Tom Einar Jensen: Yes, I’m going to ask —
Oscar Brown: Yes, this is Oscar maybe I’ll start —
Tom Einar Jensen: Yes.
Oscar Brown: So thank you for that. So yes, so the project financing is a key piece for Giga Arctic that has conditions precedent in the term sheet that we’re negotiating that relates to many things but primarily, or in part, the CQP production, so getting it ramped up, testable batteries as we’ve talked about, an acceptance by our primary customer, in this case, Nidec. So that’s a key timing item. In terms of — and we’ve been in the market already with the market sounding and then, of course, working with our mandated lead arrangers and all our ECAs and other financiers on progressing the project. Formal syndication will be a judgment call based on sort of seeing some activity out of the CQP combined with whatever response we see out of the EU and Norway to sort of kind of complete the full financial picture.
So that’s the primary driver. It does impact other financing activities. People want to see something come out of the CQP and how it looks. But a lot of those discussions, particularly with strategics are already pretty deep and high on the technical side. So we don’t anticipate huge timing implications around that until — while we ramp up the CQP as long as it’s going well. Sorry, Tom, you might want to add something?
Tom Einar Jensen: No, I think that was an astute answer.
Nili Eslah: All right. Great. Thanks for that. And if I can follow-up on securing raw materials, I know you have two deals, but could you remind us of how far ahead of time, you have that for? And then beyond that point where do you see probably the largest bottlenecks besides the lithium? And how do you go on to securing those?
Oscar Brown: First of all the securing raw materials has gone out for quite a while, and as I’ve said in the call, we also had secured everything that is needed now for the startup and ramp up of the CQP and lots of material has already been delivered to Mo i Rana. So the next step is obviously to start committing to the volumes necessary for the Gigafactories. And as I also indicated, we are actually now approaching suppliers also for Giga America. And I think we have approached approximately 20 suppliers. Some of them actually located in the U.S. Criticalities as you commented yourself on lithium supply. And I think that’s extremely important for us to continue to broaden our sourcing strategy on that one. We have different alternatives in addition to the one that we’re developing ourselves as Tom indicated, we have, as you were probably remember, we have a license agreement with Aleees of Taiwan, and obviously we need to continue to expand on that one.
And I’m not sure if it is correct to go into the details here, but yes, that’s probably the most important one. And going from there, I think you will come back to that when we announce more commitments for raw materials.
Tom Einar Jensen: I think as we have said before we are largely covered for the raw material needs in Giga Arctic up to 2028 and we’re continuing to evaluate additional opportunities to both drive down cost further and to localize and decarbonized the production of its. Again this is not something that we will do on our own. We will do it in deep strategic collaboration with others tapping into the large demand for LFP solutions, but also other critical raw materials going into the production of batteries in a localized context. Remember, to secure battery production in Europe and in the United States, it’s not only about battery cell manufacturing. It’s also about the critical raw materials going into it. But in the early stages of the battery cell manufacturing ramp-up, you will need to rely on existing supply chain, which predominantly are in Asia.
