End products are drop‑in fuels and chemical feedstocks priced in global commodity markets, which limits intrinsic pricing power. Any margin advantage must come from cost position, feedstock terms and process yields rather than price premiums.
Management asserts no subsidies are required for viability, but that claim must be evidenced in plant operations and long‑term contracts. Until offtakes are signed and plants run at scale, we assign limited pricing power.







