Dustin Olson: Yes. Look, I mean, I think we have a lot of third-party reports and a lot of the data that I would say just the opposite. We’ve done multiple life cycle analyses to show what our actual carbon footprint is on our product relative to virgin polypropylene production, both of those independently complemented one another and show that we have a significant reduction in carbon usage in our product versus others. That’s our second. When it comes to the environmental footprint around the site, we have a solvent purification system that recycles solvent and reuses the solvent over and over and over. And so the environmental impact from our site with our site in Ironton, is very strong. Lastly, I’d like to re-highlight some of the items that we’ve been able to find in the early operations of Ironton.
Look, I mean, we did our best to estimate the utility usage that will be required to run this plant. And we were naturally conservative. But as we’ve actually been able to run the plants at various conditions and patch together what the real energy utilization will be across the facility, it is much lower than expected. And so I think that, that will just create additional momentum behind our operation to show the positive environmental impacts of our process. And remember Hassan, and I think this gets back to really the question that Jason asked on yield. I mean, this is a plastic to plastic recycling process. We do not destroy the plastic. We do not use catalysts or solvent consumption. We just wash the molecule. And so long as you can wash the molecule effectively and remove the contaminants from the process, this plastic to plastic fully circular solution is going to be very well received in the market.
Operator: Our next question comes from Eric Stine with Craig Hallum.
Eric Stine: I’ll actually stick to 2 questions here. Maybe just starting with the bondholder agreement, I’m just curious if the 2-week outage was contemplated in that and confidence that, that does not derail that process?
Lawrence Somma: Yes. Look, I mean, when we were negotiating these items with the bondholders and working out different solutions, we expected to need an outage at some point. We weren’t entirely sure when it would happen, but we were able to pull the plan together and executed in November, which will set us up very nicely from Thanksgiving forward to achieve the milestones. We’re very excited to be able to run this plant without being contamination because all areas show that we’re going to be able to run it continuously at pretty high rates when we do so. And I mean that’s our goal for December. Our goal in December is to get the plant running continuously at higher rates and achieve the 4.45 million pound milestone that was set aside in the original agreement.
Eric Stine: Understood. That’s helpful. And then maybe all the update steps you’ve taken here, as you take those learnings to other plants, Augusta and beyond, just curious what that does to CapEx. I mean, is that something that actually takes that number down given some of the new things or pieces of equipment that you have to incorporate or how should we think about that?
Lawrence Somma: Yes. Look, I think that everything that we have learned in Ironton will be applied to every future plans, okay? We have a tremendous amount of operational learnings where we know how the equipment should operate, which will allow us to startup faster. We have a tremendous amount of earnings on the behavior of the polymer through the plant, which will allow us to very likely reduce some key unit operations from the facility, which should provide some additional CapEx reductions. And I think that as we grow and learn and run feedstock to the plant, I think that we’re going to see opportunities to either increase rates with relatively small changes or no changes or as I said before, cut CapEx significantly from the plant.
Operator: Our next question comes from Gerry Sweeney with ROTH Capital.
Gerard Sweeney: Two questions, I think, pretty straightforward. I just wanted to maybe just circle back into produced products. It sounds like you do have a very good comfort with the consistency and predictability of the pellets coming out based on different inputs. What I’m really trying to say is different materials going in different ratios, you have a comfort that you can predict it and manage the outflows at the levels, melt flows that you desire?
Dustin Olson: Yes, we believe so, Gerry. I mean, we’ve brought a lot of different feeds. The different melt flow rate is a critical test for us to validate different equipment capacities. As you can imagine, extruders run very differently at 5 and then 5 then they do it at 20. But in addition to that, we’ve seen the product move through the system, and we continue to see good product quality on the back end. So we feel comfortable with our ability to make the product that we intend to make as well as good quality of the pelletizer.
Gerard Sweeney: Great. And then secondarily, I’m not sure if you want to answer this question on the call, but I’m going to throw it out there. Obviously, there’s been some issues. I know about dumb lights in the construction. Well, everybody is always fighting at the end. But when it comes to some issues maybe around the Scheibel tower I believe there was some holdback of payments to Koch Modular until it hits certain production levels. Are they — is that still in plate? Or is — or do some of these issues and redesign sort of help you out per se on some of those remaining payments?
Dustin Olson: Well, let me first start with the relationship and collaboration that we have with Koch Modular. The Koch Modular has been a strong partner for a long time, and they continue to be. They have people at the site supporting us ongoing, and they’ve been instrumental in helping us solve through a lot of these settings. With respect to the contractual details — for sure, there’s going to be implications to the overall final analysis of the performance measure and the performance payments. The work that we’re doing around the plant now may have in some instances and impact on that overall scheme. But I think that both companies are committed to solving the problem, achieving the goals, reaching the performance milestone, and then working through the closure of the contract.
Operator: Our next question comes from Thomas Boyes of TD Cowen.
