Chris Dendrinos: I guess maybe just to start here. So in the investor letter, I think you guys all kind of mentioned that you had pushed out some of the timing on some of these other facilities, maybe six months or so. Can you just provide, I guess, some additional commentary on that? Is it really just kind of level setting expectations and then giving yourself some more cushion, or are there some maybe delays in construction that we should be thinking about?
Andy Marsh: I’m going to let Sajay answer that one, Chris.
Sanjay Shrestha: So look, I’m glad actually you asked that question and give us an opportunity to talk about exactly what’s going on here, right? So in the case of Texas, we wanted to make sure that we were going to get a lump sum EPC contract. That was very important, because that allows you to go and get bankable deals done, makes the project bankable. It really starts opening up project financing and we got to do that with a partner like [indiscernible], right? Now that contract negotiation and again, this is a first of its kind, hasn’t been done in the green hydrogen industry. It took about six to nine months instead of probably a typical three to six months, right? So we have not executed the contract. EPC is going to start to kick off.
So instead of actually kicking off that EPC in the month of March, it is now in the month of July. So that’s really what has happened here. So instead of that plant coming online in Q2 of 2024, now it’s second half of 2024, that’s what happened here. And by the way, we felt like that extra three to six months is well worth it. It is the right thing to do from basically being able to get a contract like this so that it sets the template and the standard of how this project needs to be executed, otherwise working and doing all the things that we did in Georgia, all that learning, we would not have taken advantage of that. In terms of New York, it all comes down to substation. We’ve been having fantastic collaboration with NIPA as well as national grid.
But as it stands right now, that substation is probably going to get energized only in Q3 of 2024. Until the substation is energized, we cannot bring the liquid plant online. We have procured all the long lead time items. This is our electrolyzer, this is our liquefier. So those issues aren’t the bottleneck, permitting is not the bottleneck. There’s nothing else like that, right, which is why we just wanted to make sure that we articulated why Texas is — and second half ’24, why New York is second half ’24. And as it relates to Louisiana, we just wanted to make sure that we’re being also thoughtful about what that right structure of the EPC contract needs to look like. We’ve been working hand-in-hand with our partner, Olin. And instead of that plant also being end of 2024 based on where we are today realistically and 2023, it is now going to be Q1 of 2024, that’s really what has happened here.
