Tom Einar Jensen: Yes. When it comes to the localized IRA response, there is a broad variety of tools that are being discussed and investigated both at the European Union level, as well as at the national level. I think it’s fair to say that the Norwegian Government will largely follow what the European Union will advise and that is an ongoing quite heated debate which sort of spans from, let’s call it, CapEx related incentive mechanisms to accelerated depreciation solutions to production tax credit and direct grants, et cetera. So we are evaluating all of these and looking at and advising, let’s call it, our counterpart in the Norwegian realm, so to speak, on what would work best for us relative to what we’re seeing in the U.S. So it’s too early to say exactly what it’s going to be, but we are optimistic that it will be significant, and it will definitely improve significantly the economics of Giga Arctic so that it becomes closer to what we’re seeing under the IRA.
But to expect that you’ll have a one-to-one response to the IRA is probably not something that we are too hopeful of. But that it will be material and dramatically improve the underlying profitability of what is already a reasonably profitable project is something that we’re quite confident that will happen. But the jury is still out. We are deep into those processes with the relevant stakeholders, and we will be providing updates on this as and when they emerge.
Alex Rabell: Got it. Thanks, guys, congrats.
Tom Einar Jensen: Thanks, Alex.
Operator: Thank you. And the next question goes to Philipp Koenig of Goldman Sachs. Philipp, please go ahead, your line is open.
Philipp Koenig: Yes. Thank you very much for taking my question, and thank you for the presentation. My first question is just on the coming back to the pivot to moving faster in the U.S. I guess for how long are you willing to wait for European or Norwegian response to the IRA and how long are you going to continue to invest in the progress on both factories? And does that also sort of dependent on how quickly you can maybe get external capital in terms of progressing in the U.S. or how long are you willing to spend CapEx basically out of your own pocket? And then my second question is just sort of a bit on the commercial side. You referenced no potential discussions with OEMs for your LFP technology. We are clearly seeing a huge interest and uptake of LFP by lots of Western OEMs. I know you are initially targeting in so far in most of your off takes have been in the ESS space.
But do you see passenger car OEMs now as a possibility for FREYR? Any color there would be very much appreciated. Thanks.
Tom Einar Jensen: Thank you, Philipp. So, on how long I would — so, this kind of a — it depends, right? I mean, at the end of the day, we are currently comfortable to pursue both projects in parallel. As we are describing in the materials, we’re continuing to develop Gig Arctic at a measured pace while being leads into conversations and processes to see what the localized incentives will end up being. We’re talking about weeks and months here before we see clarity on this. And then we will evaluate what that potentially does again to the project finance process primarily because that’s kind of the main elements in this. As we have alluded to before the project finance is a function of the performance of the CQP and to some extent the relative economics of a project in Norway relative to its similar project in America.
