Gelion plc ($GELN)

Good morning, and welcome to the Gelion plc Investor Presentation. [Operator Instructions] Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Dr. Steve Mahon, Chairman. Good morning, sir.

Good morning, and thank you all for joining us today. I'm Steve Mahon, Chair of Gelion. I'd like to start by setting the tone for today's meeting right upfront. The collaboration with Nissan is a really important milestone for Gelion. -- demonstrates real momentum and clear execution against our strategy. And we've been explicit about our strategy. And I've outlined this in our annual report, build world-class technology and validate it, partner with leading global players, scale thoughtfully to create long-term shareholder value. And what you'll see today is that this isn't a theoretical wish. You'll see that we're delivering against it. My own background is for 30 years, I've been involved in financing and probably raised and deployed over GBP 0.5 billion into U.K. tech companies, grown those companies and exited from U.K. technology and asset businesses. We in Gelion, we are a deep technology company and advanced materials company. For businesses like us, you can't operate in isolation. Success is defined by execution, working with customers, embedding into supply chains, removing barriers to scale. And our partnership with Nissan is exactly that. It's a concrete strategic step forward for Gelion. Nissan, I'm sure from all of you is a recognizable name. It's the largest car manufacturer in the U.K., a major global OEM, employs 6,000 people in Sunderland and a pioneer of electric vehicles in the U.K. This collaboration with Gelion, Nissan and the University of Oxford is at the heart of the future battery supply chain. And this is the first stage of a longer path with 2 important outcomes. For Nissan, to make the U.K. its European center for manufacturing for solid-state batteries. for Gelion, to establish regional production of our cathode materials here in the U.K. This is Gelion moving from technology to industrial relevance and doing so with the right partners. Now I just mentioned manufacturing in the U.K. To many, this is controversial, widely held belief in the U.K. that we can't make anything here anymore. My personal belief is that I fundamentally challenge that. Today, Longspur has initiated their independent research on Gelion, which will be available on our website today, which brings this question about manufacturing into sharp focus. The headline of the analyst report will be striking to some, and it should be because the headline is simply cheaper than China because our cathode technology changes the economics of battery production. We removed the reliance on geopolitically sensitive, critical and rare earth minerals, and we unlock the potential to manufacture batteries competitively in the U.K. and in Europe and in the U.S. This is a structural shift, a seismic shift in the industry. It's a major reset for the battery industry where Gelion is becoming a core enabler. So I step back and offer a view of the last 12 months and what you can expect going forward, and it's a story of progression and execution. We've built a robust scientific foundation and assembled the IP components we need. We've proven our technology and had it validated with the best in the sector, and we're now securing partnerships required to take it to scale. So today marks another step in this clear transition from development to commercialization and scale up. And importantly, this is not a one-off moment. You should expect continued momentum from us and announceable progress as we continue to execute our scale-up plans. So I hope this provides helpful context, and we'll take questions at the end. But for now, I'd like to hand the floor over to John and Adrien to walk you through the details behind this collaboration with Oxford University and with Nissan. Thank you. Over to you, John.

Thank you very much, Steve. It's a real honor to lead this company with the Board that I have and the team that I have to work with -- and today, I have Dr. Adrien Amigues, our President of Gelion Europe with me. Adrien, could you give a little bit of your background?

Of course. Thank you, John. Good morning, everyone. I have a background in battery science. I've worked on sulfur batteries for about 10 years now and founded my company, Auxly Limited about 5 years ago and joined Gelion by way of acquisition, and I'm now the President of Gelion U.K. I'm very proud of it.

Thanks, Adrien. And I'm John Wood. I'm the CEO of Gelion. This is what I do. I've been a technology innovation commercializer throughout the full scope of my career, but I've never had an opportunity to steward quite like what Gelion team Gelion is creating here. So first, our lawyers say hello here. We are Gelion, the sulfur battery company. We have an ambitious goal. There are 2 primary cathode materials used in the world today, LFP and NMC. But we aim to make Gelion's nano-encapsulated sulfur. We call it NES, LFD, NMC NES, Nanoencapsulated sulfur, the third. We aim to replace the strategic materials that are used in current lithium-ion battery cathodes to have NES stand alongside LFP and NMC as a fully Tier 1 accepted cathode material for the world. Now how are we going about that? We have a remarkable material, a material that has exceptional performance characteristics. But as importantly, it's a practical material. And so you can see the NE in the bottle in the picture on the left here. It's a black powder. On the right-hand picture, you see a traditional cathode. I believe they want to be NMC going through production. And you see that the material is printed on to the current collector. In the middle, you see our sulfur variant, the NE variant in the middle. You'll notice there's not a whole lot of difference between the one on the right and the one on the left. sorry, the one in the middle. And that's because what we're doing and the way that we're proceeding with Nest is to make it fit into the existing manufacturing supply chain. The dropping is the goal in our work here. By doing this, we maximize our rate of adoption, minimizing the hurdles to get there. Now the material, as I said, is quite remarkable. And sulfur has sort of always been the ambition for the industry. It's known to be such a low-cost abundant material, and it's known to be very light. So we make batteries with very, very high cbometric energy intensity using sulfur. But it had a few things that were holding it back. And some of those things were cycle life. It has for the technical people or science in the room, a challenge called polysulfide shuttle where sulfur can turn from solid to liquid to solid as you're charging and discharge. Well, thanks to some friends, our collaboration partner, Max Pank Institute of College and Interface, we have mastered polysulfide shuttle. We have very strong cycle life. We also have very good power, excellent power. We have wide temperature tolerance, and that has established sulfur, GelionsNest as not a lab-only interesting technology, but as a third-party validated industrially relevant material. We're very proud of and grateful for our collaboration with TDK where we went through the materials testing arrangements until we triggered a full collaboration with TDK. Now this is one material, but it can make a lot of different battery types. And as you can see in the diagram that I have in front of you, on the left-hand side, if you combine NE with a lithium metal anode, you get an extremely high-performance battery. You put that battery into things like chromes. We're working and we've announced in the past, our activities with TDK with lithium metal and our activities with KinetiQ with lithium metal, where we're putting lithium metal anodes together with Gelion NE. Just recently, we announced that we were extending beyond that. We were starting to work with TDK in the area of graphitic anodes. Now graphitic anodes are the go-to. They're the anodes that are used most commonly around the world. We also announced we brought on board Professor Yazami as an adviser who was indeed the gentleman who came up with the way of interpolating lithium into graphic anodes. But those graphic anodes are used in things like automobiles and devices. This week, we announced to you and we let you know that we will be collaborating with Nissan in the U.K. towards making solid-state lithium sulfur. Now solid-state and sulfur are regarded as the go-to for energy density. We put the 2 together here, and we aim to make a truly remarkable battery together with Nissan and Oxford and with the fantastic support from Innovate UK. OneOn the right is one more. This is -- the team know this one to be my personal favorite. This is room temperature sodium sulfur. The next material is truly unique. We can use exactly the same cathode material. with lithium and sodium. Now when you put together the abundance of sodium with the abundance of sulfur, the low cost of both materials, then you open up all sorts of opportunity, particularly in low-cost storage for global BE. Now I'd like Adrien, please, to take you through the project.

Thank you, Jon. This project is very ambitious and exciting and very much in line with Nissan -- so battery program. Together, we are going to be combining world-leading technologies. So when you think about future next-generation high-performance batteries, you can think of solid-state batteries or lithium sulfur batteries. Here, we decided to bring them together to deliver the very best possible product to market. In this project, Gelion is going to demonstrate that its NES cathode material is the very best cathode technology for solid-state batteries. And because sulfur is so cheap, we're going to have the potential to accelerate the adoption of solidate batteries across a range of industries, including the automotive, defense, aerospace. So there is the opportunity here for an enormous economic and strategic impact. And that is why Innovate U.K. via its battery innovation program decided to support our project. So this is a GBP 3.4 million program, which is enabling a world-class collaboration. So firstly, Nissan. So Nissan is not just a global leading car manufacturer. It is also one of the leading solid battery developers. It has been investing heavily in their own program for over 15 years now, and they are about to start commercializing it. On the other hand, we've got the University of Oxford, which is also a leading academic institution on the research of solidate batteries, but specifically on the development of high energy lithium metal anodes, which will be used in this project. And then ourselves, Gelion, here in this project, we're going to be implementing our NEScathter technology into Nissan's -- so platform. So why sulfur and why sulfur in solid state. So 3 main reasons. The first is that sulfur is extremely low cost. So if you look at solid-state batteries today, they are using NMC in a very expensive form, which means that the product that they have today is very expensive. And if they want to reach markets which are much bigger, much larger like the automotive, they need to decrease their cost significantly, which is why replacing NMC with sulfur makes a lot of sense for players like Nissan. Secondly, sulfur has got a very resilient supply chain, unlike NMC, which contains both cobalt and nickel, which are mined in only a handful of countries around the globe and which obviously subject to geopolitical risks. Sulfur on the other hand, can be found everywhere on every continent, in Europe, in the U.S. And Gelion finally has the opportunity to establish a resilient global cathode supply chain for its partners. And thirdly, the production of solid-state lithium sulfur batteries is predicted to involve a 30% to 60% reduction in carbon emissions compared to the best existing lithium ion. So that's significant and is a huge environmental benefit as well. So this is why those main 3 reasons is why solid-state developers like Nissan are really excited to work with us and integrate our NES cathode technology into their solid-state platforms. Now the aim of this project is to build an actual physical battery high-performance solid-state lithium sulfur battery with extremely high energy, above 400 watt per kilogram at cell level. That's about 60% more energy than the very best lithium-ion cells today. We also want to have longer duration. So we want a battery that is going to be used many times, charged and discharged many times and with good power as well. So overall, this is a very tremendous opportunity for our consortium to demonstrate a world-leading product with a great market fit for a range of industries, defense, aerospace and in the longer term in the automotive. Over to you, John.

Why now? Why is this so important to the U.K. and to July? This is a very decisive and strategic opportunity for the U.K. There's a link here to a document recently published the U.K. Gigafactory Commission, Britain's Battery Future. The U.K. is now at a decisive moment. The U.K. Gigafactory into Britain's battery future recommends to fast track the scale-up of next-generation technologies, e.g., solid-state and lithium sulfur. Now these are the 2 technologies we're putting together here to build domestic CAM manufacturing plants and to accelerate Gigafactory delivery. There's a bottler again in this photo. And you can see that with the multiple applications that we will be empowering with this remarkable material, we can be a very important contributor to the future of the U.K. So the strategy here is towards solid-state lithium sulfur leadership and towards U.K.-based sulfur can manufacture for Europe. So we're selecting Tier 1 partners. This is all part of our global campaign. We're building trusted partner relationships across Australia, the U.K., Japan and the U.S.A. It's all market-led. So this is not Gelion coming up with nice ideas. We're working here led with our partners, with cell manufacturers, automotive OEMs directly to derisk our product market fit. I said that we have -- we've got partnerships in the cell manufacturing line. Our goal now is above the line, and we're talking about that here with Nissen, working with the people who are actually making the products that use the batteries. And we're also working underneath as well in the supply chain towards battery -- the production of our materials and the processes associated with it. We see this as a project that will have a catalytic impact, catalytic for Gelion, but also can be catalytic in bringing and strengthening institutional investor support on AIM. And we see it also helping in terms of funding commercialization of downstream supply chain. We're working the liquid-based solutions, and we're working in solid state. Well, I hope you can see an emerging picture here. We are active worldwide. Up in the U.K., we've talked to you about QinetiQ. We've talked to you about now Nissan, our relationship with Oxford, talk about our relationship when we put in place with the Max Plank Institute of Colleagues and Interfaces in Germany. The collaboration in Japan with TDK, and we're very grateful for our support in the U.K. coming from Innovate U.K., the Battery Innovation program and Faraday. And in Australia, we're very grateful to our support that we get from ArenA, which is the Australian government's Clean Energy Fund as well. And I have in our previous presentations indicated that we are now starting our engagement activity in the U.S.A. as well. We see NES as a product that is used across the full spectrum of battery applications, and we see NES as the start of a movement to utilization of sulfur globally. So we have structural tailwinds. Things are moving in our favor. The importance of batteries, the importance to be able to onshore battery production through the battery cost reduction, through supply chain security are absolutely critical priorities now around the world, and we are enjoying the benefit of that in terms of the commercial and collaboration activities that we are moving forward. We have a validated breakthrough. So the Nest sulfur cathode is, as far as we know, unique in its capabilities, and that's been validated with Tier 1 partners. Strong OEM engagement. And as Steve said, at the start, watch this space, we are working to continue that theme. We've said we're going capital light, working with partners and leading manufacturers and customers and materials production. The goal is to become recognized globally as the sulfur leader as sulfur becomes the great emerging theme that it will be across batteries. And you're seeing the clear catalysts of that success. So you're seeing funded programs -- you're seeing OEM milestones and collaborations getting underway. Super proud of what team Gelion right across the board is achieving. The technical stewardship, technology stewardship by Dr. Louis Adriaenssens, our CTO; the financial governance by our CFO, Amit Gupta and then all of the team, Adrien, Gareth over in the U.K., knocking it out of the park, working long hours, really enthusiastic, gathering the momentum that stewardship of this remarkable material opens and celebrating together with our global collaboration partners as we make this journey happen to the benefit of our shareholders. which is the core focus of our activities. We'll now go to the questions that have been submitted.

That's great. I'd like to remind you that recording of this presentation along with a copy of the slides and the published Q&A can be accessed by our investor dashboard. As you can see, we have received a number of questions throughout today's presentation. Simon, can I please ask you to share the Q&A with the team, and I'll pick up from you at the end.

Thanks, Lily. John, let's start with a couple of China-related questions. First of all, today's news that Nissan is looking at doing production in the U.K. for a Chinese company. What effect do you think that will have on Gelion or indeed the U.K.?

Well, strengthens things remarkably. The Nissan center for Europe up in Sunderland is very, very important. And the fact that, that group is expanding, becoming successful with this sort of work is important to us. We see that this will be a long-standing collaboration. We aim to exceed all of the expectations that the collaboration partners have in this journey. So yes, it's very good news that, that is happening.

Thank you. Next question. Given some of Oxford University academics connections with Chinese companies and Chinese military universities, how are you going to protect your IP from leaking into the hands of Chinese companies when you don't want it to?

Well, Simon, first and foremost, I trust that Oxford absolutely and totally. So Oxford is a great partner, and we really respect and love the opportunity to work with the great researchers that we are on this occasion. Now having said that, under this arrangement and under all the arrangements that Gelion is entering into we protect our IP. So in this case, all of the work on the cathode active material on the NE material is being done by Gelion. We actually don't open our kimono on that at all. It's all done within Gelion and all the IP for the work that is done on top of that technology also attributes into Gelion. The nature of the material itself and our fabrication processes lend itself to the protection of trade secrets, which is another thing that we're doing. We have -- I forget the number at the moment, I think it's around 170 patents in the area of lithium sulfur, and we are continuously taking additional IP as our team advances. So we're very serious about IP and in the protection of our trade secrets. So -- another way as well, Simon, that we're protecting ourselves, frankly, is by having strong partners who can stand with us and defend the edge that we have managed to succeed with.

Thank you. If all goes well on this program, what's the eventual outcome? Is it going to be a commercial agreement, a full commercial agreement with Nissan?

That would be the objective of the program. So the objective of the program would be to earn that right or else this wouldn't be involved. We would be involved and Oxford would be involved. The focus is definitely 100% commercial. We want to make a great battery together for use in automotive cells. Nissan is a leader in solid state. The first solid state will be NMC based. Our goal is to, through this project, make a cell, a sulfur cell for future generations of batteries.

Could you give us an update on the types of partnerships that you're looking at in the U.S.? And is this going to involve any government-based contracts or grants?

I have to stay inside the bounds of what the company has announced. Now what we've announced is we've started engagement in the U.S. now. Well, that's a tough question. Here we go. Look, in the U.K., you know that we're working with QinetiQ. We told you the fields that we're working on QinetiQ. We told you we're working with Nissan. So we're working in high-performance strategic applications in the U.K., and we're working in consumer applications like automotive in the U.K. That gives you an idea of 2 areas in which our material are important. The first one of those is that if you put it into something that flies, it will fly further. So it's a light material that's important in performance. It's a material that has high power, high energy long cycle life, works in a wide temperature range. So that makes it a strategically important material. It's a material that's low cost, high performance, that makes it a commercially important material. There's one thing that I hadn't really haven't displayed also. It's not just the low cost of the components that the precursors that make up the material that is important, but also as Dr. Louis Adriaenssens, our CTO managed to point this out, we use water-based slurry-based suring techniques to make our cathode. Why is that important? It means that when you scale the Gigafactory, we actually take away a lot of the energy cost in the gigafactory. We take away the need for large dry rooms when you're doing the coating process for the cathodes. And so that leads to an interesting outcome, which is A lot of the difference in cost of making a cell in China and making a cell in the U.S.A. disappears. So it's an opportunity to reshore battery technology. So it has a lot of features that make it very important to people who are important and want to achieve important things. And we're working all of those activities, not just in the U.K. and Japan and the U.S.A., but this is an important material at an important time.

Very careful answer, John. Well done. Next question. This is almost so detailed. It could be coming from a competitor, but I'm going to ask it anyway. You announced in your update of March that your graphic anode was still cycling, and you mentioned 750 and it was still going. Any updates on that one and about the energy density? And it's...

I think our competitors would love to answer that one. We haven't given an update. But NES is really stable, really stable. When we talk about competitors, I'm not sure that there are in the particular area that we're going with sulfur. The particular test you're talking about combined the graphitic anode with NE sulfur cathode. When people traditionally have spoken about sulfur, they've talked about Adrien, I don't know help me here make 50 cycles used to be pretty good, maybe 100.

About 100.

So people used to talk about sulfur as being a technology that was good for 100. NES is really stable. When you put it up against graphic anode that can cycle. It's the anodes that we notice a degradation at the moment, not the cathode. So watch this space. We will bring out more results. And when it's the right time to share those results with our shareholders, and then we'll tell our competitors at the same time as well.

Thank you. Is Nest compatible with Tesla's dry cathode process? And what are you doing to put it in front of them?

I hope that question came from Tesla. Look, we -- we believe it is compatible with dry cathode, but that is a development area for us, not an area that we have tested and have results for. It is included in the scope of the activities that we are investigating with our material at the moment. We have not provided the material to Tesla for their testing at this point in time.

A couple of questions on revenue road map. When do you expect first commercial revenues? And do you still think that's likely to come from aerospace applications?

That's a great question. Look, first commercial revenues, and again, it's always hard on this question because you got to stay -- I'm really supposed to stay inside the boundaries of what we said before. You're going to see first commercial revenues come in a couple of ways. There are different applications that I've talked about for the technology. So I've introduced that fact. Each of those technologies will move at a different pace. So the lithium metal high-performance cell is an early cell. That is a cell that will go out early. And so relatively early. And so that's one that you will see. They're typically higher value sales when you're using lithium metal. So we're in the froze at the moment of doing qualification. And then after qualification, there will need to be certification and then we'll have to continue to progress on that frame. The other area that I think you're going to start to see commercial revenue or income as well is that there's a lot of partners now that are coming to us to put partnerships together. And so we anticipate that, that will become a source of revenue as we exchange materials and work together with our collaboration partners.

Could you please let us know about the solid-state electrolyte that will be used or developed in the Coras project and what needs to be achieved with the electrolyte development, if anything?

I'm going to pass that to Adrien in just a minute. The work that's been going on there, our guys have been really impressive. Adrien, can you...

That's a very good question. So there are indeed several types of solid-state batteries that use different types of electrolytes, solid electrolytes. The one that we're going to be focusing on in this program of Nissan is a sulfide type of electrolytes. Why it's extremely -- it's what companies like Nissan use in their product, and it's a great fit for the markets that we are trying to achieve. So there is no actual work on the development of the electrolyte itself because it's off the shelf from our suppliers today. So it's very much focused on our sulfur cathode and integrating that into the processes used by Nissan to manufacture batteries.

Does the increase in sulfur prices about 200% in the past year impact your value proposition at all?

No. Sorry. But sulfur is coming off such a low base. There is so much sulfur in the world that the actual sulfur material that we use is a small component of the price of the battery. And so we can afford an increase in the price of sulfur. Lithium also has increased in the course of the last year as well. But we're blessed by the fact that sulfur is a very low-cost material.

Thank you. A shareholder here or potential shareholder with competition concerns. Firstly, he says, within lithium sulfur, Lighten already has giga scale manufacturing in deeper pockets than you guys. What's to stop them reaching commercial scale first? And secondly, more broadly, with silicon anode cells already shipping 450 watt hours per kilogram plus other products such as solid state and sodium ion advancing fast. What stops one of those chemistries taking the markets that you're targeting? Where does lithium sulfur spec?

All the above, we consider our friends. So let me explain. Firstly, Lighten. Lighten is a great company doing a great job, creating a market for its own cells. It's a manufacturer. So it just bought the Northvolt manufacturing with the intention of making cells itself. How does Gelion compete with Lighten? Well, we do it capital-light. We do it by working with the largest manufacturers in the world, and we do it by making it possible for them to adopt sulfur in alongside their existing manufacturing capabilities. The scale of that is, of course, absolutely enormous. Now the second part of that question went on to talk about silicon. Yes, love it. Love silicon. I think that one of the most important cells that will come into Gelion's portfolio will most likely be an 8% or 10% silicon carbon anode with a Gelion sulfur cathode. It's going to be a super high-performance cell. It's going to be low cost, and it's going to be a really important cell. So silicon is a friend, not a competitor to what we're doing. We make the cathode active material. We compare that cathode active material to silicon. We compare it to graphic. We compare that material to lithium metal, and we can even use sodium as a current carrier or as a charge carrier. I think I missed a third part in that question, which was about sodium ion. Of course, -- and I love sodium ion. Sodium as a charge carrier is compatible with NES. Well, I like the way that came out actually. It's compatible with NES. We are compatible with sodium as well. So as sodium becomes more broadly adopted, we will have the capability to have NES support sodium. It is actually the same material. So our scientists here have taken the same cathode material with the same NES and they've made cells cycle using sodium and they've made cell cycle using lithium with the same cathode material. I don't think there's another -- I don't know, Adrien, help me. I don't think there's another electrode material out there that you can use interchangeably with sodium and lithium.

No, this is the strength of our technology, how agnostic it is. As I said, all of these technologies are friends to us. It's just opportunities.

Okay. Final question on the project. The project is focused on meeting the KPIs of automotive solid-state battery applications. What are those KPIs?

Adrien, I'll pass to you...

It really depends on the manufacturer, but the actual automotive application as well there's a broad range. So in a general way, you're talking about high energies. So today, the very best cells are NMC cells, you're talking about 250 watt per kilogram. Here, we're targeting 400, so much higher. You're talking about long cyclability as long as possible so that the end user doesn't have to replace this battery every year, but rather every 5 years. And that's what we're targeting. Our sulfur cathode is extremely stable. So we can meet that kind of cyclability very easily. So it's all about now whether solid-state batteries can. And that's where we rely on our partners to meet those KPIs. and high power. High power is important when you want to accelerate the car. And again, this is one of the strengths of our cathode active material, which can operate up to 10. So it can be discharged in 6 minutes without much capacity. So we are doing our best to work with the best out there to integrate our cathode technology to meet the KPIs of a broad range of markets. So that's what we do.

It's very important what Adrien just reinforced in all of the activities that we're doing because we're collaborating with the Tier 1 partners, where we're targeting KPIs, those KPIs are coming to us from our partners. So we're keeping it real for our shareholders.

Okay. Last couple of commercial questions. What exclusivity is there in this deal? Can Gelion apply the findings to solid-state batteries for other manufacturers?

Yes.

That was easy. And finally, have you looked at listing on the ASX as well or on the U.S. market? Do you not think that might attract a wider pool of investors?

I'm a believer in rational markets. We have our head down at the moment. We are delivering results. Gelion is becoming known around the world. We are not going to slow down on that. We are continuing with some really important activities at the moment. We're on aim. And our value is what it is today. I believe that as we continue to perform, that's going to be recognized by investors all around the world. Now the Board has its options around what we do here, but it's all about the shareholders at the end of the day. So my focus on -- at the moment with the team is towards generating those outcomes, those successes, delivering the collaborations, delivering the technical performance, getting it turning that into the commercial outcomes for our team, winning the grants to maximize the utilization of every dollar of shareholder money that we've been given and moving forward commercially as fast as we can. I think the capital markets are going to recognize that and catch up with us as we go forward. I don't think that's going to take a whole long time based on what I see our team achieving and the rate at which they're achieving that now.

John, Adrien, thank you very much indeed. I'll hand back to Lilly for wind up.

That's great. Thank you for answering all those questions you have from investors. And of course, the company can review all questions submitted today, and we'll publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which is particularly important to the company, John, can I please just ask you for a few closing comments.

Look, thank you for joining this meeting with Adrien and I. And Steve, thank you for the introduction. It's an honor to work with Steve. He's quite remarkable. He's always available. to me as a CEO, which is really important to be able to reach out and get decisions made. And the Board is always available to Steve and I to get things done. We've got a very exciting period of time coming up. We've got a lot of goals that we're hoping to kick in fairly quick order. They're all logical. They all built around getting this Nest material out across all of the applications and getting it out around the world. Steve, would you like to close off there?

No, I think we've covered everything. All I would say is judge us by the company we keep. You look on the science side with Max Flank and the University of Oxford, you look at the commercial scale up with TDK, QinetiQ and now Nissan, and I'm sure there will be others as we deliver our model, judge us by the company we keep.

Thank you Steve.

Thank you.

Thank you all.

That's great. Thank you for updating investors today. Could I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure it will be greatly valued by the company. On behalf of the management team, we'd like to thank you for attending today's presentation, and good morning to you all.