Abundia Global Impact

Intangible assets: the company licenses proven technologies rather than owning a proprietary platform, though the Topsoe HydroFlex upgrading license for multiple projects is a positive de‑risking step.

Plastics pyrolysis rights (Alterra) and biomass pyrolysis (BTG) increase optionality, but licensing typically confers less durable advantage than owned IP.

Switching costs: once a plant is built, process choices and long‑term feedstock contracts can create operational switching frictions, yet customers of the end products (diesel, naphtha, SAF) have low switching costs because these are commodities. Network effects: none.

Cost and efficient scale: any cost edge will rely on stable low‑cost feedstock and high on‑stream performance; the 10‑year 40 ktpa feedstock deal is helpful but covers roughly half of one facility’s needs, and the Baytown area hosts much larger rival advanced recycling capacity operated by majors, pressuring eventual margins.

Overall moat potential is nascent and unproven until the first plant demonstrates sustained yields, uptime and off‑take economics.