beyond expectations. So I’m just looking forward to keeping the momentum going here on what Chris has built, and it’s really a tremendous opportunity for us.
Nathaniel Pendleton: Absolutely. Thanks for the color. As my follow-up, staying on the carbon management business for a moment. Can you provide any color around conversations or how they’re progressing with future CDMA agreements?
Francisco Leon: Yes, Nate. We — I mean, as you saw, we’ve been with 2 CDMAs with , excited about blue hydrogen, blue ammonia. Then came the DAC hub. And it’s just in a matter of a couple of months, we’ve been able to share some of the — some of those developments around more of the greenfield projects. And — but we’re talking to all types of emitters. We’re confident we have the leading position in the state and the several million tons of permits in the queue. So we’re getting a lot of deal flow. So maybe we can — I’ll turn it to Jay Bys, who’s leading the discussions on the emitter front, if he wants to add any more color.
Jay Bys: Thanks, Francisco. No, I think, Nate, Francisco captured it. We’re continuing conversations both with existing emitters and greenfield emitters. It’s actually a pretty exciting time to be in the business. But just as with the arrangements we’ve announced to date, we’ll announce subsequent arrangements really when we’ve gotten to detailed parameters and terms. We’re just trying to be responsible in that regard. But I think the market is going to be pleased.
