oil and gas industry. So I'm
here to really show that we need partnership. And we're doing
something that Baker Hughes, which is a good start, actually,
but the all we're doing is going to replace the molecule with the
green molecule. So all that infrastructure in place, if we
can use it, we'll use it. So we think this is not a zero sum
game for the oil and gas industry. And I refer to these
huge pieces of very expensive equipment behind with with
Lorenzo and Iran. You've got generators, you've got gears,
you've got turbines. What you're saying that I think this is
fascinating, and something Markel Vera's trying to point
out to me for last year is banging my head against it. When
you say replace the molecule, what exactly do you mean, I know
what I think you mean, but why don't you tell the audience so
we're going to produce a green molecule hydrogen, right. And
that's going to be used in lieu of fossil fuels. So the
intention is to can we eliminate fossil fuels out of this planet
forever? Green hydrogen is going to be the way to do that. You
make it with renewable energy, you produce hydrogen, you ship
it as ammonia, you can turn it into methane to transport it. So
there's many ways you can use it. But it's just replacing that
molecule, which is comes from the fossil fuel. This is the
point it's not a question of, I'm going to spend a vast amount
as a country or a company of infrastructure, on gas
infrastructure, and then I'm going to have to spend a load of
money on hydrogen infrastructure. It's the same
equipment, it's the same equipment, I think the only
proven thing Yes, absolutely. I mean, it's not that difficult,
actually. So I think the difference is, some of the
places are going to be different. So for example, the
Middle East will be an absolutely massive player in
this space. But so when when Namibia and Kenya and Morocco,
so there will be your infrastructure built in
different places to get this molecule to Europe and the
United States and other places around the world. I did laugh
early, and the viewers will know this. You said to me, it's just
chemistry. I'm like, and that's where that's where I flunked. So
it's just chemistry. But in terms of proven chemistry at
scale, we're not there yet, are we? And that's why this MOU with
Baker Hughes is important, because you want to develop
these technologies together. Yeah. So really, I mean, our
goal is FFI is to show the world, we can do this at scale.
No one's ever done this before. And that's the biggest issue.
There's a lot of support from governments. Now. There's a lot
of support for the industry. There's there's pilot projects,
but no one's doing at scale. And so, so we're sorry, with Baker
Hughes, it's really, you know, our first few projects are going
to be using geothermal. They're very good at that space. They
know the hydrogen molecule they know ammonia and how to handle
that. So they're a good partner for us to have to get going. How
fall behind proven renewable technologies is green hydrogen
we have now we have turbines that can compete with other fuel
sources. Well, albeit there's any security issues as well, how
far behind are we on hydrogen, so you got to think about that
the really green hydrogen is a battery. So you would use if you
can produce green power with wind or solar, and you can get
it by cable to a market, you do that you send the electron. But
if you're trying to send it from Australia to Germany, that
doesn't work. So you convert it to a molecule and you ship it,
and that's what green hydrogen is. So all the technology is
there. So to make the renewable energy, you use wind, solar,
geothermal, hydro, you then convert it using electrolyzers.
The technology has been around for a long, long time. It hasn't
been done at scale. And so that's the issue, then you
convert it to ammonia that processes in place you ship
ammonia, there's a seaborne trade and ammonia, and then you
you reconstituted the other ends. sounds so simple, but
I look at some of the electrolyzer companies. There's
one in London listed, which I won't mention the name of at the
moment, but I looked at their share price recently. And it's
plummeted. Yeah. So why has one of the pioneers in
electrolyzers? I mean, you're not gonna speak for that
company. But why is one of the great new hopes electrolyzers
and turning these projects into very cost effective scale
projects as well? Why are they struggling so badly? So really,
the secret sauce is not necessarily the stacks? Okay,
there's two major issues electrolyzer one is can you get
the cost down, and it's the metals you use in the membrane,
so a lot of technology goes into that. And then it's the balance
of plant around it, which is the difficult part. And so when you
scale that it just complicates the entire process. So look,
it's just going to take a bit of time. But look, we're ready to
go. And we're committed to spending billions to actually do
a number of projects all around the world to show that it can be
done at scale. And I think that once this gets going a bit like
the wind turbine industry when I was at GE when we bought and we
were all at GE
we're all there ones, particularly here. Yeah,
exactly. So but you know that that world and the wind turbine
area we bought and run it with all your nuts, right? It's so
expensive, never work and then you got scale then you got
innovation, the price comes down. Now it's competitive. The
same thing is gonna happen in the green hydrogen world.