Jeremy Bezdek: Yeah. Thanks for the question, Alex. I’ll take a stab at that and then if anybody wants to join in, feel free. The compliant demand drives price, right? And so yes, it’ll be a cyclical market. We know that. We still believe that the ESS market, the growth potential is strong. And so we do feel like there will be periods where there are significant margin and there’ll be periods where there are tighter margin. And that’s why relying on the competitive advantage that we can build into both our scale and our technology partners is going to be helpful as we survive the cyclical nature of what will be a commodity type market. So no concerns about today’s market, feel very strongly still about ESS growth. As it relates to offtake, yes, there will still need to be offtake in either track, no question to secure the financing that we need.
And we feel pretty good actually about many of the relationships that we’ve established, not just with Nidec, but with others as well. And we hope as we kind of continue into 2024 and we start to line up the alternatives with both tracks that you’ll see, and actually this isn’t a hope, we believe you will start to see some additional offtake announcements happen.
Oscar Brown: Yeah. I guess, just for clarity, we haven’t heard any — we haven’t heard any objections when it comes to the LTSAs and moving volumes between Giga Arctic and Giga America. And the other note I’ll make is, the notion of a Western technology based ESS solution has a lot of enthusiasm, a little bit in the market. We’re getting very strong responses and trade shows and elsewhere on the concept. So coming with a technologically derisked solution and a geopolitical derisk solution seems like a really winning combination.
Unidentified Analyst: Got it. You already answered part of my follow up as far as the transferability of offtake across the Atlantic. But maybe a follow on, right, Birgir, you’ve alluded to sort of the technology versus the geopolitical risk. Obviously there are some large players today that are licensing battery technology from various parts of the world that’s been contentious in certain cases. I’m curious how you think about that, that sort of trek to — what are you looking to see? Again, you just mentioned sort of a US platform, and I think that there’s sort of consequences or ramifications that go along with that. How are you thinking about that path specifically relative to some of the things you’ve already seen as far as the US reshoring, but also not necessarily having these core technical capacities as others do in the rest of the world? Thanks.
Birgir Steen: Yeah. That kind of goes to the conclusion again, right? Because in an environment where you get a lot stronger, lot stricter restrictions on the origin of your IP or your process or the ownership of the asset or the licensor. Clearly, the 24M solid — semi solid platform, it’s going to be significantly advantaged. And conversely, an environment that sort of doesn’t go farther in that direction, would derisk through a high maturity dimensional LFT solution. It’s going to be advantage. So I think we can play to both sides of this argument. That said, we’re, of course, paying very close attention to it. We’re spending time in BC to understand what’s — what might be percolating and staying close to the people who might providing non-diluted funding for us to ensure that we have a good picture of the risks.
Unidentified Analyst: Got it. Makes sense. If I could just sneak a quick follow up. Just on the effective, I guess, capital plan for Giga Arctic. I think you guys talked in the past about your ability to cold stack. Just wondering if there’s any ongoing costs beyond capital that we should be aware of with — where the plan sits. Currently, I understand that capital could resume with some financing coming in the door, but just curious if there’s any like additional costs, right, that we should be aware of there. Thanks.
Birgir Steen: We see the cost of keeping the Giga Arctic option alive and possible to hot start, as it were somewhere been $3 million and $4 million a year. So not significant in our runway perspective, as we’ve discussed it to them.
Unidentified Analyst: Got it. Thanks. That’s super clear. Take the rest offline.
Jeremy Bezdek: Thanks, Alex.
Operator: Great. Thank you. Your next question comes from the line of Jose Asumendi [JP Morgan]. Jose, please go ahead.
Jose Asumendi: Thank you very much. I want to come back please to slide six. Can you maybe just provide a few more details with regards to what’s going on the ground? Like what are the changes you’re doing to — as you see on the slide further — prevent further delays and can you elaborate a little bit more on this dedicated technology advisory board? Thank you very much.
Birgir Steen: Yeah. So our Technology Advisory Board is chaired by our Board member Dr. Dan Steingard out of Columbia University. And just this last month spent time on the CQP with our, of course, our technology team as well. And as I alluded to previously, we’re also strengthening and we probably — or we will continue to strengthen our own in-house technology muscle to ensure that we build our own ability to scale not only in this permutation of semi solid, but also in the next permutation. So that’s what’s going to air out our confidence that the semi solid platform is the right bet for Western Hemisphere based set of IP for battery cell production. In terms of what we’re doing every day, I guess probably could invite you into our morning meetings and you’d see all the sausage making, but I’m not sure how that would play.
Let’s — rest assured, this is taking up and the attention span of the key people in FREYR, we’re all on this — on the daily, if not hourly basis.
Jose Asumendi: Thank you.
Operator: Thank you. [Operator Instructions] sorry. Go ahead.
Birgir Steen: Go ahead, Jessica.
Operator: [Operator Instructions] Okay. There is no further questions in the queue. So with that, I will turn the call back over to Jeff Spittel, VP of Investor Relations. Jeff, go ahead.
End of Q&A:
Jeffrey Spittel: Hey, thank you, Jessica. Thank you all for your time today. Please follow up with us. I know we have additional questions and we will get to all of them, so reach out to me, and we’ll put some time on the calendar and then we look forward to seeing a number of you in person on the road and virtually over the next several weeks. Thanks for your time and this will conclude the call.
