Investor Presentaiton

Unlocking the capital Commercial viability . Upfront costs vs. long-term revenues Highly sensitive to cost of finance Bankable PPAs at market value Technology risk (CSP) • . Long-term nature of R&D Funding the cost of proving its "bankability" Market Policy stability Variation between jurisdictions People and skills Australian Government Australian Renewable Energy Agency $$$ Debt & Equity Technology Risk Market Commercial Cash postive after 18 years 15% IRR over 30 years www.arena.gov.au 17.

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