Paul Vollant: Yes, thanks, Andrew. As you know, we do not give guidance on pricing. The only thing that we can do, is just looking back, we are well below historical average. And we’re seeing also primary producer really struggling to turn a profit at these levels. Altogether, primary producer represent about 20% of the global supply. So, we hope at some point, that the prices will allow primary producer to turn a profit. Otherwise, we’ll see other events happening to – adjust. So, yes we’re well below historical average. We don’t know, when we’ll be back to the mean. But yes, we believe in a very low price environment, especially accounting for all the inflation that we had in the past few years.
Andrew Wong: Could you maybe just talk about what marginal cost looks like for the industry right now?
Paul Vollant: No, sorry I cannot do that, Andrew.
Andrew Wong: Can you talk about what marginal cost looks like for the industry?
Paul Vollant: Yes, it’s very hard to say, the only let’s say producer that are publishing straightforward prices are the primary producer, Largo, Bushveld, the other primary producer in South Africa, is not publishing its pricing directly. And you can see that, people are losing money at these levels. The other type of production, either from steel slag or what we call secondary sources from, oil and gas manufacturing, it’s indirect cost, which is very difficult to have clarity on. But yes, we’re seeing the oil industry struggling at the moment.
Andrew Wong: Okay. Okay. Just maybe switching to the JV is trying. Can you just talk a little bit more about that potential partnership? How does that benefit LCE? What do both parties bring to the JV? And how do you see this as a path to commercialize the technology for VRFB? Thanks.
Francesco D’Alessio: Yes, I’ll take that.
Daniel Tellechea: Yes, Francesco.
Francesco D’Alessio: Yes, sure. So, as you know, Stryten Energy brings large scale manufacturing domestic presence in the U.S. They’ve been in the battery space for over 100 years. So, these are key essential factors when trying, to establish a go to market strategy, large scale availability of these technology for utility scale deployment, and C&I applications as well, right. Combined with LPV, our stack technology, proprietary purification and capabilities to set up our electrolyte facility, pretty much we control all the aspects of the deployment, for this technology in the Western world, which, as you know, has made great strides in China that has struggled in the last 20 years, to make headway in the Western world. And with the growing demand of long duration energy storage, specifically here in the U.S. for domestic content and a lot of incentives being provided by the DOE, we feel that this partnership really complements, the skill sets of both companies, to achieve this target and provide a viable alternative, for a long duration energy storage solution for the U.S. market.
Andrew Wong: That’s great. Thank you very much for taking my questions.
Operator: Thank you. And there are no further questions at this time. I would like to turn it back to Alex Guthrie for closing remarks.
Alex Guthrie: Thank you, operator. With that concludes, our question-and-answer session of the quarterly investor conference call. Have a great day, everyone. Thanks.
Francesco D’Alessio: Thank you. Bye-bye.
Daniel Tellechea: Thank you, bye.
Operator: Thank you. And ladies and gentlemen, this concludes today’s conference call. Thank you for participating. You may now disconnect.
