Daniel Solomita: Yes. Thanks, David. Nice to hear from you. Thanks for the question. So long lead time equipment, so the two reactors, the polymerization reactors that Loop had ordered for the Bécancour project will be transferred over to this project. So that long lead time equipment will just be shifted over because those are standard pieces of equipment, so they can €“ they can go to any of our projects. As far as long lead time equipment for this project, right now, like I said, we’re scheduled to break ground in Q3 of 2023. So the long lead time order equipment needs to be ordered later on during the year. So there’s nothing that needs to be ordered today. Costs are in line with expectations. We already have our first cost estimates internally for the project.
They’ve been approved. So we’re in line. We don’t see €“ we’ve built all of this through this crazy inflationary environment. So we don’t see €“ foresee any changes coming up in the cost of the facilities going forward. Hopefully, we’ll start seeing some reduction in cost as we start seeing the world’s economy is cooling off a little bit and supply chains easing up, hopefully with China’s decision to forgo their zero COVID policy. So the project is in a really great space right now and both parties are very dedicated and very motivated to get this project built as soon as possible.
David Quezada: Excellent. Excellent. Thanks for that, Daniel. And then maybe on feedstock for this facility is are there agreements in place for a certain volume of feedstock? And are you able to €“ do you have any color you can provide on if any of it has been sourced so far?
Daniel Solomita: Yes. So there’s quite a bit of feedstock that’s been we’re starting like Loop has been testing the feedstock from different Korea suppliers. So we were doing a lot of that work together with SKGC. So there’s a lot of typical feedstocks that we use in our process, which is the waste PET finds from the mechanical recycling industry, PET trays. A big thing in Asia is going to be the polyester fiber waste coming from all of the polyester fiber clothing supply chains. So that’s going to be a feedstock that’s important for the Asian expansion. So SKGC is primarily responsible for the feedstock. We do €“ we support them with all of the testing and all of the qualification, but it’s really SKGC’s role in the joint venture to be able to source the local feedstock.
David Quezada: Okay. Perfect. That’s great. And then maybe on the sales side of things, I guess, you and SK are kind of working together on lining up new customers. Is there a target that you guys have in terms of the proportion of volumes from the Ulsan facility that you like to have contracted? And do you anticipate those contracts happening or closing prior to groundbreaking? Or would you break around and then look to contract whatever volumes you would €“ you’re targeting?
Daniel Solomita: No, we always look to have certain volume or capacities of the volume sold or reserved in some type of contract or an LOI with customers before the breaking ground of the facility. So yes, we’re definitely €“ we’re starting to engage with the customers on which customers will be taking volumes from the Asian facility focusing on some Asian customers. But we can also ship material from Korea anywhere in the world. But the Asian supply chain, like I said, in the polyester fiber space are extremely interesting because a lot of the polyester fiber clothing companies need more sustainability. They need more recycled content into their fibers, into their clothing and into their products. And today, the mechanical recycling industry is the only way for them to do that.