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dynaCERT Launches into the FreightTech Industry
31 October
Is Trump a Threat to US Electric Vehicle and Battery Supply Chain Growth?
Electric vehicles (EVs) are key to cutting greenhouse gas emissions and fighting climate change, and the Biden administration has implemented subsidies and tax incentives to foster US and North American supply chains.
Nearly US$1 trillion is flowing into various initiatives via the Bipartisan Infrastructure Deal, CHIPS and Science Act and Inflation Reduction Act (IRA). The aim is to boost economic and tech development while supporting clean energy.
More specifically, the Bipartisan Infrastructure Deal invests in upgrading US infrastructure, including roads, bridges, public transit and broadband internet. Meanwhile, the CHIPS and Science Act promotes US semiconductor manufacturing and research to reduce reliance on foreign suppliers, and the IRA focuses on reducing the deficit, lowering drug costs and investing in clean energy to combat climate change.
On the EV side, US$2 billion in funding is being directed toward the Department of Energy to provide grants for domestic production of various types of clean vehicles, from hybrids to hydrogen fuel cell cars. There are also critical minerals manufacturing subsidies and several consumer incentives, including a US$7,500 tax credit on new EV purchases.
In this article
How would a Trump presidency impact the EV sector?
As the US election approaches, with Republican candidate Donald Trump set to square off against Democrat Kamala Harris on November 5, speculation is rife about whether Trump would end EV incentives.
In an August 20 interview with Reuters, the presidential candidate expressed his disdain for tax incentives.
"Tax credits and tax incentives are not generally a very good thing," Trump said. "I'm not making any final decisions on (EV tax credits). I'm a big fan of electric cars, but I'm a fan of gasoline-propelled cars, and also hybrids and whatever else happens to come along."
However, battery sector experts at Fastmarkets' Lithium Supply and Battery Raw Materials conference agreed it would be extremely difficult for Trump to repeal any or all of the three initiatives.
“What can Trump legally change if he becomes president with the IRA?” Grace Asenov, base metals and energy editor at Fastmarkets asked rhetorically during her presentation at the event. “The quick answer is he is not going to be able to change very much. The IRA is law; anything that the treasury department does through regulation can be changed, but it would take a lot of time, and it would have to be done in a legally defensible way."
Even so, analysts at the Fastmarkets event believe that while changing the IRA and other legislation would be difficult, a Trump presidency would have a negative impact on EV sector growth. During a scenario analysis, they concluded that another Trump term could have three major implications for EV battery-related policies.
First, Trump may impose stricter regulations on which EV models qualify for subsidies under the IRA, limiting eligibility for the US$7,500 tax credit. Second, his administration could eliminate Environmental Protection Agency vehicle emission standards that are expected to lead to 67 percent of vehicles being electric by 2032. Lastly, Trump might roll back commitments for 50 percent of the government fleet to be electric by 2030.
“If implemented, these changes could result in 5 percent lower EV sales by 2034,” Asenov said.
Has Elon Musk's support affected Trump's stance on EVs?
Although Trump has ridiculed EVs in the past, a friendly relationship with Tesla ( NASDAQ:TSLA) CEO Elon Musk has appeared to soften the former president’s stance.
“I’m for electric cars. I have to be, because Elon endorsed me very strongly. So I have no choice,” he told reporters in August.
Like Trump, Musk has also been outspoken about his disdain for EV subsidies and tax incentives, although Tesla has benefited from nearly US$3 billion in government subsidies since its inception.
In addition to endorsing the Trump campaign, the Tesla founder has also appeared at several Trump rallies in swing states.
Musk also launched a controversial voter sweepstakes in mid-October that offered US$1 million daily to participants who confirm their voting status on a designated website. The lottery, which also required voters to sign a petition in “support of the 1st and 2nd amendments," was quickly paused after the Department of Justice warned Musk that the incentive could violate US election laws prohibiting payments in exchange for voting.
Will Trump try to compete with China on EVs?
If Trump does want to see the EV and battery supply chain grow in the US, he may implement stronger restrictions on Foreign Entity of Concern nations, including China, which dominates the processing of lithium, rare earths and several other critical minerals. China is also the top producer of rare earths and other important commodities.
“He could say, 'We don't want to rely on China at all (for critical minerals and battery processing and manufacturing),'” said Asenov, noting that such a decision would slow EV adoption.
Trump’s aversion to Chinese reliance was also brought up during a panel discussion at the Fastmarkets event.
“I don't think he wants to lose to China on the manufacturing of EVs,” Howard Klein, cofounder and partner at RK Equity, said. “I'm relatively optimistic that whoever wins will not make major changes,” he added, noting that southern states have benefited from the subsidies — the same states where Trump has a large base.
How could the IRA be improved?
With the outcome of the US election still very much up in the air, the Fastmarkets experts spent time sharing ideas on how the IRA and other legislation in the country could be changed for the better.
Steve LeVine, editor of the Electric, would like to see some collaborative measures implemented.
“Who's the world expert in making batteries and making the chemicals, making the components? It is the Chinese. So if I were to change any part of the IRA, it would be an incentive to bring Chinese expertise into the US to teach Americans how to do that," he told attendees at the Fastmarkets event.
Asenov noted that Trump could look to close the US$7,500 credit loophole for leased vehicles through which consumers can lease an EV, get the incentive and then return the car after three years.
For his part, Klein said he would like to see more investment in mineral extraction and production.
“More money for mining. There is a lot of funding in the IRA, but no money for mining, just processing,” he said.
Klein went on to note that allocating money for mining could “change the mentality” around the sector and send a positive message to the public about the often-maligned industry. Whether added to the IRA or adopted as standalone investment, the need to secure new and grow existing mined supply is a crucial first step in EV sector growth.
Indeed, the International Energy Agency notes that demand for minerals used in EVs and battery storage is set to grow at least 30 times by 2040 in climate-driven scenarios.
While investment in new mine supply, processing and manufacturing were agreed to be imperative, where that money comes from caused some division amongst the panelists.
As Klein called for IRA funding, David Deckelbaum, analyst at TD Cowen, took a more “cynical view” of the IRA.
“I don't think (the IRA is) very pragmatic,” he said. “My criticism would be, especially as you look at the capital flows and attracting capital and investments, investors do not want to invest in something that requires infinite supplementation.”
Deckelbaum went on to explain that he agreed with LeVine’s point, and suggested removing China from the "economy of concern" list to allow materials from China to qualify for investment tax credits.
This would also involve increasing consumer credits and eliminating income limits to boost adoption.
"We should focus on creating demand domestically, rather than imposing restrictions on how manufacturers meet it. Since it's not feasible to avoid buying materials from China, and investors are reluctant to support companies that can't compete without government aid, the current approach isn't sustainable," he said.
Does Harris support an electric vehicle mandate?
Kamala Harris stated that she does not support an electric vehicle mandate at an October campaign stop in Flint Michigan — the epicenter of American automotive production. The presidential hopeful told supporters, “I will never tell you what kind of car you have to drive.”
She clarified her stance after the Trump campaign falsely claimed in ads that Harris would implement an electric vehicle mandate forcing US automakers to only produce electric or hydrogen vehicles by 2035.
Instead, Harris promised to invest in “retooling” existing facilities in order to capitalize and benefit from the clean energy shift and support companies to hire locally.
A Harris administration will likely lead to the continuation of Biden-era policies supporting electric cars, including the IRA and EV supply chain funding. She has also been vocal about her support of EV adoption, national clean energy goals and subsidies to encourage US-based EV production, as part of a larger goal of reducing carbon emissions and strengthening domestic supply chains.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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31 October
Carbonxt Group Limited – September 2024 Quarterly Update
Carbonxt Group Ltd (ASX:CG1) (‘‘Carbonxt” or “the Company”) has released its Appendix 4C Report for the September 2024 Quarter and provides the following update on the key areas of activity for the period -- all numbers are in A$.
Highlights
- 4-year, $24m contract extension for the ongoing supply of premium PAC products to Reworld – an existing Carbonxt customer. Post quarter-end, Carbonxt commenced full-scale delivery of additional PAC volumes to Reworld from its Black Birch facility, in accordance with the contact terms.
- Quarterly revenue of $4.3m, with Powdered Activated Carbon (PAC) sales up 31% and Activated Carbon Pellets (ACP) sales up 27%, driven by increased demand from the power generation sector.
- Successful completion of a $3.02m capital raise, via the placement of 46.4m fully paid ordinary shares at $0.065 per share which was strongly supported by a network of sophisticated and high net-worth investors and family offices.
- Carbonxt made a further $0.625m investment in NewCarbon Processing, LLC (“NewCarbon”), the investment vehicle for the new state-of-the-art AC production facility in Kentucky jointly held with Kentucky Carbon Processing, LLC (“KCP”), with a further $0.625m to be completed in this quarter.
- Key construction works at the flagship Activated Carbon production facility in Kentucky were completed in the quarter; commissioning of the plant is now imminent with business development and operating processes being ramped-up.
Principal Activities
Carbonxt is a cleantech company that develops and manufactures environmental technologies to maintain compliance with air and water emission requirements and to remove harmful pollutants. The Company’s primary operations are in the US and include a significant R&D focus as well as manufacturing plants for activated carbon pellets and powder activated carbon. Carbonxt continues to expand its pellet product portfolio to address numerous industrial applications.
Managing Director Warren Murphy commented:
“The September quarter was highlighted by continued momentum across all our key growth drivers, with increased sales from existing operations complemented by the forthcoming commissioning of our state-of-the-art production facility in Kentucky.”
“With commissioning of the Kentucky facility now imminent, Carbonxt continues to execute on its strategy to deliver a step-change in growth and earnings, significantly scaling up its production capacity to meet the growing demand for premium Activated Carbon production in the US market.”
Overview
- Customer receipts for the quarter were $1.8m. As noted in the ASX announcement of 28 May 2024, Wisconsin Public Service (“WPS”) pre-paid for the volume delivered in this quarter. The pre-payment amount was received in the previous quarter and associated volumes have now been delivered in full. New business in the waste to energy market (see announcement of 17 October 2024) commenced on 1 October 2024 and these increased revenues will be seen the next quarter.
- Activated Carbon Pellet (ACP) primary sales during this period were higher by 27% for the quarter compared to last quarter as the WPS pre-paid volumes were delivered.
- Powdered Activated Carbon (PAC) revenue was 31% higher this quarter as compared to the prior quarter due to seasonally higher PAC usage in the summer by electricity utility customers.
Revenue and Operating Cash Flow
- Total revenue for the quarter was $4.3m with PAC sales contributing to 42% of this revenue. To mitigate the impact of seasonal fluctuations, which are a feature of the power generation sector, the Company continues to diversify its product offerings and expand into other markets, particularly in the water and wastewater sectors.
- As noted earlier, the Net Operating Cash for the quarter reflects the prepayment for 1,200 tons of ACP products from WPS in the prior quarter, with production and revenue recognition largely in this quarter.
- Revenue and cash receipts from the $6m p.a. contract extension with Reworld will be recognised in the December quarter, following the completion of first deliveries in October.
Figure 1 – Quarterly Net Operating Cashflows
Further Investment in NewCarbon
Carbonxt utilised part of its recent fundraising (see below) to meet the next instalment of its investment in NewCarbon. The total instalment is US$1.25m, with US$0.625m made in the quarter, with the remaining balance expected to be made by 15 November 2024. Carbonxt’s ownership stake in NewCarbon at the end of this September quarter is 38%.
Click here for the Appendix 4C
Click here for the full ASX Release
This article includes content from Carbonxt Group, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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31 October
Energy Technologies Limited 1Q FY2025 Quarterly Activities Report and Appendix 4C
Energy Technologies Limited (ASX: EGY), is pleased to release its Quarterly Activities Report and Appendix 4C Quarterly Cash Flow Report for the period ended September 2024 (“1Q FY2025”).
Key highlights:
- Quarterly cash receipts of A$3.2m, up 23% on June 2024 Quarter;
- Net Cash operating outflows of $1.28m, a 52.6% improvement on June 2024 Quarter;
- Renewable Energy Division becomes operational and records initial sales receipts of $328k;
- Wholesale product agency/distribution agreement with Tratos Group finalised and implemented within the Purchased Sales Division;
- On 12 September 2024, announced a non-renounceable pro-rata rights issue to eligible shareholders to raise up to c. $12.7 million; and
- $6.00m line of credit secured to support continued execution of the revised business plan including anticipated growth of the Renewable Energy and Purchased Sales divisions.
During 1Q FY2025, EGY recorded cash receipts of A$3.2m, up 23% on the immediately preceding quarter ending 30th June 2024 (“June 2024 Quarter”) facilitated by inaugural cash receipts in an amount of $328k from the Renewable Energy Division (as to which refer below).
The increased cash receipts and continued execution in respect of the previously announced revised business plan contributed to a significant reduction in 1Q FY2025 net cash operating outflows to $1.28m, a 52.6% improvement over the June 2024 Quarter.
The revised business plan re-focuses the Company from being predominantly concerned with the manufactured sales of specialised low voltage wires and cables to a broadening of commercial pursuits comprising:
- adopting strict financial margin metrics for the Manufactured Sales Division, whereby – absent a compelling commercial rationale - low margin production orders are transferred to the Purchased Sales Division;
- the commissioning of the of the Renewable Energy Division, which currently comprises the recently announced wholesale distribution agreement with the Gantner Group; and
- the establishment of the Purchased Sales Division with the recently announced wholesale distribution agreement with the Tratos Group, which now enables EGY to offer the complete suite of medium and high voltage wires, cables and allied products.
As a consequence of the continued execution of the transformative business plan, EGY not only enjoyed its first sales from the Renewable Energy Division during 1Q FY2025 but importantly has been able to confidently commence tendering in this sector supported by the recent:
- procurement of a $6.00m line of credit; and
- launch of the c. $12.7m non-renounceable pro rata rights issue.
With the forgoing initiatives, EGY can now comfortably meet any working capital requirements arising from its’ enhanced business activities. In this respect the Board reserves the right to place the rights issue shortfall as the working capital requirements dictate.
EGY CEO Nick Cousins commented: “We are currently pursuing a range of tenders that extend beyond revenue opportunities in our Renewable Energy Division. EGY is strategically positioned to enhance revenue growth in both the Purchased Sales and Manufactured Sales divisions. Our ability to provide comprehensive solutions across low, medium, and high voltage wires, cables, and related products will enable us to capitalise on these opportunities effectively”.
Click here for the full ASX Release
This article includes content from Energy Technologies Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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24 October
Biden Admin Pledges US$428 Million for Clean Energy in Ex-Coal Regions
The Biden administration announced on Tuesday (October 22) that it has allotted US$428 million to accelerate clean energy manufacturing in former coal communities located across the US.
The US Department of Energy (DOE) selected 14 projects to receive funds, saying that the money will be distributed among 15 communities that have historically been dependent on coal production.
The move is part of the broader Investing in America agenda, which seeks to bolster the US economy by creating jobs, addressing energy supply chain vulnerabilities and transitioning to cleaner energy sources.
The projects, led by small and medium-sized businesses, are intended to transform regions that were once reliant on coal by supporting clean energy industries. The DOE’s Office of Manufacturing and Energy Supply Chains selected the projects to stimulate private sector investment and create over 1,900 jobs in these coal communities.
According to US Secretary of Energy Jennifer Granholm, this initiative leverages the expertise and skills of former members of the coal workforce, many of whom have powered the nation for decades.
“By leveraging the know-how and skillset of the former coal workforce, we are strengthening our national security while helping advance forward-facing technologies and revitalize communities across the nation,” she added.
Combined, these investments are geared at ensuring that the US remains competitive in the growing global market for clean energy, which is projected to reach US$23 trillion by 2030.
The projects range from retrofitting facilities to produce key components for renewable energy, such as lithium-ion batteries and high-efficiency motors, to developing low-carbon building materials from recycled industrial waste.
Several of these projects are expected to make immediate contributions to both local economies and the clean energy sector, addressing supply chain gaps and increasing US manufacturing capacity.
One example is a US$24.9 million amount awarded to Anthro Energy in Louisville, Kentucky. The company will retrofit a facility to produce advanced electrolyte for use in lithium-ion batteries, creating around 115 permanent jobs.
Another project, led by CleanFiber, will establish two separate production facilities in Chehalis, Washington, and Ennis, Texas, to produce advanced cellulose insulation from recycled cardboard. These facilities are projected to weatherize over 20,000 homes annually and provide full-time employment for 80 workers.
In Erie, Michigan, TS Conductor has received US$28.2 million to set up a factory that will produce high-voltage direct-current conductors. This facility will create more than 425 construction jobs and over 160 operational roles.
In Tennessee, Hempitecture will receive US$8.42 million to create a facility for processing industrial hemp into sustainable building materials. Other notable projects include an US$80 million award to MetOx International to develop an advanced superconductor manufacturing facility in the Southeast US, and a US$52.6 million award to Terra CO2 Holdings to build a new facility in Magna, Utah, for producing low-emission cement alternatives.
The DOE’s announcement is seen as a commitment in the US’ shift toward renewable energy, as it simultaneously focuses on decarbonizing the energy sector and revitalizing industrial communities.
The investments are also aligned with the broader goals of the Biden administration, which focus on reducing reliance on foreign energy sources and increasing national security.
Don't forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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21 October
COLDry Lignite-Nitrogen Fertiliser Demonstration
Environmental Clean Technologies Limited (ASX: ECT) ("ECT" or "the Company") is pleased to announce the signing of the Joint Venture Agreement (JVA) with ESG Agriculture, advancing from the Heads of Agreement signed in July 2024. This marks a significant milestone in the progression of the COLDry Lignite-Nitrogen Fertiliser Project (“Project”).
Highlights:
- Joint Venture Agreement (JVA) with ESG Agriculture signed, building on the Heads of Agreement from July 2024
- Bacchus Marsh lignite-nitrogen fertiliser project targeting initial production of 30,000 tonnes per annum, increasing to 50,000 tpa
- Non-dilutive working capital loan application in progress
- Non-dilutive project financing under negotiation
- Field trials poised to commence, focused on securing off-take agreements.
Following the successful commissioning of the COLDry demonstration plant in December 2023, ECT explored various project pathways in late 2023 and early 2024. Lignite-nitrogen fertiliser was identified as the fastest and most cost-effective avenue for revenue generation, positioning the agriculture application as the key focus for commercialisation.
Project Overview
The Project targets annual production of 30,000 tonnes per annum of lignite-blended nitrogen fertiliser, with the ability to increase to 50,000 tonnes per annum, based on the current plant capacity and design. This represents a major shift in ECT's efforts, evolving from a technical demonstration of the COLDry process into a commercial initiative.
The Project offers farmers a sustainable and cost-effective solution by incorporating lignite into the fertiliser, reducing urea usage by 50%, and drying the blended, granulated product using ECT’s patented COLDry technology. The fertiliser is designed to lower nitrogen emissions, enhance crop yields, and mitigate environmental impacts.
Following the completion of field trials, ECT expects to formalise off-take agreements and generate revenue ahead of the planned Phase 1 expansion to 50,000 tonnes per annum.
Signing of Joint Venture with ESG Agriculture
The Joint Venture Agreement (JVA) with ESG Agriculture marks the next phase in the collaboration following the success of the Heads of Agreement. ECT and ESG Agriculture have committed $500,000 in equity (50/50 split) to establish the joint venture entity, which will oversee production and lead field trials for the lignite- nitrogen fertiliser.
Sam Rizzo, ECT’s Managing Director, commented:
“Our partnership with ESG Agriculture builds on the successful commissioning of our COLDry demonstration plant, moving our technology into the commercial arena. This joint venture will showcase the effectiveness of lignite-blended nitrogen fertilisers and unlock new growth opportunities in agriculture, offering farmers a sustainable and cost-efficient solution.”
Engineering and Field Trials
The Project continues to make strong progress, having previously achieved a key technical milestone with the successful independent testing that validated the blending and drying of lignite with nitrogen fertiliser. The Project will shortly enter field trials across major South Australia, Victoria, New South Wales, and Queensland agricultural regions.
The field trials, supported by Memoranda of Understanding (MOU’s) with major agricultural stakeholders, aim to convert successful outcomes into binding offtake agreements, transforming the trials into commercially bankable results.
Financial and Operational Progress
To support the project’s execution, ECT is finalising a loan secured against its Yallourn property. This non- dilutive working capital will provide funding through the field trials phase. Concurrently, ECT is negotiating a project loan to enable the commencement of construction.
ECT remains focused on a financing strategy prioritising non-dilutive options to protect shareholder value. This will enable the Company to meet key milestones, including construction, field trials, and the start of commercial production.
Click here for the full ASX Release
This article includes content from Environmental Clean Technologies Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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17 October
Expanded PAC Volumes Commence for $24M Reworld Contract
Carbonxt Group Ltd (ASX:CG1) (‘‘Carbonxt” or “the Company”) is pleased to announce that it has commenced the delivery of additional Powder Activated Carbon (“PAC”) volumes to Reworld, a global leader in sustainable waste solutions, from its Black Birch facility in Swainsboro, Georgia.
- Expanded PAC Delivery to Reworld: Carbonxt has commenced full-scale delivery of additional Powder Activated Carbon (PAC) volumes to Reworld from its Black Birch facility, supporting Reworld's emission control efforts across 17 U.S. waste-to-energy plants.
- First deliveries under Carbonxt’s 4-year, $24m contract extension with Reworld, which will generate annual revenues of ~$6m for the duration of the contract with a significant uplift in gross margins for the Black Birch facility
- Resilience Post-Hurricanes: Despite the impact of Hurricanes Helene and Milton, the Black Birch facility experienced only a brief outage and sustained no significant damage, allowing Carbonxt to quickly resume operations and meet delivery commitments.
All amounts are in AUD unless otherwise stated.
This marks a critical milestone in the Company’s previously announced contract extension with Reworld, which now encompasses a larger portion of their PAC supply for use in 17 waste-to-energy plants across the U.S. The PAC, manufactured at Carbonxt’s Black Birch plant, is a key component in Reworld’s efforts to meet stringent mercury, dioxin, and furan emission regulations while supporting their broader sustainability goals.
The additional PAC deliveries form part of Carbonxt’s 4-year, $24m contract extension with Reworld, with first shipments completed in line with the planned October commencement date (refer ASX Announcement 22 July 2024). A key decision factor for Reworld in extending its contract was the sustainable nature of Carbonxt’s PAC products, which aligns strategically with Reworld’s move away from fossil fuels and its focus and commitment to advancing zero waste initiatives and meeting its sustainability objectives.
The contract is valued at around $6 million annually, with the additional volume delivery representing a significant scale-up for Carbonxt’s operations. The Company has optimized the Black Birch facility to handle the increased demand, implementing new efficiencies and ensuring a consistent, high-quality PAC supply to support Reworld’s emission control systems.
Update on Business and Manufacturing Operations Post-Hurricanes Helene and Milton
Carbonxt is also pleased to report that despite facing two recent major weather events, Hurricane Helene and Hurricane Milton, the Company’s Black Birch manufacturing facility has resumed full operations with no significant damage.
The plant experienced a short outage during the hurricances, however, there was no long-term impact on production capabilities or the integrity of the facility. Thanks to prompt recovery efforts and robust contingency planning, the facility was back online swiftly, allowing Carbonxt to continue fulfilling its delivery obligations with minimal disruption.
As part of its long-term collaboration, Carbonxt will continue to work with Reworld through their Preferred Supplier Program and in joint sustainability initiatives, including the development and acquisition of renewable energy credits.
Comment
Managing Director Warren Murphy said: “We are thrilled to have successfully ramped up production at Black Birch and to now be delivering the increased PAC volumes to Reworld. This contract underscores the strength of our renewable PAC products and the trust that Reworld has placed in our capabilities. We look forward to continuing our partnership as a key supplier of PAC product to assist Reworld in meeting their emissions targets and achieving their long-term sustainability objectives.”
Click here for the full ASX Release
This article includes content from Carbonxt Group, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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