{"version":"1.0.0","segments":[{"speaker":"Adam Rauwerdink","startTime":50.78,"endTime":53.06,"body":"So when you"},{"speaker":"Adam Rauwerdink","startTime":50.78,"endTime":53.06,"body":"look at steel you know what the"},{"speaker":"Adam Rauwerdink","startTime":53.6,"endTime":55.97,"body":"electricity are doing. There's"},{"speaker":"Adam Rauwerdink","startTime":53.6,"endTime":55.97,"body":"heat is certainly an element you"},{"speaker":"Adam Rauwerdink","startTime":55.97,"endTime":58.760000000000005,"body":"have to be at molten"},{"speaker":"Adam Rauwerdink","startTime":55.97,"endTime":58.760000000000005,"body":"temperatures, molten iron is in"},{"speaker":"Adam Rauwerdink","startTime":58.760000000000005,"endTime":63.410000000000004,"body":"1500 Plus Celsius. But the big"},{"speaker":"Adam Rauwerdink","startTime":58.760000000000005,"endTime":63.410000000000004,"body":"element is how do you revert to"},{"speaker":"Adam Rauwerdink","startTime":63.410000000000004,"endTime":67.76,"body":"convert iron oxide into iron."},{"speaker":"Adam Rauwerdink","startTime":63.410000000000004,"endTime":67.76,"body":"That's where there's really four"},{"speaker":"Adam Rauwerdink","startTime":67.76,"endTime":71.0,"body":"ways to do that you need what"},{"speaker":"Adam Rauwerdink","startTime":67.76,"endTime":71.0,"body":"they call it reducing agent. So"},{"speaker":"Adam Rauwerdink","startTime":71.0,"endTime":74.48,"body":"historically, carbon has been"},{"speaker":"Adam Rauwerdink","startTime":71.0,"endTime":74.48,"body":"the dominant one. If you want to"},{"speaker":"Adam Rauwerdink","startTime":74.48,"endTime":76.91,"body":"get rid of emissions, eliminate"},{"speaker":"Adam Rauwerdink","startTime":74.48,"endTime":76.91,"body":"that"},{"speaker":"Tim Montague","startTime":77.14,"endTime":79.75,"body":"Today on the Clean"},{"speaker":"Tim Montague","startTime":77.14,"endTime":79.75,"body":"Power Hour decarbonizing the"},{"speaker":"Tim Montague","startTime":79.75,"endTime":82.93,"body":"manufacture of steel and other"},{"speaker":"Tim Montague","startTime":79.75,"endTime":82.93,"body":"metals. I'm Tim Montague, your"},{"speaker":"Tim Montague","startTime":82.93,"endTime":85.33,"body":"host Welcome to the Clean Power"},{"speaker":"Tim Montague","startTime":82.93,"endTime":85.33,"body":"Hour, please check out all of"},{"speaker":"Tim Montague","startTime":85.33,"endTime":88.93,"body":"our content at"},{"speaker":"Tim Montague","startTime":85.33,"endTime":88.93,"body":"CleanPowerhour.com. Please give"},{"speaker":"Tim Montague","startTime":88.93,"endTime":92.35,"body":"us a rating and review on Apple"},{"speaker":"Tim Montague","startTime":88.93,"endTime":92.35,"body":"and Spotify so that others can"},{"speaker":"Tim Montague","startTime":92.35,"endTime":96.25,"body":"find this content. And please"},{"speaker":"Tim Montague","startTime":92.35,"endTime":96.25,"body":"subscribe to us on YouTube. My"},{"speaker":"Tim Montague","startTime":96.25,"endTime":98.47,"body":"guest today is Adam Rauwerdink"},{"speaker":"Tim Montague","startTime":96.25,"endTime":98.47,"body":"and he is the Senior Vice"},{"speaker":"Tim Montague","startTime":98.47,"endTime":100.99000000000001,"body":"President of Business"},{"speaker":"Tim Montague","startTime":98.47,"endTime":100.99000000000001,"body":"Development for a company called"},{"speaker":"Tim Montague","startTime":100.99000000000001,"endTime":103.53999999999999,"body":"Boston Metal. Welcome to the"},{"speaker":"Tim Montague","startTime":100.99000000000001,"endTime":103.53999999999999,"body":"show, Adam."},{"speaker":"Adam Rauwerdink","startTime":103.81,"endTime":106.09,"body":"Good morning,"},{"speaker":"Adam Rauwerdink","startTime":103.81,"endTime":106.09,"body":"Tim. Welcome to a thanks for"},{"speaker":"Adam Rauwerdink","startTime":106.50999999999999,"endTime":108.78999999999999,"body":"introducing us or inviting us to"},{"speaker":"Adam Rauwerdink","startTime":106.50999999999999,"endTime":108.78999999999999,"body":"the show,"},{"speaker":"Tim Montague","startTime":109.06,"endTime":112.72,"body":"Excited to finally"},{"speaker":"Tim Montague","startTime":109.06,"endTime":112.72,"body":"get this going. And it's you"},{"speaker":"Tim Montague","startTime":112.72,"endTime":116.74,"body":"know, it's it's heady days in"},{"speaker":"Tim Montague","startTime":112.72,"endTime":116.74,"body":"clean tech and clean energy."},{"speaker":"Tim Montague","startTime":117.19,"endTime":122.74,"body":"Lots of lots of good news coming"},{"speaker":"Tim Montague","startTime":117.19,"endTime":122.74,"body":"out of the United States with"},{"speaker":"Tim Montague","startTime":122.74,"endTime":128.98000000000002,"body":"the IRA. You know, spurning"},{"speaker":"Tim Montague","startTime":122.74,"endTime":128.98000000000002,"body":"onshoring and reshoring of"},{"speaker":"Tim Montague","startTime":128.98000000000002,"endTime":134.38,"body":"manufacturing. And so I really"},{"speaker":"Tim Montague","startTime":128.98000000000002,"endTime":134.38,"body":"look forward to diving into"},{"speaker":"Tim Montague","startTime":134.38,"endTime":138.51999999999998,"body":"Boston Metal technology, which"},{"speaker":"Tim Montague","startTime":134.38,"endTime":138.51999999999998,"body":"is quite unique and, and the"},{"speaker":"Tim Montague","startTime":138.51999999999998,"endTime":142.93,"body":"company has been around a while."},{"speaker":"Tim Montague","startTime":138.51999999999998,"endTime":142.93,"body":"Because this is somewhat rocket"},{"speaker":"Tim Montague","startTime":142.93,"endTime":146.8,"body":"science. Unlike most of the"},{"speaker":"Tim Montague","startTime":142.93,"endTime":146.8,"body":"other technologies that we host"},{"speaker":"Tim Montague","startTime":146.8,"endTime":149.82999999999998,"body":"here on the show. I think you"},{"speaker":"Tim Montague","startTime":146.8,"endTime":149.82999999999998,"body":"guys are up to something quite"},{"speaker":"Tim Montague","startTime":149.82999999999998,"endTime":153.31,"body":"complicated. So tell us a little"},{"speaker":"Tim Montague","startTime":149.82999999999998,"endTime":153.31,"body":"bit about yourself first, and"},{"speaker":"Tim Montague","startTime":153.31,"endTime":155.95,"body":"then let's dive into Boston"},{"speaker":"Tim Montague","startTime":153.31,"endTime":155.95,"body":"Metal. Sure."},{"speaker":"Adam Rauwerdink","startTime":155.99,"endTime":158.0,"body":"So thanks for"},{"speaker":"Adam Rauwerdink","startTime":155.99,"endTime":158.0,"body":"inviting us again. So I've been"},{"speaker":"Adam Rauwerdink","startTime":158.0,"endTime":161.9,"body":"with Boston metal for about five"},{"speaker":"Adam Rauwerdink","startTime":158.0,"endTime":161.9,"body":"years now. My background is in"},{"speaker":"Adam Rauwerdink","startTime":161.9,"endTime":166.01,"body":"the climate tech clean tech"},{"speaker":"Adam Rauwerdink","startTime":161.9,"endTime":166.01,"body":"space. Since around 2010. I"},{"speaker":"Adam Rauwerdink","startTime":166.01,"endTime":168.68,"body":"worked for a number of energy"},{"speaker":"Adam Rauwerdink","startTime":166.01,"endTime":168.68,"body":"storage companies grid scale"},{"speaker":"Adam Rauwerdink","startTime":168.68,"endTime":173.18,"body":"energy storage, and then in"},{"speaker":"Adam Rauwerdink","startTime":168.68,"endTime":173.18,"body":"2017, moved to a different"},{"speaker":"Adam Rauwerdink","startTime":173.18,"endTime":177.14,"body":"sector of in clean tech over two"},{"speaker":"Adam Rauwerdink","startTime":173.18,"endTime":177.14,"body":"to decarbonizing steel and"},{"speaker":"Adam Rauwerdink","startTime":177.14,"endTime":181.22,"body":"metals production. And I've been"},{"speaker":"Adam Rauwerdink","startTime":177.14,"endTime":181.22,"body":"with Boston metal since joined"},{"speaker":"Adam Rauwerdink","startTime":181.22,"endTime":184.52,"body":"when it was quite small company,"},{"speaker":"Adam Rauwerdink","startTime":181.22,"endTime":184.52,"body":"fewer than 10 employees. Today,"},{"speaker":"Adam Rauwerdink","startTime":184.52,"endTime":187.85,"body":"we're over 100 employees raised"},{"speaker":"Adam Rauwerdink","startTime":184.52,"endTime":187.85,"body":"several rounds of capital, which"},{"speaker":"Adam Rauwerdink","startTime":187.85,"endTime":192.32,"body":"is one of my primary jobs. We've"},{"speaker":"Adam Rauwerdink","startTime":187.85,"endTime":192.32,"body":"also established partnerships"},{"speaker":"Adam Rauwerdink","startTime":192.32,"endTime":195.26,"body":"and beginning to deploy the"},{"speaker":"Adam Rauwerdink","startTime":192.32,"endTime":195.26,"body":"technology commercially. So"},{"speaker":"Adam Rauwerdink","startTime":195.41,"endTime":197.42,"body":"excited to tell you about all"},{"speaker":"Adam Rauwerdink","startTime":195.41,"endTime":197.42,"body":"that today."},{"speaker":"Tim Montague","startTime":198.44,"endTime":200.36,"body":"Very good, very"},{"speaker":"Tim Montague","startTime":198.44,"endTime":200.36,"body":"good. Well, let's just start at"},{"speaker":"Tim Montague","startTime":200.36,"endTime":204.53,"body":"the top, you know, your spin off"},{"speaker":"Tim Montague","startTime":200.36,"endTime":204.53,"body":"from MIT. Obviously, some some"},{"speaker":"Tim Montague","startTime":204.53,"endTime":206.9,"body":"big brains behind the"},{"speaker":"Tim Montague","startTime":204.53,"endTime":206.9,"body":"technology, what is the tech?"},{"speaker":"Tim Montague","startTime":206.9,"endTime":211.97,"body":"What is the basic technology?"},{"speaker":"Tim Montague","startTime":206.9,"endTime":211.97,"body":"And why is the runway so long"},{"speaker":"Tim Montague","startTime":211.97,"endTime":215.81,"body":"for bringing something like this"},{"speaker":"Tim Montague","startTime":211.97,"endTime":215.81,"body":"to commercial commercialization?"},{"speaker":"Adam Rauwerdink","startTime":216.2,"endTime":218.48,"body":"Sure, so the"},{"speaker":"Adam Rauwerdink","startTime":216.2,"endTime":218.48,"body":"core technology, we call it"},{"speaker":"Adam Rauwerdink","startTime":218.48,"endTime":223.34,"body":"molten oxide electrolysis. And"},{"speaker":"Adam Rauwerdink","startTime":218.48,"endTime":223.34,"body":"at its core, it's a really a"},{"speaker":"Adam Rauwerdink","startTime":223.34,"endTime":226.82,"body":"platform technology to convert,"},{"speaker":"Adam Rauwerdink","startTime":223.34,"endTime":226.82,"body":"you know, raw material"},{"speaker":"Adam Rauwerdink","startTime":226.82,"endTime":230.39000000000001,"body":"feedstocks, iron or other"},{"speaker":"Adam Rauwerdink","startTime":226.82,"endTime":230.39000000000001,"body":"oxides, how you find metal in"},{"speaker":"Adam Rauwerdink","startTime":230.39000000000001,"endTime":234.53,"body":"nature, and to convert them into"},{"speaker":"Adam Rauwerdink","startTime":230.39000000000001,"endTime":234.53,"body":"high purity molten metal"},{"speaker":"Adam Rauwerdink","startTime":234.53,"endTime":238.67,"body":"products that can go downstream"},{"speaker":"Adam Rauwerdink","startTime":234.53,"endTime":238.67,"body":"into all the end use products we"},{"speaker":"Adam Rauwerdink","startTime":238.67,"endTime":242.66,"body":"use. There's the three words in"},{"speaker":"Adam Rauwerdink","startTime":238.67,"endTime":242.66,"body":"there kind of describe the core"},{"speaker":"Adam Rauwerdink","startTime":242.66,"endTime":245.99,"body":"elements of molten oxide"},{"speaker":"Adam Rauwerdink","startTime":242.66,"endTime":245.99,"body":"electrolysis, it's molten, it's"},{"speaker":"Adam Rauwerdink","startTime":245.99,"endTime":249.59,"body":"a high temperature process. When"},{"speaker":"Adam Rauwerdink","startTime":245.99,"endTime":249.59,"body":"we're producing steel, this is"},{"speaker":"Adam Rauwerdink","startTime":249.59,"endTime":255.29,"body":"at 1600 degrees Celsius 3000"},{"speaker":"Adam Rauwerdink","startTime":249.59,"endTime":255.29,"body":"Fahrenheit. We are using oxides"},{"speaker":"Adam Rauwerdink","startTime":255.29,"endTime":258.98,"body":"as raw materials. So iron Orcon,"},{"speaker":"Adam Rauwerdink","startTime":255.29,"endTime":258.98,"body":"the primary component in iron"},{"speaker":"Adam Rauwerdink","startTime":258.98,"endTime":263.99,"body":"ore is iron oxide, you might"},{"speaker":"Adam Rauwerdink","startTime":258.98,"endTime":263.99,"body":"know that as rust. Our process"},{"speaker":"Adam Rauwerdink","startTime":263.99,"endTime":267.26,"body":"converts that into iron. And"},{"speaker":"Adam Rauwerdink","startTime":263.99,"endTime":267.26,"body":"then it's an electrolytic"},{"speaker":"Adam Rauwerdink","startTime":267.26,"endTime":270.65,"body":"process. So electricity is the"},{"speaker":"Adam Rauwerdink","startTime":267.26,"endTime":270.65,"body":"only energy source for the"},{"speaker":"Adam Rauwerdink","startTime":270.65,"endTime":274.64,"body":"process. And as you describe,"},{"speaker":"Adam Rauwerdink","startTime":270.65,"endTime":274.64,"body":"dig deeper into the technology,"},{"speaker":"Adam Rauwerdink","startTime":274.64,"endTime":277.82,"body":"because of that, you end up with"},{"speaker":"Adam Rauwerdink","startTime":274.64,"endTime":277.82,"body":"some terms similar to batteries."},{"speaker":"Adam Rauwerdink","startTime":277.82,"endTime":280.43,"body":"There's an anode, there's an a"},{"speaker":"Adam Rauwerdink","startTime":277.82,"endTime":280.43,"body":"cathode, there's an electrolyte,"},{"speaker":"Adam Rauwerdink","startTime":280.66999999999996,"endTime":284.53999999999996,"body":"but at its core, it's using"},{"speaker":"Adam Rauwerdink","startTime":280.66999999999996,"endTime":284.53999999999996,"body":"electricity to convert iron ore"},{"speaker":"Adam Rauwerdink","startTime":284.6,"endTime":287.65999999999997,"body":"into liquid iron, which can go"},{"speaker":"Adam Rauwerdink","startTime":284.6,"endTime":287.65999999999997,"body":"downstream into any form of"},{"speaker":"Adam Rauwerdink","startTime":287.65999999999997,"endTime":288.11,"body":"steel."},{"speaker":"Tim Montague","startTime":288.68,"endTime":292.34000000000003,"body":"And for our"},{"speaker":"Tim Montague","startTime":288.68,"endTime":292.34000000000003,"body":"listeners, make the distinction"},{"speaker":"Tim Montague","startTime":292.34000000000003,"endTime":297.16999999999996,"body":"between this process and more a"},{"speaker":"Tim Montague","startTime":292.34000000000003,"endTime":297.16999999999996,"body":"more traditional process, which"},{"speaker":"Tim Montague","startTime":297.16999999999996,"endTime":302.0,"body":"is much more carbon intensive."},{"speaker":"Tim Montague","startTime":297.16999999999996,"endTime":302.0,"body":"So yeah, how to how do you"},{"speaker":"Tim Montague","startTime":302.0,"endTime":303.23,"body":"compare the two? Yeah,"},{"speaker":"Adam Rauwerdink","startTime":303.23,"endTime":306.26,"body":"so the"},{"speaker":"Adam Rauwerdink","startTime":303.23,"endTime":306.26,"body":"traditional steel mill today, so"},{"speaker":"Adam Rauwerdink","startTime":306.26,"endTime":310.13,"body":"there globally, 2 billion tonnes"},{"speaker":"Adam Rauwerdink","startTime":306.26,"endTime":310.13,"body":"of steel made each year, that's"},{"speaker":"Adam Rauwerdink","startTime":310.13,"endTime":315.95000000000005,"body":"about the Eiffel Tower 250,000"},{"speaker":"Adam Rauwerdink","startTime":310.13,"endTime":315.95000000000005,"body":"times every year 70% of that is"},{"speaker":"Adam Rauwerdink","startTime":315.95000000000005,"endTime":319.76,"body":"made using a process called the"},{"speaker":"Adam Rauwerdink","startTime":315.95000000000005,"endTime":319.76,"body":"blast furnace, which uses coal"},{"speaker":"Adam Rauwerdink","startTime":319.97,"endTime":323.03,"body":"as the energy source and coal"},{"speaker":"Adam Rauwerdink","startTime":319.97,"endTime":323.03,"body":"has really been the dominant way"},{"speaker":"Adam Rauwerdink","startTime":323.03,"endTime":327.16999999999996,"body":"to make steel since the Iron Age"},{"speaker":"Adam Rauwerdink","startTime":323.03,"endTime":327.16999999999996,"body":"a few 1000 years ago. And that's"},{"speaker":"Adam Rauwerdink","startTime":327.16999999999996,"endTime":330.74,"body":"the process that you see today."},{"speaker":"Adam Rauwerdink","startTime":327.16999999999996,"endTime":330.74,"body":"But with 2 billion tonnes being"},{"speaker":"Adam Rauwerdink","startTime":330.74,"endTime":333.95000000000005,"body":"made, for every tonne of steel"},{"speaker":"Adam Rauwerdink","startTime":330.74,"endTime":333.95000000000005,"body":"that's made of a blast furnace,"},{"speaker":"Adam Rauwerdink","startTime":333.95000000000005,"endTime":337.94000000000005,"body":"you get about two tonnes of co2,"},{"speaker":"Adam Rauwerdink","startTime":333.95000000000005,"endTime":337.94000000000005,"body":"and that adds up to eight to 10%"},{"speaker":"Adam Rauwerdink","startTime":337.94000000000005,"endTime":341.39,"body":"of global carbon emissions,"},{"speaker":"Adam Rauwerdink","startTime":337.94000000000005,"endTime":341.39,"body":"which is one of the big focuses"},{"speaker":"Adam Rauwerdink","startTime":341.39,"endTime":344.92999999999995,"body":"behind Boston metal is driving"},{"speaker":"Adam Rauwerdink","startTime":341.39,"endTime":344.92999999999995,"body":"that to zero. But that's the"},{"speaker":"Adam Rauwerdink","startTime":344.92999999999995,"endTime":347.65999999999997,"body":"incumbent processes is"},{"speaker":"Adam Rauwerdink","startTime":344.92999999999995,"endTime":347.65999999999997,"body":"converting iron ore to liquid"},{"speaker":"Adam Rauwerdink","startTime":347.65999999999997,"endTime":351.40999999999997,"body":"iron, using coal using carbon as"},{"speaker":"Adam Rauwerdink","startTime":347.65999999999997,"endTime":351.40999999999997,"body":"the energy source."},{"speaker":"Tim Montague","startTime":351.65,"endTime":354.20000000000005,"body":"And you know, I've"},{"speaker":"Tim Montague","startTime":351.65,"endTime":354.20000000000005,"body":"noticed that there are now"},{"speaker":"Tim Montague","startTime":354.23,"endTime":357.55999999999995,"body":"companies that are you know,"},{"speaker":"Tim Montague","startTime":354.23,"endTime":357.55999999999995,"body":"making green steel with hydrogen"},{"speaker":"Tim Montague","startTime":357.55999999999995,"endTime":363.83000000000004,"body":"for example, instead of coal as"},{"speaker":"Tim Montague","startTime":357.55999999999995,"endTime":363.83000000000004,"body":"a thermal source of heat. But,"},{"speaker":"Tim Montague","startTime":363.86,"endTime":366.89,"body":"but are there gradations of"},{"speaker":"Tim Montague","startTime":363.86,"endTime":366.89,"body":"decarbonizing steel?"},{"speaker":"Adam Rauwerdink","startTime":367.07000000000005,"endTime":369.28999999999996,"body":"Yeah, so the"},{"speaker":"Adam Rauwerdink","startTime":367.07000000000005,"endTime":369.28999999999996,"body":"one of the first things are the"},{"speaker":"Adam Rauwerdink","startTime":369.28999999999996,"endTime":373.49,"body":"most prominent sources of low"},{"speaker":"Adam Rauwerdink","startTime":369.28999999999996,"endTime":373.49,"body":"carbon steel today are the low"},{"speaker":"Adam Rauwerdink","startTime":373.49,"endTime":377.27,"body":"emission steel, low embodied"},{"speaker":"Adam Rauwerdink","startTime":373.49,"endTime":377.27,"body":"emission steel is recycling. So,"},{"speaker":"Adam Rauwerdink","startTime":377.27,"endTime":382.07000000000005,"body":"the 70% comes from coal, the"},{"speaker":"Adam Rauwerdink","startTime":377.27,"endTime":382.07000000000005,"body":"other 30% globally is recycling"},{"speaker":"Adam Rauwerdink","startTime":382.1,"endTime":384.77,"body":"remelting, you'll, you'll hear"},{"speaker":"Adam Rauwerdink","startTime":382.1,"endTime":384.77,"body":"the term the electric arc"},{"speaker":"Adam Rauwerdink","startTime":384.77,"endTime":388.54999999999995,"body":"furnace and da F, which is how"},{"speaker":"Adam Rauwerdink","startTime":384.77,"endTime":388.54999999999995,"body":"you take chopped up cars and"},{"speaker":"Adam Rauwerdink","startTime":388.54999999999995,"endTime":393.16999999999996,"body":"appliances, melt that, dilute"},{"speaker":"Adam Rauwerdink","startTime":388.54999999999995,"endTime":393.16999999999996,"body":"out some of the contaminants and"},{"speaker":"Adam Rauwerdink","startTime":393.16999999999996,"endTime":396.74,"body":"then produce new grades of steel"},{"speaker":"Adam Rauwerdink","startTime":393.16999999999996,"endTime":396.74,"body":"and new new steel products. In"},{"speaker":"Adam Rauwerdink","startTime":396.74,"endTime":401.63,"body":"the US market, about 70% of the"},{"speaker":"Adam Rauwerdink","startTime":396.74,"endTime":401.63,"body":"market is recycling for steel."},{"speaker":"Adam Rauwerdink","startTime":402.11,"endTime":405.79999999999995,"body":"So, in terms of low emissions,"},{"speaker":"Adam Rauwerdink","startTime":402.11,"endTime":405.79999999999995,"body":"steel, that's the fastest and"},{"speaker":"Adam Rauwerdink","startTime":405.79999999999995,"endTime":409.42999999999995,"body":"the most dominant route today."},{"speaker":"Adam Rauwerdink","startTime":405.79999999999995,"endTime":409.42999999999995,"body":"Where are you go from there to"},{"speaker":"Adam Rauwerdink","startTime":409.42999999999995,"endTime":412.82000000000005,"body":"fully decarbonize the industry,"},{"speaker":"Adam Rauwerdink","startTime":409.42999999999995,"endTime":412.82000000000005,"body":"which is the goal of the"},{"speaker":"Adam Rauwerdink","startTime":412.82000000000005,"endTime":416.51,"body":"steelmakers by 2050. That's"},{"speaker":"Adam Rauwerdink","startTime":412.82000000000005,"endTime":416.51,"body":"where you start to have to get"},{"speaker":"Adam Rauwerdink","startTime":416.51,"endTime":420.32000000000005,"body":"into alternatives to that blast"},{"speaker":"Adam Rauwerdink","startTime":416.51,"endTime":420.32000000000005,"body":"furnace route, or certainly one"},{"speaker":"Adam Rauwerdink","startTime":420.32000000000005,"endTime":424.42999999999995,"body":"of those, that thing can scale"},{"speaker":"Adam Rauwerdink","startTime":420.32000000000005,"endTime":424.42999999999995,"body":"to the required levels. You're"},{"speaker":"Adam Rauwerdink","startTime":424.42999999999995,"endTime":428.05999999999995,"body":"seeing some early work in using"},{"speaker":"Adam Rauwerdink","startTime":424.42999999999995,"endTime":428.05999999999995,"body":"hydrogen and green hydrogen"},{"speaker":"Adam Rauwerdink","startTime":428.05999999999995,"endTime":433.34000000000003,"body":"being the focus. There are some"},{"speaker":"Adam Rauwerdink","startTime":428.05999999999995,"endTime":433.34000000000003,"body":"other kind of interim solutions,"},{"speaker":"Adam Rauwerdink","startTime":433.34000000000003,"endTime":436.30999999999995,"body":"such as carbon capture that"},{"speaker":"Adam Rauwerdink","startTime":433.34000000000003,"endTime":436.30999999999995,"body":"could be applied into some"},{"speaker":"Adam Rauwerdink","startTime":436.30999999999995,"endTime":439.37,"body":"extents to reduce the emissions"},{"speaker":"Adam Rauwerdink","startTime":436.30999999999995,"endTime":439.37,"body":"from an from an established"},{"speaker":"Adam Rauwerdink","startTime":439.4,"endTime":442.19000000000005,"body":"blast furnace. But really the"},{"speaker":"Adam Rauwerdink","startTime":439.4,"endTime":442.19000000000005,"body":"big the big focus of the"},{"speaker":"Adam Rauwerdink","startTime":442.19000000000005,"endTime":445.88,"body":"industries, how do you move from"},{"speaker":"Adam Rauwerdink","startTime":442.19000000000005,"endTime":445.88,"body":"carbon as energy source to"},{"speaker":"Adam Rauwerdink","startTime":445.88,"endTime":449.78,"body":"something else? And at the scale"},{"speaker":"Adam Rauwerdink","startTime":445.88,"endTime":449.78,"body":"of steel, there's very few other"},{"speaker":"Adam Rauwerdink","startTime":449.78,"endTime":453.77,"body":"energy sources that can that can"},{"speaker":"Adam Rauwerdink","startTime":449.78,"endTime":453.77,"body":"apply. We certainly believe in"},{"speaker":"Adam Rauwerdink","startTime":453.77,"endTime":456.67999999999995,"body":"direct electrification, you"},{"speaker":"Adam Rauwerdink","startTime":453.77,"endTime":456.67999999999995,"body":"could also use electricity to"},{"speaker":"Adam Rauwerdink","startTime":456.67999999999995,"endTime":459.47,"body":"make hydrogen and go that route"},{"speaker":"Adam Rauwerdink","startTime":456.67999999999995,"endTime":459.47,"body":"as well. But we can talk about"},{"speaker":"Adam Rauwerdink","startTime":459.47,"endTime":461.99,"body":"some of the benefits of direct"},{"speaker":"Adam Rauwerdink","startTime":459.47,"endTime":461.99,"body":"electrification."},{"speaker":"Tim Montague","startTime":462.91999999999996,"endTime":466.94000000000005,"body":"Talk about the"},{"speaker":"Tim Montague","startTime":462.91999999999996,"endTime":466.94000000000005,"body":"cost, how do you measure the"},{"speaker":"Tim Montague","startTime":466.94000000000005,"endTime":470.9,"body":"cost of manufacturing steel? Is"},{"speaker":"Tim Montague","startTime":466.94000000000005,"endTime":470.9,"body":"it cost per tonne or something"},{"speaker":"Tim Montague","startTime":470.9,"endTime":475.42999999999995,"body":"like that? And then what is the"},{"speaker":"Tim Montague","startTime":470.9,"endTime":475.42999999999995,"body":"what is the holy grail? What it"},{"speaker":"Tim Montague","startTime":475.42999999999995,"endTime":479.99,"body":"what is it that you are chasing,"},{"speaker":"Tim Montague","startTime":475.42999999999995,"endTime":479.99,"body":"so that when you enter the large"},{"speaker":"Tim Montague","startTime":479.99,"endTime":483.11,"body":"scale commercialization market,"},{"speaker":"Tim Montague","startTime":479.99,"endTime":483.11,"body":"you are cost competitive with"},{"speaker":"Tim Montague","startTime":483.11,"endTime":485.12,"body":"traditional steel. So if"},{"speaker":"Adam Rauwerdink","startTime":485.12,"endTime":487.42999999999995,"body":"listeners are"},{"speaker":"Adam Rauwerdink","startTime":485.12,"endTime":487.42999999999995,"body":"from the electricity sector,"},{"speaker":"Adam Rauwerdink","startTime":487.42999999999995,"endTime":490.70000000000005,"body":"they'll know the terminal"},{"speaker":"Adam Rauwerdink","startTime":487.42999999999995,"endTime":490.70000000000005,"body":"levelized cost of energy, use a"},{"speaker":"Adam Rauwerdink","startTime":490.70000000000005,"endTime":494.41999999999996,"body":"very similar metric and steel,"},{"speaker":"Adam Rauwerdink","startTime":490.70000000000005,"endTime":494.41999999999996,"body":"so a levelized cost of steel,"},{"speaker":"Adam Rauwerdink","startTime":494.75,"endTime":497.6,"body":"which takes into account the all"},{"speaker":"Adam Rauwerdink","startTime":494.75,"endTime":497.6,"body":"the different consumables, the"},{"speaker":"Adam Rauwerdink","startTime":497.6,"endTime":501.38,"body":"operating costs, and then also a"},{"speaker":"Adam Rauwerdink","startTime":497.6,"endTime":501.38,"body":"levelized form of the of the"},{"speaker":"Adam Rauwerdink","startTime":501.38,"endTime":504.38,"body":"capital cost. So that's what we"},{"speaker":"Adam Rauwerdink","startTime":501.38,"endTime":504.38,"body":"typically use as well, to"},{"speaker":"Adam Rauwerdink","startTime":504.38,"endTime":508.30999999999995,"body":"compare our MRP process with an"},{"speaker":"Adam Rauwerdink","startTime":504.38,"endTime":508.30999999999995,"body":"integrated mill or with a"},{"speaker":"Adam Rauwerdink","startTime":508.30999999999995,"endTime":512.03,"body":"hydrogen approach. On a pure"},{"speaker":"Adam Rauwerdink","startTime":508.30999999999995,"endTime":512.03,"body":"cost basis, there are also"},{"speaker":"Adam Rauwerdink","startTime":512.03,"endTime":515.78,"body":"supply chain and scalability"},{"speaker":"Adam Rauwerdink","startTime":512.03,"endTime":515.78,"body":"issues you consider. But when we"},{"speaker":"Adam Rauwerdink","startTime":515.78,"endTime":518.63,"body":"look at our process, one of the"},{"speaker":"Adam Rauwerdink","startTime":515.78,"endTime":518.63,"body":"key variables since you're"},{"speaker":"Adam Rauwerdink","startTime":518.63,"endTime":523.43,"body":"moving from coal to electricity,"},{"speaker":"Adam Rauwerdink","startTime":518.63,"endTime":523.43,"body":"the source of that electricity,"},{"speaker":"Adam Rauwerdink","startTime":523.61,"endTime":525.68,"body":"and the price of that"},{"speaker":"Adam Rauwerdink","startTime":523.61,"endTime":525.68,"body":"electricity is one of the key"},{"speaker":"Adam Rauwerdink","startTime":525.68,"endTime":530.24,"body":"drivers. So when we look at how"},{"speaker":"Adam Rauwerdink","startTime":525.68,"endTime":530.24,"body":"do you compete, leaving aside"},{"speaker":"Adam Rauwerdink","startTime":530.24,"endTime":532.82,"body":"carbon taxes, green premiums for"},{"speaker":"Adam Rauwerdink","startTime":530.24,"endTime":532.82,"body":"the moment, if you want to"},{"speaker":"Adam Rauwerdink","startTime":532.82,"endTime":537.08,"body":"compete directly on cost 30 to"},{"speaker":"Adam Rauwerdink","startTime":532.82,"endTime":537.08,"body":"$40 per megawatt hour of"},{"speaker":"Adam Rauwerdink","startTime":537.08,"endTime":540.47,"body":"electricity at that price point."},{"speaker":"Adam Rauwerdink","startTime":537.08,"endTime":540.47,"body":"By the end of this decade, we"},{"speaker":"Adam Rauwerdink","startTime":540.47,"endTime":542.63,"body":"think we can compete directly"},{"speaker":"Adam Rauwerdink","startTime":540.47,"endTime":542.63,"body":"with the incumbent."},{"speaker":"Tim Montague","startTime":543.95,"endTime":549.74,"body":"Yeah, so that that"},{"speaker":"Tim Montague","startTime":543.95,"endTime":549.74,"body":"is a potential sticking point,"},{"speaker":"Tim Montague","startTime":549.77,"endTime":554.15,"body":"right? You need large volumes of"},{"speaker":"Tim Montague","startTime":549.77,"endTime":554.15,"body":"clean energy to make this"},{"speaker":"Tim Montague","startTime":554.15,"endTime":560.33,"body":"process clean. And there are"},{"speaker":"Tim Montague","startTime":554.15,"endTime":560.33,"body":"places certainly, you know,"},{"speaker":"Tim Montague","startTime":560.33,"endTime":564.29,"body":"upstate New York, where there's"},{"speaker":"Tim Montague","startTime":560.33,"endTime":564.29,"body":"lots of hydro places in the"},{"speaker":"Tim Montague","startTime":564.29,"endTime":567.5899999999999,"body":"Midwest, or in Texas, where"},{"speaker":"Tim Montague","startTime":564.29,"endTime":567.5899999999999,"body":"there's lots of wind energy."},{"speaker":"Tim Montague","startTime":567.98,"endTime":572.6,"body":"Well, let's let's I guess, let's"},{"speaker":"Tim Montague","startTime":567.98,"endTime":572.6,"body":"talk about the go to market."},{"speaker":"Tim Montague","startTime":572.6,"endTime":577.31,"body":"What is your strategy? How do"},{"speaker":"Tim Montague","startTime":572.6,"endTime":577.31,"body":"you foresee, you know, getting"},{"speaker":"Tim Montague","startTime":577.31,"endTime":579.5899999999999,"body":"traction in the US? And then"},{"speaker":"Tim Montague","startTime":577.31,"endTime":579.5899999999999,"body":"let's talk about the"},{"speaker":"Tim Montague","startTime":579.5899999999999,"endTime":580.73,"body":"international as well?"},{"speaker":"Adam Rauwerdink","startTime":581.06,"endTime":583.0699999999999,"body":"Yeah, so"},{"speaker":"Adam Rauwerdink","startTime":581.06,"endTime":583.0699999999999,"body":"sticking within steel is"},{"speaker":"Adam Rauwerdink","startTime":583.0699999999999,"endTime":586.97,"body":"certainly a global a global"},{"speaker":"Adam Rauwerdink","startTime":583.0699999999999,"endTime":586.97,"body":"place. So 60 to 70% of steel is"},{"speaker":"Adam Rauwerdink","startTime":586.97,"endTime":590.3,"body":"in the Asian markets, some of"},{"speaker":"Adam Rauwerdink","startTime":586.97,"endTime":590.3,"body":"the high growth markets that are"},{"speaker":"Adam Rauwerdink","startTime":590.3,"endTime":593.87,"body":"forecast over the coming decades"},{"speaker":"Adam Rauwerdink","startTime":590.3,"endTime":593.87,"body":"or markets like India, certainly"},{"speaker":"Adam Rauwerdink","startTime":593.87,"endTime":597.89,"body":"parts of Africa that could grow."},{"speaker":"Adam Rauwerdink","startTime":593.87,"endTime":597.89,"body":"So when we look at deploying the"},{"speaker":"Adam Rauwerdink","startTime":597.89,"endTime":600.92,"body":"technology, yes, for US base"},{"speaker":"Adam Rauwerdink","startTime":597.89,"endTime":600.92,"body":"today, and we may do our first"},{"speaker":"Adam Rauwerdink","startTime":600.92,"endTime":604.97,"body":"plants in the US, but we are"},{"speaker":"Adam Rauwerdink","startTime":600.92,"endTime":604.97,"body":"very much global. In our focus"},{"speaker":"Adam Rauwerdink","startTime":604.97,"endTime":608.18,"body":"for deploying and scaling the"},{"speaker":"Adam Rauwerdink","startTime":604.97,"endTime":608.18,"body":"technology. We do have a"},{"speaker":"Adam Rauwerdink","startTime":608.18,"endTime":612.38,"body":"subsidiary for higher value"},{"speaker":"Adam Rauwerdink","startTime":608.18,"endTime":612.38,"body":"metals, Ferro, niobium,"},{"speaker":"Adam Rauwerdink","startTime":612.38,"endTime":615.14,"body":"vanadium, manganese, other"},{"speaker":"Adam Rauwerdink","startTime":612.38,"endTime":615.14,"body":"metals that are much higher cost"},{"speaker":"Adam Rauwerdink","startTime":615.17,"endTime":618.02,"body":"lower volume than steel, but"},{"speaker":"Adam Rauwerdink","startTime":615.17,"endTime":618.02,"body":"higher cost and steel that we"},{"speaker":"Adam Rauwerdink","startTime":618.02,"endTime":621.3199999999999,"body":"have just deployed the first"},{"speaker":"Adam Rauwerdink","startTime":618.02,"endTime":621.3199999999999,"body":"product for, that's actually in"},{"speaker":"Adam Rauwerdink","startTime":621.3199999999999,"endTime":626.4499999999999,"body":"Brazil to start that product. So"},{"speaker":"Adam Rauwerdink","startTime":621.3199999999999,"endTime":626.4499999999999,"body":"we are global infocus with how"},{"speaker":"Adam Rauwerdink","startTime":626.4499999999999,"endTime":629.39,"body":"we deploy the technology. But"},{"speaker":"Adam Rauwerdink","startTime":626.4499999999999,"endTime":629.39,"body":"when it comes to steel,"},{"speaker":"Adam Rauwerdink","startTime":629.48,"endTime":632.75,"body":"electricity is a key driver. So"},{"speaker":"Adam Rauwerdink","startTime":629.48,"endTime":632.75,"body":"in terms of the early markets,"},{"speaker":"Adam Rauwerdink","startTime":632.75,"endTime":635.06,"body":"where we'll deploy the"},{"speaker":"Adam Rauwerdink","startTime":632.75,"endTime":635.06,"body":"technology, it'll be regions"},{"speaker":"Adam Rauwerdink","startTime":635.06,"endTime":639.68,"body":"where you have access to low"},{"speaker":"Adam Rauwerdink","startTime":635.06,"endTime":639.68,"body":"cost, reliable, clean power. If"},{"speaker":"Adam Rauwerdink","startTime":639.68,"endTime":642.5899999999999,"body":"you don't use clean power, you"},{"speaker":"Adam Rauwerdink","startTime":639.68,"endTime":642.5899999999999,"body":"don't have you know, the full"},{"speaker":"Adam Rauwerdink","startTime":642.5899999999999,"endTime":644.24,"body":"green steel benefit that you"},{"speaker":"Adam Rauwerdink","startTime":642.5899999999999,"endTime":644.24,"body":"would get."},{"speaker":"Tim Montague","startTime":645.17,"endTime":649.4599999999999,"body":"Yeah. And one of"},{"speaker":"Tim Montague","startTime":645.17,"endTime":649.4599999999999,"body":"the challenges with that is that"},{"speaker":"Tim Montague","startTime":650.5699999999999,"endTime":653.99,"body":"we Wind and solar are"},{"speaker":"Tim Montague","startTime":650.5699999999999,"endTime":653.99,"body":"intermittent I'm, I'm, I'm a"},{"speaker":"Tim Montague","startTime":653.99,"endTime":656.4499999999999,"body":"huge proponent for wind and"},{"speaker":"Tim Montague","startTime":653.99,"endTime":656.4499999999999,"body":"solar. Obviously, anybody who"},{"speaker":"Tim Montague","startTime":656.4499999999999,"endTime":660.14,"body":"listens to the show knows this."},{"speaker":"Tim Montague","startTime":656.4499999999999,"endTime":660.14,"body":"I'm a solar developer. But you"},{"speaker":"Tim Montague","startTime":660.14,"endTime":665.51,"body":"also need storage then in in, in"},{"speaker":"Tim Montague","startTime":660.14,"endTime":665.51,"body":"most places. But so where are"},{"speaker":"Tim Montague","startTime":665.51,"endTime":668.8399999999999,"body":"those places in the United"},{"speaker":"Tim Montague","startTime":665.51,"endTime":668.8399999999999,"body":"States that it'd be, it becomes"},{"speaker":"Tim Montague","startTime":668.8399999999999,"endTime":674.3,"body":"practical in the near term to"},{"speaker":"Tim Montague","startTime":668.8399999999999,"endTime":674.3,"body":"generate green steel."},{"speaker":"Adam Rauwerdink","startTime":674.48,"endTime":678.47,"body":"So whether we"},{"speaker":"Adam Rauwerdink","startTime":674.48,"endTime":678.47,"body":"how we approach this, two parts"},{"speaker":"Adam Rauwerdink","startTime":678.47,"endTime":680.78,"body":"of the question. So number one,"},{"speaker":"Adam Rauwerdink","startTime":678.47,"endTime":680.78,"body":"just a quick look at our"},{"speaker":"Adam Rauwerdink","startTime":680.78,"endTime":683.93,"body":"business model, so we will be a"},{"speaker":"Adam Rauwerdink","startTime":680.78,"endTime":683.93,"body":"licensee of the technology. So"},{"speaker":"Adam Rauwerdink","startTime":683.93,"endTime":687.47,"body":"we're not going to ultimately be"},{"speaker":"Adam Rauwerdink","startTime":683.93,"endTime":687.47,"body":"a steel maker, but our customers"},{"speaker":"Adam Rauwerdink","startTime":687.47,"endTime":690.4399999999999,"body":"who will be the steel makers,"},{"speaker":"Adam Rauwerdink","startTime":687.47,"endTime":690.4399999999999,"body":"having access to clean power is"},{"speaker":"Adam Rauwerdink","startTime":690.4399999999999,"endTime":693.77,"body":"important to them. So it's"},{"speaker":"Adam Rauwerdink","startTime":690.4399999999999,"endTime":693.77,"body":"certainly important to us. So we"},{"speaker":"Adam Rauwerdink","startTime":693.77,"endTime":697.22,"body":"look at that both as we look at"},{"speaker":"Adam Rauwerdink","startTime":693.77,"endTime":697.22,"body":"it globally, geographically, so"},{"speaker":"Adam Rauwerdink","startTime":697.22,"endTime":701.72,"body":"there are regions where you have"},{"speaker":"Adam Rauwerdink","startTime":697.22,"endTime":701.72,"body":"high problem prevalence of"},{"speaker":"Adam Rauwerdink","startTime":701.72,"endTime":705.56,"body":"nuclear power, or of hydro on"},{"speaker":"Adam Rauwerdink","startTime":701.72,"endTime":705.56,"body":"the grid today, which are"},{"speaker":"Adam Rauwerdink","startTime":705.56,"endTime":709.67,"body":"baseload renewable assets, and"},{"speaker":"Adam Rauwerdink","startTime":705.56,"endTime":709.67,"body":"have other regions where you"},{"speaker":"Adam Rauwerdink","startTime":709.67,"endTime":714.0799999999999,"body":"have lots of wind and solar"},{"speaker":"Adam Rauwerdink","startTime":709.67,"endTime":714.0799999999999,"body":"mixed with a grid, or you know,"},{"speaker":"Adam Rauwerdink","startTime":714.0799999999999,"endTime":717.3199999999999,"body":"as energy storage and other"},{"speaker":"Adam Rauwerdink","startTime":714.0799999999999,"endTime":717.3199999999999,"body":"solutions become more prominent,"},{"speaker":"Adam Rauwerdink","startTime":717.35,"endTime":722.24,"body":"different ways to generate 24/7"},{"speaker":"Adam Rauwerdink","startTime":717.35,"endTime":722.24,"body":"clean power. And when we look at"},{"speaker":"Adam Rauwerdink","startTime":722.24,"endTime":724.6999999999999,"body":"that globally, there, we start"},{"speaker":"Adam Rauwerdink","startTime":722.24,"endTime":724.6999999999999,"body":"to work with some of the big"},{"speaker":"Adam Rauwerdink","startTime":725.03,"endTime":728.6899999999999,"body":"renewables developers who have"},{"speaker":"Adam Rauwerdink","startTime":725.03,"endTime":728.6899999999999,"body":"that expertise in assembling"},{"speaker":"Adam Rauwerdink","startTime":728.6899999999999,"endTime":732.05,"body":"those assets. So we've talked"},{"speaker":"Adam Rauwerdink","startTime":728.6899999999999,"endTime":732.05,"body":"with many folks in the US and"},{"speaker":"Adam Rauwerdink","startTime":732.05,"endTime":736.0699999999999,"body":"Europe and elsewhere about how"},{"speaker":"Adam Rauwerdink","startTime":732.05,"endTime":736.0699999999999,"body":"to, but we would certainly"},{"speaker":"Adam Rauwerdink","startTime":736.1,"endTime":740.03,"body":"really rely heavily on on their"},{"speaker":"Adam Rauwerdink","startTime":736.1,"endTime":740.03,"body":"expertise. But that's it's very"},{"speaker":"Adam Rauwerdink","startTime":740.03,"endTime":743.42,"body":"similar to the tech company is"},{"speaker":"Adam Rauwerdink","startTime":740.03,"endTime":743.42,"body":"trying to get 24/7 power for"},{"speaker":"Adam Rauwerdink","startTime":743.42,"endTime":747.14,"body":"their data centres are many"},{"speaker":"Adam Rauwerdink","startTime":743.42,"endTime":747.14,"body":"other applications. And just"},{"speaker":"Adam Rauwerdink","startTime":747.14,"endTime":750.17,"body":"touching on hydrogen, again, if"},{"speaker":"Adam Rauwerdink","startTime":747.14,"endTime":750.17,"body":"you're going to do green"},{"speaker":"Adam Rauwerdink","startTime":750.17,"endTime":753.23,"body":"hydrogen, which is the primary"},{"speaker":"Adam Rauwerdink","startTime":750.17,"endTime":753.23,"body":"focus, you need about same"},{"speaker":"Adam Rauwerdink","startTime":753.23,"endTime":756.02,"body":"amount of power, so any of these"},{"speaker":"Adam Rauwerdink","startTime":753.23,"endTime":756.02,"body":"solutions that are looking to"},{"speaker":"Adam Rauwerdink","startTime":756.35,"endTime":760.13,"body":"heavily take a a high energy"},{"speaker":"Adam Rauwerdink","startTime":756.35,"endTime":760.13,"body":"intensity industry like steel"},{"speaker":"Adam Rauwerdink","startTime":760.16,"endTime":763.3399999999999,"body":"and convert that to electricity."},{"speaker":"Adam Rauwerdink","startTime":760.16,"endTime":763.3399999999999,"body":"It's gonna be all about where do"},{"speaker":"Adam Rauwerdink","startTime":763.3399999999999,"endTime":766.64,"body":"you have the power, and that"},{"speaker":"Adam Rauwerdink","startTime":763.3399999999999,"endTime":766.64,"body":"will certainly change over time."},{"speaker":"Tim Montague","startTime":768.89,"endTime":772.8199999999999,"body":"So I took a quick"},{"speaker":"Tim Montague","startTime":768.89,"endTime":772.8199999999999,"body":"peek here at the Wikipedia page"},{"speaker":"Tim Montague","startTime":772.8199999999999,"endTime":777.1999999999999,"body":"on iron and steel industries in"},{"speaker":"Tim Montague","startTime":772.8199999999999,"endTime":777.1999999999999,"body":"the US, right. And it's a very"},{"speaker":"Tim Montague","startTime":777.1999999999999,"endTime":781.43,"body":"consolidated market. There are"},{"speaker":"Tim Montague","startTime":777.1999999999999,"endTime":781.43,"body":"two major manufacturers, US"},{"speaker":"Tim Montague","startTime":781.43,"endTime":786.11,"body":"Steel and Cleveland cliffs. And"},{"speaker":"Tim Montague","startTime":781.43,"endTime":786.11,"body":"their facilities are are the"},{"speaker":"Tim Montague","startTime":786.11,"endTime":789.1999999999999,"body":"vast majority already in the"},{"speaker":"Tim Montague","startTime":786.11,"endTime":789.1999999999999,"body":"Midwest or Pennsylvania? And"},{"speaker":"Tim Montague","startTime":789.1999999999999,"endTime":792.3199999999999,"body":"then there's one outlier in"},{"speaker":"Tim Montague","startTime":789.1999999999999,"endTime":792.3199999999999,"body":"Alabama. So it looks like"},{"speaker":"Tim Montague","startTime":792.3199999999999,"endTime":795.29,"body":"there's an opportunity here in"},{"speaker":"Tim Montague","startTime":792.3199999999999,"endTime":795.29,"body":"the Rust Belt, obviously to"},{"speaker":"Tim Montague","startTime":795.68,"endTime":800.2099999999999,"body":"perhaps retrofit. Does the"},{"speaker":"Tim Montague","startTime":795.68,"endTime":800.2099999999999,"body":"technology bolt onto existing"},{"speaker":"Tim Montague","startTime":800.2099999999999,"endTime":804.29,"body":"steel plants? Or what is the"},{"speaker":"Tim Montague","startTime":800.2099999999999,"endTime":804.29,"body":"preferred method for doing an"},{"speaker":"Tim Montague","startTime":804.29,"endTime":805.01,"body":"installation?"},{"speaker":"Adam Rauwerdink","startTime":805.3399999999999,"endTime":807.56,"body":"Yeah, so when"},{"speaker":"Adam Rauwerdink","startTime":805.3399999999999,"endTime":807.56,"body":"you look at the steel industry"},{"speaker":"Adam Rauwerdink","startTime":807.56,"endTime":810.5899999999999,"body":"in the US, just to touch on that"},{"speaker":"Adam Rauwerdink","startTime":807.56,"endTime":810.5899999999999,"body":"point, first, you know, if you"},{"speaker":"Adam Rauwerdink","startTime":810.5899999999999,"endTime":813.02,"body":"look at the integrated side,"},{"speaker":"Adam Rauwerdink","startTime":810.5899999999999,"endTime":813.02,"body":"which is the blast furnace,"},{"speaker":"Adam Rauwerdink","startTime":813.02,"endTime":815.2099999999999,"body":"there's really kind of three"},{"speaker":"Adam Rauwerdink","startTime":813.02,"endTime":815.2099999999999,"body":"major markets where those still"},{"speaker":"Adam Rauwerdink","startTime":815.2099999999999,"endTime":818.48,"body":"exist for 30% of the market in"},{"speaker":"Adam Rauwerdink","startTime":815.2099999999999,"endTime":818.48,"body":"the Cleveland area, the"},{"speaker":"Adam Rauwerdink","startTime":818.48,"endTime":822.53,"body":"Pittsburgh area in the Chicago"},{"speaker":"Adam Rauwerdink","startTime":818.48,"endTime":822.53,"body":"area, when you get to the the"},{"speaker":"Adam Rauwerdink","startTime":822.53,"endTime":825.62,"body":"other side of the market, which"},{"speaker":"Adam Rauwerdink","startTime":822.53,"endTime":825.62,"body":"in the US 70% is recycling"},{"speaker":"Adam Rauwerdink","startTime":825.77,"endTime":828.05,"body":"there, it's much more"},{"speaker":"Adam Rauwerdink","startTime":825.77,"endTime":828.05,"body":"distributed a lot of it in the"},{"speaker":"Adam Rauwerdink","startTime":828.05,"endTime":832.16,"body":"South, as you said, Cleveland"},{"speaker":"Adam Rauwerdink","startTime":828.05,"endTime":832.16,"body":"cliffs, US Steel and Nucor Steel"},{"speaker":"Adam Rauwerdink","startTime":832.16,"endTime":835.88,"body":"dynamics, those are the big"},{"speaker":"Adam Rauwerdink","startTime":832.16,"endTime":835.88,"body":"players. As you look at"},{"speaker":"Adam Rauwerdink","startTime":835.88,"endTime":839.54,"body":"deploying our technology, what"},{"speaker":"Adam Rauwerdink","startTime":835.88,"endTime":839.54,"body":"the end product from our"},{"speaker":"Adam Rauwerdink","startTime":839.54,"endTime":843.65,"body":"processes is molten high purity"},{"speaker":"Adam Rauwerdink","startTime":839.54,"endTime":843.65,"body":"molten iron, and if you go to an"},{"speaker":"Adam Rauwerdink","startTime":843.65,"endTime":847.55,"body":"integrated steel mill today, if"},{"speaker":"Adam Rauwerdink","startTime":843.65,"endTime":847.55,"body":"you marched down the product"},{"speaker":"Adam Rauwerdink","startTime":847.55,"endTime":851.5699999999999,"body":"flow sheet, you take in coking"},{"speaker":"Adam Rauwerdink","startTime":847.55,"endTime":851.5699999999999,"body":"coal, you convert that to Coke,"},{"speaker":"Adam Rauwerdink","startTime":851.63,"endTime":854.2099999999999,"body":"you have a coke plant where"},{"speaker":"Adam Rauwerdink","startTime":851.63,"endTime":854.2099999999999,"body":"you're drying that out, you take"},{"speaker":"Adam Rauwerdink","startTime":854.2099999999999,"endTime":857.93,"body":"your iron ore, you centre that"},{"speaker":"Adam Rauwerdink","startTime":854.2099999999999,"endTime":857.93,"body":"or pellet pelletize that which"},{"speaker":"Adam Rauwerdink","startTime":857.93,"endTime":861.11,"body":"is really putting it in a"},{"speaker":"Adam Rauwerdink","startTime":857.93,"endTime":861.11,"body":"mechanical format, you go to a"},{"speaker":"Adam Rauwerdink","startTime":861.11,"endTime":863.6899999999999,"body":"blast furnace, which makes"},{"speaker":"Adam Rauwerdink","startTime":861.11,"endTime":863.6899999999999,"body":"something called pig iron, which"},{"speaker":"Adam Rauwerdink","startTime":863.6899999999999,"endTime":867.1999999999999,"body":"is very high in carbon, you then"},{"speaker":"Adam Rauwerdink","startTime":863.6899999999999,"endTime":867.1999999999999,"body":"go to a basic oxygen furnace"},{"speaker":"Adam Rauwerdink","startTime":867.1999999999999,"endTime":870.8,"body":"where you blow in oxygen to burn"},{"speaker":"Adam Rauwerdink","startTime":867.1999999999999,"endTime":870.8,"body":"off some of that carbon. And"},{"speaker":"Adam Rauwerdink","startTime":870.8,"endTime":875.15,"body":"then you have a crude molten"},{"speaker":"Adam Rauwerdink","startTime":870.8,"endTime":875.15,"body":"iron molten steel product, what"},{"speaker":"Adam Rauwerdink","startTime":875.15,"endTime":877.49,"body":"comes out of that basic oxygen"},{"speaker":"Adam Rauwerdink","startTime":875.15,"endTime":877.49,"body":"furnace and what comes out of"},{"speaker":"Adam Rauwerdink","startTime":877.49,"endTime":880.1,"body":"the mov process are very"},{"speaker":"Adam Rauwerdink","startTime":877.49,"endTime":880.1,"body":"similar. So, everything"},{"speaker":"Adam Rauwerdink","startTime":880.1,"endTime":883.52,"body":"downstream from there which is"},{"speaker":"Adam Rauwerdink","startTime":880.1,"endTime":883.52,"body":"the next process step is called"},{"speaker":"Adam Rauwerdink","startTime":883.52,"endTime":886.22,"body":"ladle metallurgy which is kind"},{"speaker":"Adam Rauwerdink","startTime":883.52,"endTime":886.22,"body":"of where you do your cooking you"},{"speaker":"Adam Rauwerdink","startTime":886.22,"endTime":889.13,"body":"add in different ingredients to"},{"speaker":"Adam Rauwerdink","startTime":886.22,"endTime":889.13,"body":"get the right composition,"},{"speaker":"Adam Rauwerdink","startTime":889.52,"endTime":893.3299999999999,"body":"manganese chrome vanadium and"},{"speaker":"Adam Rauwerdink","startTime":889.52,"endTime":893.3299999999999,"body":"then from there you cast that"},{"speaker":"Adam Rauwerdink","startTime":893.3299999999999,"endTime":896.87,"body":"roll that into different shapes."},{"speaker":"Adam Rauwerdink","startTime":893.3299999999999,"endTime":896.87,"body":"So what our process does it"},{"speaker":"Adam Rauwerdink","startTime":896.87,"endTime":900.5899999999999,"body":"replaces all of those upstream"},{"speaker":"Adam Rauwerdink","startTime":896.87,"endTime":900.5899999999999,"body":"processes going from iron ore to"},{"speaker":"Adam Rauwerdink","startTime":900.5899999999999,"endTime":904.49,"body":"liquid iron that's replaced if"},{"speaker":"Adam Rauwerdink","startTime":900.5899999999999,"endTime":904.49,"body":"our process everything"},{"speaker":"Adam Rauwerdink","startTime":904.49,"endTime":908.03,"body":"downstream from molten iron down"},{"speaker":"Adam Rauwerdink","startTime":904.49,"endTime":908.03,"body":"is all of the established"},{"speaker":"Adam Rauwerdink","startTime":908.03,"endTime":912.1999999999999,"body":"processes to to adjust the"},{"speaker":"Adam Rauwerdink","startTime":908.03,"endTime":912.1999999999999,"body":"composition and to to roll and"},{"speaker":"Adam Rauwerdink","startTime":912.1999999999999,"endTime":913.91,"body":"cast that require shape."},{"speaker":"Tim Montague","startTime":914.99,"endTime":917.99,"body":"So it sounds like"},{"speaker":"Tim Montague","startTime":914.99,"endTime":917.99,"body":"you really could just drop in"},{"speaker":"Tim Montague","startTime":917.99,"endTime":924.8,"body":"one of your furnaces. You call"},{"speaker":"Tim Montague","startTime":917.99,"endTime":924.8,"body":"it a furnace. Yeah, and replace"},{"speaker":"Tim Montague","startTime":924.86,"endTime":930.38,"body":"a an old coal burning furnace"},{"speaker":"Tim Montague","startTime":924.86,"endTime":930.38,"body":"and Bada bing, bada boom, right."},{"speaker":"Adam Rauwerdink","startTime":930.62,"endTime":933.17,"body":"Yeah, and it's"},{"speaker":"Adam Rauwerdink","startTime":930.62,"endTime":933.17,"body":"modular so you have the option"},{"speaker":"Adam Rauwerdink","startTime":933.17,"endTime":936.77,"body":"to kind of scale up over time"},{"speaker":"Adam Rauwerdink","startTime":933.17,"endTime":936.77,"body":"and add incremental capacity. So"},{"speaker":"Adam Rauwerdink","startTime":936.77,"endTime":940.85,"body":"certainly our focus long term is"},{"speaker":"Adam Rauwerdink","startTime":936.77,"endTime":940.85,"body":"deploying plants. A typical"},{"speaker":"Adam Rauwerdink","startTime":940.85,"endTime":944.66,"body":"steel mill today is 1 million 2"},{"speaker":"Adam Rauwerdink","startTime":940.85,"endTime":944.66,"body":"million 4 million tonnes of"},{"speaker":"Adam Rauwerdink","startTime":944.66,"endTime":948.1999999999999,"body":"steel per year as production"},{"speaker":"Adam Rauwerdink","startTime":944.66,"endTime":948.1999999999999,"body":"capacity. We're designing a"},{"speaker":"Adam Rauwerdink","startTime":948.1999999999999,"endTime":951.53,"body":"solution that can be deployed at"},{"speaker":"Adam Rauwerdink","startTime":948.1999999999999,"endTime":951.53,"body":"the same scales and No hundreds"},{"speaker":"Adam Rauwerdink","startTime":951.53,"endTime":954.8,"body":"of those plants globally. But we"},{"speaker":"Adam Rauwerdink","startTime":951.53,"endTime":954.8,"body":"also have the opportunity to"},{"speaker":"Adam Rauwerdink","startTime":954.8,"endTime":957.26,"body":"scale down to much smaller"},{"speaker":"Adam Rauwerdink","startTime":954.8,"endTime":957.26,"body":"levels. That's what we're doing"},{"speaker":"Adam Rauwerdink","startTime":957.26,"endTime":959.99,"body":"in Brazil, where you're making a"},{"speaker":"Adam Rauwerdink","startTime":957.26,"endTime":959.99,"body":"few 1000 times per year."},{"speaker":"Tim Montague","startTime":960.41,"endTime":963.23,"body":"And for a million"},{"speaker":"Tim Montague","startTime":960.41,"endTime":963.23,"body":"tonne plant, how many gigawatts"},{"speaker":"Tim Montague","startTime":963.23,"endTime":964.9399999999999,"body":"of electricity are we talking?"},{"speaker":"Tim Montague","startTime":963.23,"endTime":964.9399999999999,"body":"Do you know?"},{"speaker":"Adam Rauwerdink","startTime":965.2099999999999,"endTime":967.64,"body":"So it's the"},{"speaker":"Adam Rauwerdink","startTime":965.2099999999999,"endTime":967.64,"body":"target for us is right around"},{"speaker":"Adam Rauwerdink","startTime":967.64,"endTime":972.8,"body":"four megawatt hours per time to"},{"speaker":"Adam Rauwerdink","startTime":967.64,"endTime":972.8,"body":"convert that around a 1 million"},{"speaker":"Adam Rauwerdink","startTime":972.8,"endTime":976.31,"body":"tonne per year steel plant will"},{"speaker":"Adam Rauwerdink","startTime":972.8,"endTime":976.31,"body":"require about 500 megawatts of"},{"speaker":"Adam Rauwerdink","startTime":976.37,"endTime":977.48,"body":"baseload demand."},{"speaker":"Tim Montague","startTime":977.81,"endTime":979.67,"body":"Hey, everybody,"},{"speaker":"Tim Montague","startTime":977.81,"endTime":979.67,"body":"thanks for listening to the"},{"speaker":"Tim Montague","startTime":979.67,"endTime":983.03,"body":"Clean Power Hour or viewing it"},{"speaker":"Tim Montague","startTime":979.67,"endTime":983.03,"body":"on YouTube, we do have a great"},{"speaker":"Tim Montague","startTime":983.03,"endTime":986.9599999999999,"body":"YouTube channel, if you're not"},{"speaker":"Tim Montague","startTime":983.03,"endTime":986.9599999999999,"body":"subscribed, please go to clean"},{"speaker":"Tim Montague","startTime":986.9599999999999,"endTime":991.1,"body":"power dot group, and hit that"},{"speaker":"Tim Montague","startTime":986.9599999999999,"endTime":991.1,"body":"YouTube icon and subscribe to"},{"speaker":"Tim Montague","startTime":991.1,"endTime":994.1899999999999,"body":"our channel. Of course, you can"},{"speaker":"Tim Montague","startTime":991.1,"endTime":994.1899999999999,"body":"find all of our content on your"},{"speaker":"Tim Montague","startTime":994.1899999999999,"endTime":997.16,"body":"favourite audio platform as"},{"speaker":"Tim Montague","startTime":994.1899999999999,"endTime":997.16,"body":"well. So please give us a rating"},{"speaker":"Tim Montague","startTime":997.16,"endTime":1002.41,"body":"and review back to the show."},{"speaker":"Tim Montague","startTime":997.16,"endTime":1002.41,"body":"That's a big, big solar farm or"},{"speaker":"Tim Montague","startTime":1002.4399999999999,"endTime":1007.5699999999999,"body":"small wind farm, depending on"},{"speaker":"Tim Montague","startTime":1002.4399999999999,"endTime":1007.5699999999999,"body":"but sounds like it's totally"},{"speaker":"Tim Montague","startTime":1007.5699999999999,"endTime":1010.6899999999999,"body":"doable. I mean, that's the"},{"speaker":"Tim Montague","startTime":1007.5699999999999,"endTime":1010.6899999999999,"body":"beauty of the energy transition."},{"speaker":"Tim Montague","startTime":1011.0799999999999,"endTime":1016.12,"body":"We've been at this for 50 years."},{"speaker":"Tim Montague","startTime":1011.0799999999999,"endTime":1016.12,"body":"It's it's been happening"},{"speaker":"Tim Montague","startTime":1016.24,"endTime":1020.53,"body":"quietly. And now that climate"},{"speaker":"Tim Montague","startTime":1016.24,"endTime":1020.53,"body":"change has burst onto the scene"},{"speaker":"Tim Montague","startTime":1020.53,"endTime":1027.1000000000001,"body":"and everyone is noticing that"},{"speaker":"Tim Montague","startTime":1020.53,"endTime":1027.1000000000001,"body":"it's real. And you know, climate"},{"speaker":"Tim Montague","startTime":1027.1000000000001,"endTime":1030.6100000000001,"body":"change has gone mainstream"},{"speaker":"Tim Montague","startTime":1027.1000000000001,"endTime":1030.6100000000001,"body":"Americans are aware of it in all"},{"speaker":"Tim Montague","startTime":1030.6100000000001,"endTime":1033.19,"body":"regions of the United States"},{"speaker":"Tim Montague","startTime":1030.6100000000001,"endTime":1033.19,"body":"now, which is a wonderful thing."},{"speaker":"Tim Montague","startTime":1034.42,"endTime":1037.42,"body":"The the future is still very"},{"speaker":"Tim Montague","startTime":1034.42,"endTime":1037.42,"body":"uncertain. But we have the"},{"speaker":"Tim Montague","startTime":1037.42,"endTime":1042.01,"body":"technology to make the"},{"speaker":"Tim Montague","startTime":1037.42,"endTime":1042.01,"body":"transition to a zero carbon, or"},{"speaker":"Tim Montague","startTime":1042.01,"endTime":1047.53,"body":"even carbon negative economy."},{"speaker":"Tim Montague","startTime":1042.01,"endTime":1047.53,"body":"There's you know, and the scale"},{"speaker":"Tim Montague","startTime":1047.53,"endTime":1049.96,"body":"of the problem is very big. It's"},{"speaker":"Tim Montague","startTime":1047.53,"endTime":1049.96,"body":"very important that energy"},{"speaker":"Tim Montague","startTime":1049.96,"endTime":1054.16,"body":"professionals understand this"},{"speaker":"Tim Montague","startTime":1049.96,"endTime":1054.16,"body":"the the economy is something"},{"speaker":"Tim Montague","startTime":1054.8500000000001,"endTime":1060.22,"body":"like 40 gigatons, and then the"},{"speaker":"Tim Montague","startTime":1054.8500000000001,"endTime":1060.22,"body":"the atmosphere where we've been"},{"speaker":"Tim Montague","startTime":1060.22,"endTime":1064.15,"body":"dumping our carbon, right for"},{"speaker":"Tim Montague","startTime":1060.22,"endTime":1064.15,"body":"for millennia, while certainly"},{"speaker":"Tim Montague","startTime":1064.15,"endTime":1067.63,"body":"hundreds of years since the"},{"speaker":"Tim Montague","startTime":1064.15,"endTime":1067.63,"body":"industrial revolution is 100"},{"speaker":"Tim Montague","startTime":1067.63,"endTime":1072.67,"body":"gigatons. So it's it's 20x. The,"},{"speaker":"Tim Montague","startTime":1067.63,"endTime":1072.67,"body":"you know, the net zero economy."},{"speaker":"Tim Montague","startTime":1072.7,"endTime":1077.44,"body":"It's so to both end. But what"},{"speaker":"Tim Montague","startTime":1072.7,"endTime":1077.44,"body":"else should we talk about? What"},{"speaker":"Tim Montague","startTime":1077.44,"endTime":1081.1,"body":"is I mean, you've you've"},{"speaker":"Tim Montague","startTime":1077.44,"endTime":1081.1,"body":"launched a pilot in Brazil,"},{"speaker":"Tim Montague","startTime":1081.91,"endTime":1085.54,"body":"making precious metals. What's"},{"speaker":"Tim Montague","startTime":1081.91,"endTime":1085.54,"body":"the size of that project?"},{"speaker":"Adam Rauwerdink","startTime":1086.1689999999999,"endTime":1088.539,"body":"Yes, so that's"},{"speaker":"Adam Rauwerdink","startTime":1086.1689999999999,"endTime":1088.539,"body":"a very different scale, an"},{"speaker":"Adam Rauwerdink","startTime":1088.539,"endTime":1092.139,"body":"earlier version of technology,"},{"speaker":"Adam Rauwerdink","startTime":1088.539,"endTime":1092.139,"body":"but much, much higher value per"},{"speaker":"Adam Rauwerdink","startTime":1092.139,"endTime":1094.299,"body":"tonne. So they are we're"},{"speaker":"Adam Rauwerdink","startTime":1092.139,"endTime":1094.299,"body":"deploying the first project that"},{"speaker":"Adam Rauwerdink","startTime":1094.299,"endTime":1098.109,"body":"will produce several 1000 tonnes"},{"speaker":"Adam Rauwerdink","startTime":1094.299,"endTime":1098.109,"body":"per year. So compare that with"},{"speaker":"Adam Rauwerdink","startTime":1098.109,"endTime":1100.749,"body":"steel where it's millions of"},{"speaker":"Adam Rauwerdink","startTime":1098.109,"endTime":1100.749,"body":"tonnes per year. Here, we're"},{"speaker":"Adam Rauwerdink","startTime":1100.749,"endTime":1104.529,"body":"building plants that are several"},{"speaker":"Adam Rauwerdink","startTime":1100.749,"endTime":1104.529,"body":"1000 tonnes per year, but can"},{"speaker":"Adam Rauwerdink","startTime":1104.529,"endTime":1109.059,"body":"generate very high profit, very"},{"speaker":"Adam Rauwerdink","startTime":1104.529,"endTime":1109.059,"body":"high revenues per per tonne. You"},{"speaker":"Adam Rauwerdink","startTime":1109.059,"endTime":1113.349,"body":"look at crude steel, it's 50"},{"speaker":"Adam Rauwerdink","startTime":1109.059,"endTime":1113.349,"body":"cents per per kilogramme, you"},{"speaker":"Adam Rauwerdink","startTime":1113.349,"endTime":1116.859,"body":"look at some of these higher"},{"speaker":"Adam Rauwerdink","startTime":1113.349,"endTime":1116.859,"body":"value metals is 30 or $40 per"},{"speaker":"Adam Rauwerdink","startTime":1116.859,"endTime":1119.439,"body":"kilogramme. So, sure, very"},{"speaker":"Adam Rauwerdink","startTime":1116.859,"endTime":1119.439,"body":"different economics, very"},{"speaker":"Adam Rauwerdink","startTime":1119.439,"endTime":1122.139,"body":"different production. But"},{"speaker":"Adam Rauwerdink","startTime":1119.439,"endTime":1122.139,"body":"markets that are measured in"},{"speaker":"Adam Rauwerdink","startTime":1122.139,"endTime":1125.799,"body":"1000s of times and 10s of 1000s"},{"speaker":"Adam Rauwerdink","startTime":1122.139,"endTime":1125.799,"body":"of tonnes rather than a billion"},{"speaker":"Adam Rauwerdink","startTime":1125.799,"endTime":1126.789,"body":"or 2 billion tonnes."},{"speaker":"Tim Montague","startTime":1127.81,"endTime":1132.6399999999999,"body":"Steel is one of"},{"speaker":"Tim Montague","startTime":1127.81,"endTime":1132.6399999999999,"body":"the largest mass consumed items"},{"speaker":"Tim Montague","startTime":1132.6399999999999,"endTime":1136.0,"body":"on Earth, right? I mean by"},{"speaker":"Tim Montague","startTime":1132.6399999999999,"endTime":1136.0,"body":"volume and weight, it's you're"},{"speaker":"Adam Rauwerdink","startTime":1136.0,"endTime":1138.1299999999999,"body":"right up there"},{"speaker":"Adam Rauwerdink","startTime":1136.0,"endTime":1138.1299999999999,"body":"with cement and concrete and"},{"speaker":"Adam Rauwerdink","startTime":1138.19,"endTime":1141.8799999999999,"body":"water and oil and all the other"},{"speaker":"Adam Rauwerdink","startTime":1138.19,"endTime":1141.8799999999999,"body":"got very high. And in terms of"},{"speaker":"Adam Rauwerdink","startTime":1141.91,"endTime":1144.82,"body":"industrial emissions, the two"},{"speaker":"Adam Rauwerdink","startTime":1141.91,"endTime":1144.82,"body":"that really get talked about our"},{"speaker":"Adam Rauwerdink","startTime":1144.82,"endTime":1148.42,"body":"steel, and then cement and"},{"speaker":"Adam Rauwerdink","startTime":1144.82,"endTime":1148.42,"body":"concrete. And it's I would I've"},{"speaker":"Adam Rauwerdink","startTime":1148.42,"endTime":1151.51,"body":"been in climate tech since 2010,"},{"speaker":"Adam Rauwerdink","startTime":1148.42,"endTime":1151.51,"body":"when there were certainly the"},{"speaker":"Adam Rauwerdink","startTime":1151.51,"endTime":1154.3,"body":"boom and the growth of energy"},{"speaker":"Adam Rauwerdink","startTime":1151.51,"endTime":1154.3,"body":"storage, which is now"},{"speaker":"Adam Rauwerdink","startTime":1154.3,"endTime":1157.48,"body":"mainstream. In the last couple"},{"speaker":"Adam Rauwerdink","startTime":1154.3,"endTime":1157.48,"body":"of years, we've seen that really"},{"speaker":"Adam Rauwerdink","startTime":1157.48,"endTime":1161.29,"body":"accelerate within scale. So it's"},{"speaker":"Adam Rauwerdink","startTime":1157.48,"endTime":1161.29,"body":"been an exciting time to be in"},{"speaker":"Adam Rauwerdink","startTime":1161.29,"endTime":1164.02,"body":"what is historically a very old"},{"speaker":"Adam Rauwerdink","startTime":1161.29,"endTime":1164.02,"body":"and slow moving industry to"},{"speaker":"Adam Rauwerdink","startTime":1164.02,"endTime":1167.5,"body":"really see it accelerate,"},{"speaker":"Adam Rauwerdink","startTime":1164.02,"endTime":1167.5,"body":"because of climate tech and the"},{"speaker":"Adam Rauwerdink","startTime":1167.5,"endTime":1169.93,"body":"pressure that's coming from"},{"speaker":"Adam Rauwerdink","startTime":1167.5,"endTime":1169.93,"body":"across the supply chain."},{"speaker":"Tim Montague","startTime":1170.8,"endTime":1173.41,"body":"And what kind of a"},{"speaker":"Tim Montague","startTime":1170.8,"endTime":1173.41,"body":"reception are you getting from"},{"speaker":"Tim Montague","startTime":1173.41,"endTime":1174.79,"body":"manufacturers at this point?"},{"speaker":"Adam Rauwerdink","startTime":1175.78,"endTime":1178.45,"body":"Very strong,"},{"speaker":"Adam Rauwerdink","startTime":1175.78,"endTime":1178.45,"body":"and it's changing rapidly. So"},{"speaker":"Adam Rauwerdink","startTime":1178.45,"endTime":1182.23,"body":"and when we did our last funding"},{"speaker":"Adam Rauwerdink","startTime":1178.45,"endTime":1182.23,"body":"round, for example, we brought"},{"speaker":"Adam Rauwerdink","startTime":1182.23,"endTime":1185.08,"body":"in two of the largest iron ore"},{"speaker":"Adam Rauwerdink","startTime":1182.23,"endTime":1185.08,"body":"companies, we brought in at the"},{"speaker":"Adam Rauwerdink","startTime":1185.08,"endTime":1188.29,"body":"other end of the supply chain"},{"speaker":"Adam Rauwerdink","startTime":1185.08,"endTime":1188.29,"body":"BMW as an investor who wants"},{"speaker":"Adam Rauwerdink","startTime":1188.29,"endTime":1191.53,"body":"green steel in their vehicles."},{"speaker":"Adam Rauwerdink","startTime":1188.29,"endTime":1191.53,"body":"You see similar, you know, early"},{"speaker":"Adam Rauwerdink","startTime":1191.53,"endTime":1194.68,"body":"demand from construction from"},{"speaker":"Adam Rauwerdink","startTime":1191.53,"endTime":1194.68,"body":"some of the tech companies,"},{"speaker":"Adam Rauwerdink","startTime":1194.77,"endTime":1198.25,"body":"certainly from automotive. And"},{"speaker":"Adam Rauwerdink","startTime":1194.77,"endTime":1198.25,"body":"then within the steel makers"},{"speaker":"Adam Rauwerdink","startTime":1198.25,"endTime":1202.93,"body":"themselves were a few years ago,"},{"speaker":"Adam Rauwerdink","startTime":1198.25,"endTime":1202.93,"body":"very few of them had just four"},{"speaker":"Adam Rauwerdink","startTime":1202.93,"endTime":1206.95,"body":"years, five years ago, very few"},{"speaker":"Adam Rauwerdink","startTime":1202.93,"endTime":1206.95,"body":"head climates, pledges, now"},{"speaker":"Adam Rauwerdink","startTime":1206.95,"endTime":1211.03,"body":"almost all of them have interim"},{"speaker":"Adam Rauwerdink","startTime":1206.95,"endTime":1211.03,"body":"targets by 2030, and net zero"},{"speaker":"Adam Rauwerdink","startTime":1211.03,"endTime":1214.45,"body":"targets by 2050. And that's and"},{"speaker":"Adam Rauwerdink","startTime":1211.03,"endTime":1214.45,"body":"that's global, in terms of where"},{"speaker":"Adam Rauwerdink","startTime":1214.45,"endTime":1216.76,"body":"you're seeing that. And that's"},{"speaker":"Adam Rauwerdink","startTime":1214.45,"endTime":1216.76,"body":"just the last few years of those"},{"speaker":"Adam Rauwerdink","startTime":1216.76,"endTime":1219.34,"body":"who've been rolled out. So it's"},{"speaker":"Adam Rauwerdink","startTime":1216.76,"endTime":1219.34,"body":"been a very big period of of"},{"speaker":"Adam Rauwerdink","startTime":1219.34,"endTime":1220.8999999999999,"body":"change in this last few years."},{"speaker":"Tim Montague","startTime":1222.16,"endTime":1225.79,"body":"And what does the"},{"speaker":"Tim Montague","startTime":1222.16,"endTime":1225.79,"body":"future hold for Boston metal?"},{"speaker":"Tim Montague","startTime":1226.3899999999999,"endTime":1230.35,"body":"You're a you said you're 100"},{"speaker":"Tim Montague","startTime":1226.3899999999999,"endTime":1230.35,"body":"employees today?"},{"speaker":"Adam Rauwerdink","startTime":1230.8,"endTime":1234.25,"body":"Yeah, slightly"},{"speaker":"Adam Rauwerdink","startTime":1230.8,"endTime":1234.25,"body":"over 100. Where we're going"},{"speaker":"Adam Rauwerdink","startTime":1234.25,"endTime":1237.97,"body":"today is we have the target by"},{"speaker":"Adam Rauwerdink","startTime":1234.25,"endTime":1237.97,"body":"2025 to deploy our first"},{"speaker":"Adam Rauwerdink","startTime":1237.97,"endTime":1241.75,"body":"demonstration plant for steel."},{"speaker":"Adam Rauwerdink","startTime":1237.97,"endTime":1241.75,"body":"We're for the high value"},{"speaker":"Adam Rauwerdink","startTime":1241.75,"endTime":1244.8999999999999,"body":"business. We're breaking ground"},{"speaker":"Adam Rauwerdink","startTime":1241.75,"endTime":1244.8999999999999,"body":"now in Brazil, for that first"},{"speaker":"Adam Rauwerdink","startTime":1244.8999999999999,"endTime":1247.75,"body":"deployment that will that will"},{"speaker":"Adam Rauwerdink","startTime":1244.8999999999999,"endTime":1247.75,"body":"come online in a rolling basis."},{"speaker":"Adam Rauwerdink","startTime":1247.78,"endTime":1251.35,"body":"It's a modular technology. So"},{"speaker":"Adam Rauwerdink","startTime":1247.78,"endTime":1251.35,"body":"scaling up now next year and in"},{"speaker":"Adam Rauwerdink","startTime":1251.35,"endTime":1254.8899999999999,"body":"2024. But for steel, the target"},{"speaker":"Adam Rauwerdink","startTime":1251.35,"endTime":1254.8899999999999,"body":"is to have the first"},{"speaker":"Adam Rauwerdink","startTime":1254.8899999999999,"endTime":1260.23,"body":"demonstration plant in 2025."},{"speaker":"Adam Rauwerdink","startTime":1254.8899999999999,"endTime":1260.23,"body":"Because it's modular, that first"},{"speaker":"Adam Rauwerdink","startTime":1260.23,"endTime":1263.98,"body":"plant will be a few full scale"},{"speaker":"Adam Rauwerdink","startTime":1260.23,"endTime":1263.98,"body":"modules, but it really lays the"},{"speaker":"Adam Rauwerdink","startTime":1264.22,"endTime":1267.43,"body":"provides all the validation, you"},{"speaker":"Adam Rauwerdink","startTime":1264.22,"endTime":1267.43,"body":"need to then add modules and go"},{"speaker":"Adam Rauwerdink","startTime":1267.43,"endTime":1270.49,"body":"up and scale. So the second half"},{"speaker":"Adam Rauwerdink","startTime":1267.43,"endTime":1270.49,"body":"of the decades when I really see"},{"speaker":"Adam Rauwerdink","startTime":1270.49,"endTime":1273.19,"body":"the first commercial, full scale"},{"speaker":"Adam Rauwerdink","startTime":1270.49,"endTime":1273.19,"body":"commercial deployments of the"},{"speaker":"Adam Rauwerdink","startTime":1273.19,"endTime":1273.82,"body":"technology,"},{"speaker":"Tim Montague","startTime":1274.42,"endTime":1277.3,"body":"and you said that"},{"speaker":"Tim Montague","startTime":1274.42,"endTime":1277.3,"body":"your business model is to"},{"speaker":"Tim Montague","startTime":1277.3,"endTime":1279.58,"body":"licence the technology, does"},{"speaker":"Tim Montague","startTime":1277.3,"endTime":1279.58,"body":"that mean that you're going to"},{"speaker":"Tim Montague","startTime":1279.58,"endTime":1286.78,"body":"actually own the asset the"},{"speaker":"Tim Montague","startTime":1279.58,"endTime":1286.78,"body":"furnace or how does that work?"},{"speaker":"Adam Rauwerdink","startTime":1286.959,"endTime":1290.289,"body":"Yeah. So for"},{"speaker":"Adam Rauwerdink","startTime":1286.959,"endTime":1290.289,"body":"the for the high value side, we"},{"speaker":"Adam Rauwerdink","startTime":1290.289,"endTime":1293.319,"body":"will own and operate plants, we"},{"speaker":"Adam Rauwerdink","startTime":1290.289,"endTime":1293.319,"body":"will be producing metals and"},{"speaker":"Adam Rauwerdink","startTime":1293.319,"endTime":1296.049,"body":"selling them marketing them"},{"speaker":"Adam Rauwerdink","startTime":1293.319,"endTime":1296.049,"body":"directly owning that owning the"},{"speaker":"Adam Rauwerdink","startTime":1296.049,"endTime":1300.609,"body":"projects for steel, we will not"},{"speaker":"Adam Rauwerdink","startTime":1296.049,"endTime":1300.609,"body":"so for steel will will be there"},{"speaker":"Adam Rauwerdink","startTime":1300.609,"endTime":1304.239,"body":"as a licensee will licence the"},{"speaker":"Adam Rauwerdink","startTime":1300.609,"endTime":1304.239,"body":"design to steel makers or"},{"speaker":"Adam Rauwerdink","startTime":1304.239,"endTime":1306.4289999999999,"body":"engineering companies that will"},{"speaker":"Adam Rauwerdink","startTime":1304.239,"endTime":1306.4289999999999,"body":"build the plants for a steel"},{"speaker":"Adam Rauwerdink","startTime":1306.4289999999999,"endTime":1310.869,"body":"maker. There is some core"},{"speaker":"Adam Rauwerdink","startTime":1306.4289999999999,"endTime":1310.869,"body":"components and anode technology,"},{"speaker":"Adam Rauwerdink","startTime":1310.869,"endTime":1313.629,"body":"that's key to the technology"},{"speaker":"Adam Rauwerdink","startTime":1310.869,"endTime":1313.629,"body":"that we will manufacture and"},{"speaker":"Adam Rauwerdink","startTime":1313.629,"endTime":1317.199,"body":"supply ourselves. But we won't"},{"speaker":"Adam Rauwerdink","startTime":1313.629,"endTime":1317.199,"body":"own and operate steel plants, at"},{"speaker":"Adam Rauwerdink","startTime":1317.199,"endTime":1320.859,"body":"least not in any near term"},{"speaker":"Adam Rauwerdink","startTime":1317.199,"endTime":1320.859,"body":"iteration of the Boston metal"},{"speaker":"Adam Rauwerdink","startTime":1320.859,"endTime":1321.639,"body":"business model."},{"speaker":"Tim Montague","startTime":1321.82,"endTime":1326.68,"body":"But so when you"},{"speaker":"Tim Montague","startTime":1321.82,"endTime":1326.68,"body":"think about scaling, you're"},{"speaker":"Tim Montague","startTime":1326.68,"endTime":1332.5,"body":"building bigger machines in"},{"speaker":"Tim Montague","startTime":1326.68,"endTime":1332.5,"body":"higher volume. And does that all"},{"speaker":"Tim Montague","startTime":1332.5,"endTime":1336.16,"body":"happen in Boston? Or are you"},{"speaker":"Tim Montague","startTime":1332.5,"endTime":1336.16,"body":"ramping up some kind of"},{"speaker":"Tim Montague","startTime":1336.16,"endTime":1338.11,"body":"manufacturing facility somewhere"},{"speaker":"Tim Montague","startTime":1336.16,"endTime":1338.11,"body":"else?"},{"speaker":"Adam Rauwerdink","startTime":1338.6499999999999,"endTime":1340.51,"body":"Yes, the"},{"speaker":"Adam Rauwerdink","startTime":1338.6499999999999,"endTime":1340.51,"body":"portion that will control the"},{"speaker":"Adam Rauwerdink","startTime":1340.51,"endTime":1343.81,"body":"supply chain is that anode and"},{"speaker":"Adam Rauwerdink","startTime":1340.51,"endTime":1343.81,"body":"that we're we're sourcing our"},{"speaker":"Adam Rauwerdink","startTime":1343.81,"endTime":1348.07,"body":"first location right now, within"},{"speaker":"Adam Rauwerdink","startTime":1343.81,"endTime":1348.07,"body":"the US, where we'll have that"},{"speaker":"Adam Rauwerdink","startTime":1348.07,"endTime":1351.46,"body":"initial scale up, in terms of"},{"speaker":"Adam Rauwerdink","startTime":1348.07,"endTime":1351.46,"body":"the rest of the process, the"},{"speaker":"Adam Rauwerdink","startTime":1351.46,"endTime":1355.21,"body":"design is certainly key. And"},{"speaker":"Adam Rauwerdink","startTime":1351.46,"endTime":1355.21,"body":"that's what we control. The"},{"speaker":"Adam Rauwerdink","startTime":1355.21,"endTime":1358.27,"body":"components of one of these"},{"speaker":"Adam Rauwerdink","startTime":1355.21,"endTime":1358.27,"body":"furnaces are very similar to"},{"speaker":"Adam Rauwerdink","startTime":1358.27,"endTime":1362.2,"body":"existing components in the steel"},{"speaker":"Adam Rauwerdink","startTime":1358.27,"endTime":1362.2,"body":"supply chain today. Bricks,"},{"speaker":"Adam Rauwerdink","startTime":1362.23,"endTime":1366.73,"body":"refractory bricks and shells and"},{"speaker":"Adam Rauwerdink","startTime":1362.23,"endTime":1366.73,"body":"rectifiers for the electricity."},{"speaker":"Adam Rauwerdink","startTime":1366.8799999999999,"endTime":1369.8799999999999,"body":"So there we leverage existing"},{"speaker":"Adam Rauwerdink","startTime":1366.8799999999999,"endTime":1369.8799999999999,"body":"supply chains, we certainly"},{"speaker":"Adam Rauwerdink","startTime":1369.8799999999999,"endTime":1372.94,"body":"provide the designs and our own,"},{"speaker":"Adam Rauwerdink","startTime":1369.8799999999999,"endTime":1372.94,"body":"you know, package for assembling"},{"speaker":"Adam Rauwerdink","startTime":1372.94,"endTime":1377.3799999999999,"body":"all those parts. But some of the"},{"speaker":"Adam Rauwerdink","startTime":1372.94,"endTime":1377.3799999999999,"body":"we don't need to create new"},{"speaker":"Adam Rauwerdink","startTime":1377.3799999999999,"endTime":1379.78,"body":"supply chains are new"},{"speaker":"Adam Rauwerdink","startTime":1377.3799999999999,"endTime":1379.78,"body":"manufacturing scales for those"},{"speaker":"Adam Rauwerdink","startTime":1379.78,"endTime":1380.47,"body":"components."},{"speaker":"Tim Montague","startTime":1381.1,"endTime":1384.07,"body":"And what is so"},{"speaker":"Tim Montague","startTime":1381.1,"endTime":1384.07,"body":"hard about scaling the"},{"speaker":"Tim Montague","startTime":1384.07,"endTime":1387.04,"body":"technology? Because obviously,"},{"speaker":"Tim Montague","startTime":1384.07,"endTime":1387.04,"body":"this is a difficult problem to"},{"speaker":"Tim Montague","startTime":1387.04,"endTime":1387.61,"body":"solve."},{"speaker":"Adam Rauwerdink","startTime":1388.69,"endTime":1390.67,"body":"Yeah, so it's,"},{"speaker":"Adam Rauwerdink","startTime":1388.69,"endTime":1390.67,"body":"you know, I can compare that"},{"speaker":"Adam Rauwerdink","startTime":1390.67,"endTime":1392.77,"body":"Well, I never worked in the tech"},{"speaker":"Adam Rauwerdink","startTime":1390.67,"endTime":1392.77,"body":"industry, but there was"},{"speaker":"Adam Rauwerdink","startTime":1392.77,"endTime":1394.84,"body":"software, you certainly can"},{"speaker":"Adam Rauwerdink","startTime":1392.77,"endTime":1394.84,"body":"iterate, you know, millions of"},{"speaker":"Adam Rauwerdink","startTime":1394.84,"endTime":1399.8799999999999,"body":"times per second, I worked in"},{"speaker":"Adam Rauwerdink","startTime":1394.84,"endTime":1399.8799999999999,"body":"energy storage where it was"},{"speaker":"Adam Rauwerdink","startTime":1399.91,"endTime":1402.91,"body":"quite easy. Everything was at"},{"speaker":"Adam Rauwerdink","startTime":1399.91,"endTime":1402.91,"body":"low temperature, you could bring"},{"speaker":"Adam Rauwerdink","startTime":1402.91,"endTime":1405.1299999999999,"body":"things down to lab scale"},{"speaker":"Adam Rauwerdink","startTime":1402.91,"endTime":1405.1299999999999,"body":"benches, partitions of"},{"speaker":"Adam Rauwerdink","startTime":1405.1299999999999,"endTime":1408.7,"body":"membranes, etc. and iterate"},{"speaker":"Adam Rauwerdink","startTime":1405.1299999999999,"endTime":1408.7,"body":"still quite quickly, still had"},{"speaker":"Adam Rauwerdink","startTime":1408.7,"endTime":1411.85,"body":"to then prove long term"},{"speaker":"Adam Rauwerdink","startTime":1408.7,"endTime":1411.85,"body":"reliability and performance. But"},{"speaker":"Adam Rauwerdink","startTime":1411.85,"endTime":1415.48,"body":"when you get into something like"},{"speaker":"Adam Rauwerdink","startTime":1411.85,"endTime":1415.48,"body":"steel, were running at 1600"},{"speaker":"Adam Rauwerdink","startTime":1467.17,"endTime":1469.99,"body":"degrees Celsius. And so that"},{"speaker":"Adam Rauwerdink","startTime":1467.17,"endTime":1469.99,"body":"adds a number of variables that"},{"speaker":"Adam Rauwerdink","startTime":1469.99,"endTime":1473.2,"body":"really limit how quickly you can"},{"speaker":"Adam Rauwerdink","startTime":1469.99,"endTime":1473.2,"body":"iterate. And so that's one of"},{"speaker":"Adam Rauwerdink","startTime":1473.2,"endTime":1476.23,"body":"the key learnings that we've had"},{"speaker":"Adam Rauwerdink","startTime":1473.2,"endTime":1476.23,"body":"over the last several years is"},{"speaker":"Adam Rauwerdink","startTime":1476.23,"endTime":1480.76,"body":"how to take a very large scale"},{"speaker":"Adam Rauwerdink","startTime":1476.23,"endTime":1480.76,"body":"challenging problem and break it"},{"speaker":"Adam Rauwerdink","startTime":1480.76,"endTime":1483.82,"body":"down into the core components"},{"speaker":"Adam Rauwerdink","startTime":1480.76,"endTime":1483.82,"body":"and iterate as quickly as"},{"speaker":"Adam Rauwerdink","startTime":1483.82,"endTime":1487.6000000000001,"body":"possible. So as you marched"},{"speaker":"Adam Rauwerdink","startTime":1483.82,"endTime":1487.6000000000001,"body":"through a tour of our facility,"},{"speaker":"Adam Rauwerdink","startTime":1487.6000000000001,"endTime":1490.81,"body":"you'll see the technology at"},{"speaker":"Adam Rauwerdink","startTime":1487.6000000000001,"endTime":1490.81,"body":"everywhere from lab scale, where"},{"speaker":"Adam Rauwerdink","startTime":1490.81,"endTime":1495.25,"body":"you're making grammes of steel"},{"speaker":"Adam Rauwerdink","startTime":1490.81,"endTime":1495.25,"body":"over the course of a day up to"},{"speaker":"Adam Rauwerdink","startTime":1495.28,"endTime":1497.68,"body":"you know, semi industrial"},{"speaker":"Adam Rauwerdink","startTime":1495.28,"endTime":1497.68,"body":"systems where you're making"},{"speaker":"Adam Rauwerdink","startTime":1497.71,"endTime":1501.19,"body":"several 100 kilos per day. And"},{"speaker":"Adam Rauwerdink","startTime":1497.71,"endTime":1501.19,"body":"then there's several iterations"},{"speaker":"Adam Rauwerdink","startTime":1501.19,"endTime":1504.82,"body":"in between. But the focus of"},{"speaker":"Adam Rauwerdink","startTime":1501.19,"endTime":1504.82,"body":"those is how do we as quickly as"},{"speaker":"Adam Rauwerdink","startTime":1504.82,"endTime":1508.27,"body":"possible, iterate on the"},{"speaker":"Adam Rauwerdink","startTime":1504.82,"endTime":1508.27,"body":"technology and drive the"},{"speaker":"Adam Rauwerdink","startTime":1508.27,"endTime":1511.93,"body":"technology maturity forward. But"},{"speaker":"Adam Rauwerdink","startTime":1508.27,"endTime":1511.93,"body":"it's certainly a very different"},{"speaker":"Adam Rauwerdink","startTime":1511.93,"endTime":1514.81,"body":"challenge than you'd have in"},{"speaker":"Adam Rauwerdink","startTime":1511.93,"endTime":1514.81,"body":"even in energy storage."},{"speaker":"Tim Montague","startTime":1515.98,"endTime":1519.67,"body":"Yeah, you know,"},{"speaker":"Tim Montague","startTime":1515.98,"endTime":1519.67,"body":"we've had a slew of thermal"},{"speaker":"Tim Montague","startTime":1519.67,"endTime":1523.96,"body":"companies on the show recently,"},{"speaker":"Tim Montague","startTime":1519.67,"endTime":1523.96,"body":"a company called Nostromo, which"},{"speaker":"Tim Montague","startTime":1524.53,"endTime":1529.66,"body":"makes HVAC equipment, their"},{"speaker":"Tim Montague","startTime":1524.53,"endTime":1529.66,"body":"technology is the opposite."},{"speaker":"Tim Montague","startTime":1529.66,"endTime":1535.3600000000001,"body":"They're using ice and cold"},{"speaker":"Tim Montague","startTime":1529.66,"endTime":1535.3600000000001,"body":"storage. But Rondo energy uses"},{"speaker":"Tim Montague","startTime":1535.3600000000001,"endTime":1540.49,"body":"electric thermal resistance,"},{"speaker":"Tim Montague","startTime":1535.3600000000001,"endTime":1540.49,"body":"heat, to make 1600 degree hot"},{"speaker":"Tim Montague","startTime":1540.49,"endTime":1543.58,"body":"brick batteries. I don't know if"},{"speaker":"Tim Montague","startTime":1540.49,"endTime":1543.58,"body":"you've noticed Rondo at all in"},{"speaker":"Tim Montague","startTime":1543.58,"endTime":1549.25,"body":"the news. If I'm a if I'm a"},{"speaker":"Tim Montague","startTime":1543.58,"endTime":1549.25,"body":"steel manufacturer, you know,"},{"speaker":"Tim Montague","startTime":1549.25,"endTime":1553.1200000000001,"body":"Rondo is knocking on their door"},{"speaker":"Tim Montague","startTime":1549.25,"endTime":1553.1200000000001,"body":"to saying, hey, you know, we"},{"speaker":"Tim Montague","startTime":1553.1200000000001,"endTime":1557.6200000000001,"body":"have a low carbon solution for"},{"speaker":"Tim Montague","startTime":1553.1200000000001,"endTime":1557.6200000000001,"body":"industrial heat. Is it a both"},{"speaker":"Tim Montague","startTime":1557.6200000000001,"endTime":1563.56,"body":"end? Or do you have a sense of"},{"speaker":"Tim Montague","startTime":1557.6200000000001,"endTime":1563.56,"body":"how Boston you know pencils"},{"speaker":"Tim Montague","startTime":1563.56,"endTime":1569.02,"body":"compared to some of these other"},{"speaker":"Tim Montague","startTime":1563.56,"endTime":1569.02,"body":"thermal clean? Theoretically,"},{"speaker":"Tim Montague","startTime":1569.14,"endTime":1572.53,"body":"you know, just using clean"},{"speaker":"Tim Montague","startTime":1569.14,"endTime":1572.53,"body":"electricity? That's the key here"},{"speaker":"Tim Montague","startTime":1572.53,"endTime":1576.6100000000001,"body":"is using clean electricity. But"},{"speaker":"Tim Montague","startTime":1572.53,"endTime":1576.6100000000001,"body":"But how does that landscape look"},{"speaker":"Tim Montague","startTime":1576.6100000000001,"endTime":1577.0,"body":"to you?"},{"speaker":"Adam Rauwerdink","startTime":1578.23,"endTime":1580.27,"body":"Yeah, so when"},{"speaker":"Adam Rauwerdink","startTime":1578.23,"endTime":1580.27,"body":"you look at steel, you know what"},{"speaker":"Adam Rauwerdink","startTime":1580.27,"endTime":1583.24,"body":"the electricity are doing?"},{"speaker":"Adam Rauwerdink","startTime":1580.27,"endTime":1583.24,"body":"There's heat is certainly an"},{"speaker":"Adam Rauwerdink","startTime":1583.24,"endTime":1586.45,"body":"element you have to be at molten"},{"speaker":"Adam Rauwerdink","startTime":1583.24,"endTime":1586.45,"body":"temperatures. molten iron is in"},{"speaker":"Adam Rauwerdink","startTime":1586.45,"endTime":1591.07,"body":"1500 Plus Celsius. But the big"},{"speaker":"Adam Rauwerdink","startTime":1586.45,"endTime":1591.07,"body":"element is how do you revert"},{"speaker":"Adam Rauwerdink","startTime":1591.07,"endTime":1595.45,"body":"convert iron oxide into iron and"},{"speaker":"Adam Rauwerdink","startTime":1591.07,"endTime":1595.45,"body":"that's where there's really four"},{"speaker":"Adam Rauwerdink","startTime":1595.45,"endTime":1598.66,"body":"ways to do that. You need what"},{"speaker":"Adam Rauwerdink","startTime":1595.45,"endTime":1598.66,"body":"they call a reducing agent. So"},{"speaker":"Adam Rauwerdink","startTime":1598.66,"endTime":1601.93,"body":"historically, carbon has been"},{"speaker":"Adam Rauwerdink","startTime":1598.66,"endTime":1601.93,"body":"the dominant one, but if you"},{"speaker":"Adam Rauwerdink","startTime":1601.93,"endTime":1604.27,"body":"want to get there Have"},{"speaker":"Adam Rauwerdink","startTime":1601.93,"endTime":1604.27,"body":"emissions, you need to eliminate"},{"speaker":"Adam Rauwerdink","startTime":1604.27,"endTime":1608.5,"body":"that some of those high value"},{"speaker":"Adam Rauwerdink","startTime":1604.27,"endTime":1608.5,"body":"metals use another metal to"},{"speaker":"Adam Rauwerdink","startTime":1608.68,"endTime":1611.41,"body":"aluminium, for example, to do"},{"speaker":"Adam Rauwerdink","startTime":1608.68,"endTime":1611.41,"body":"the reduction that just doesn't"},{"speaker":"Adam Rauwerdink","startTime":1611.41,"endTime":1614.77,"body":"work with steel because of the"},{"speaker":"Adam Rauwerdink","startTime":1611.41,"endTime":1614.77,"body":"scale. And then you're left with"},{"speaker":"Adam Rauwerdink","startTime":1614.8,"endTime":1618.19,"body":"you to do the reduction from"},{"speaker":"Adam Rauwerdink","startTime":1614.8,"endTime":1618.19,"body":"iron oxide to iron, you can use"},{"speaker":"Adam Rauwerdink","startTime":1618.19,"endTime":1621.16,"body":"hydrogen or you can use"},{"speaker":"Adam Rauwerdink","startTime":1618.19,"endTime":1621.16,"body":"electrons. And that's the source"},{"speaker":"Adam Rauwerdink","startTime":1621.16,"endTime":1624.43,"body":"of us. So he does part of it. In"},{"speaker":"Adam Rauwerdink","startTime":1621.16,"endTime":1624.43,"body":"our process, though, the"},{"speaker":"Adam Rauwerdink","startTime":1624.43,"endTime":1627.49,"body":"electricity is providing the"},{"speaker":"Adam Rauwerdink","startTime":1624.43,"endTime":1627.49,"body":"heat and the reducing agent, the"},{"speaker":"Adam Rauwerdink","startTime":1627.49,"endTime":1630.73,"body":"electron is doing that, that"},{"speaker":"Adam Rauwerdink","startTime":1627.49,"endTime":1630.73,"body":"work chemical work to convert"},{"speaker":"Adam Rauwerdink","startTime":1630.73,"endTime":1635.26,"body":"iron oxide to split apart the"},{"speaker":"Adam Rauwerdink","startTime":1630.73,"endTime":1635.26,"body":"iron and oxygen and make make"},{"speaker":"Adam Rauwerdink","startTime":1635.26,"endTime":1638.95,"body":"liquid iron. So that's, you"},{"speaker":"Adam Rauwerdink","startTime":1635.26,"endTime":1638.95,"body":"know, that's how we look at the"},{"speaker":"Adam Rauwerdink","startTime":1638.95,"endTime":1642.19,"body":"process and how we differentiate"},{"speaker":"Adam Rauwerdink","startTime":1638.95,"endTime":1642.19,"body":"it from the incumbent that uses"},{"speaker":"Adam Rauwerdink","startTime":1642.19,"endTime":1644.1100000000001,"body":"carbon for for that energy and"},{"speaker":"Adam Rauwerdink","startTime":1642.19,"endTime":1644.1100000000001,"body":"heat."},{"speaker":"Tim Montague","startTime":1645.07,"endTime":1652.9,"body":"And, you know, you"},{"speaker":"Tim Montague","startTime":1645.07,"endTime":1652.9,"body":"mentioned carbon incentives. I'm"},{"speaker":"Tim Montague","startTime":1652.9,"endTime":1657.3700000000001,"body":"not, I'm not an expert on what"},{"speaker":"Tim Montague","startTime":1652.9,"endTime":1657.3700000000001,"body":"the landscape is there. But if"},{"speaker":"Tim Montague","startTime":1657.3700000000001,"endTime":1660.4,"body":"I'm if I'm, if I'm a"},{"speaker":"Tim Montague","startTime":1657.3700000000001,"endTime":1660.4,"body":"manufacturer, making dirty steel"},{"speaker":"Tim Montague","startTime":1660.4,"endTime":1666.3700000000001,"body":"today, traditional coal based"},{"speaker":"Tim Montague","startTime":1660.4,"endTime":1666.3700000000001,"body":"steel manufacturing, and I want"},{"speaker":"Tim Montague","startTime":1666.3700000000001,"endTime":1672.82,"body":"to decarbonize my process, is"},{"speaker":"Tim Montague","startTime":1666.3700000000001,"endTime":1672.82,"body":"there a carrot that I need to"},{"speaker":"Tim Montague","startTime":1672.82,"endTime":1675.34,"body":"make that jump to bridge the"},{"speaker":"Tim Montague","startTime":1672.82,"endTime":1675.34,"body":"gap?"},{"speaker":"Adam Rauwerdink","startTime":1676.54,"endTime":1678.58,"body":"There's been"},{"speaker":"Adam Rauwerdink","startTime":1676.54,"endTime":1678.58,"body":"quite a lot of activity in that"},{"speaker":"Adam Rauwerdink","startTime":1678.76,"endTime":1681.46,"body":"as of late. So there's, there's"},{"speaker":"Adam Rauwerdink","startTime":1678.76,"endTime":1681.46,"body":"a few different elements to it."},{"speaker":"Adam Rauwerdink","startTime":1681.46,"endTime":1685.39,"body":"So just on the the from the"},{"speaker":"Adam Rauwerdink","startTime":1681.46,"endTime":1685.39,"body":"standpoint of how do I define"},{"speaker":"Adam Rauwerdink","startTime":1685.39,"endTime":1689.1100000000001,"body":"clean steel? Or how do I measure"},{"speaker":"Adam Rauwerdink","startTime":1685.39,"endTime":1689.1100000000001,"body":"where I'm at for emissions of my"},{"speaker":"Adam Rauwerdink","startTime":1689.1100000000001,"endTime":1691.99,"body":"steel versus any other producer"},{"speaker":"Adam Rauwerdink","startTime":1689.1100000000001,"endTime":1691.99,"body":"there, you're seeing groups like"},{"speaker":"Adam Rauwerdink","startTime":1691.99,"endTime":1694.84,"body":"responsible steel that are"},{"speaker":"Adam Rauwerdink","startTime":1691.99,"endTime":1694.84,"body":"coming out with, we're putting"},{"speaker":"Adam Rauwerdink","startTime":1694.84,"endTime":1698.74,"body":"together the structures to"},{"speaker":"Adam Rauwerdink","startTime":1694.84,"endTime":1698.74,"body":"actually measure reliably"},{"speaker":"Adam Rauwerdink","startTime":1698.74,"endTime":1701.5,"body":"measure across steel makers?"},{"speaker":"Adam Rauwerdink","startTime":1698.74,"endTime":1701.5,"body":"What's the embodied carbon"},{"speaker":"Adam Rauwerdink","startTime":1701.71,"endTime":1704.83,"body":"emissions for each tonne of"},{"speaker":"Adam Rauwerdink","startTime":1701.71,"endTime":1704.83,"body":"steel. So that's one side, just"},{"speaker":"Adam Rauwerdink","startTime":1704.83,"endTime":1708.04,"body":"from the regulatory standpoint,"},{"speaker":"Adam Rauwerdink","startTime":1704.83,"endTime":1708.04,"body":"you're seeing a tremendous"},{"speaker":"Adam Rauwerdink","startTime":1708.04,"endTime":1712.27,"body":"amount of work on the supply"},{"speaker":"Adam Rauwerdink","startTime":1708.04,"endTime":1712.27,"body":"chain side on demand. And that's"},{"speaker":"Adam Rauwerdink","startTime":1712.27,"endTime":1715.48,"body":"happening within industry. So"},{"speaker":"Adam Rauwerdink","startTime":1712.27,"endTime":1715.48,"body":"the automotive industry has huge"},{"speaker":"Adam Rauwerdink","startTime":1715.48,"endTime":1720.16,"body":"pledges to reach carbon neutral"},{"speaker":"Adam Rauwerdink","startTime":1715.48,"endTime":1720.16,"body":"with their supply chains, steel"},{"speaker":"Adam Rauwerdink","startTime":1720.16,"endTime":1723.13,"body":"is a huge part of that you're"},{"speaker":"Adam Rauwerdink","startTime":1720.16,"endTime":1723.13,"body":"seeing similar interest from"},{"speaker":"Adam Rauwerdink","startTime":1723.76,"endTime":1726.49,"body":"large construction companies to"},{"speaker":"Adam Rauwerdink","startTime":1723.76,"endTime":1726.49,"body":"put low carbon steels low"},{"speaker":"Adam Rauwerdink","startTime":1726.49,"endTime":1729.79,"body":"emission Steel's into their"},{"speaker":"Adam Rauwerdink","startTime":1726.49,"endTime":1729.79,"body":"projects. So that's driving the"},{"speaker":"Adam Rauwerdink","startTime":1729.79,"endTime":1733.78,"body":"demand. You're seeing government"},{"speaker":"Adam Rauwerdink","startTime":1729.79,"endTime":1733.78,"body":"work, such as the first movers"},{"speaker":"Adam Rauwerdink","startTime":1733.78,"endTime":1736.27,"body":"coalition here in the US, we're"},{"speaker":"Adam Rauwerdink","startTime":1733.78,"endTime":1736.27,"body":"pulling together some of those"},{"speaker":"Adam Rauwerdink","startTime":1736.27,"endTime":1741.94,"body":"large buyers to make pledges,"},{"speaker":"Adam Rauwerdink","startTime":1736.27,"endTime":1741.94,"body":"you're seeing, you know, in"},{"speaker":"Adam Rauwerdink","startTime":1741.94,"endTime":1745.27,"body":"public procurements starting to"},{"speaker":"Adam Rauwerdink","startTime":1741.94,"endTime":1745.27,"body":"measure the the emissions in the"},{"speaker":"Adam Rauwerdink","startTime":1745.27,"endTime":1748.27,"body":"concrete or in the steel that"},{"speaker":"Adam Rauwerdink","startTime":1745.27,"endTime":1748.27,"body":"are and having that as part of"},{"speaker":"Adam Rauwerdink","startTime":1748.27,"endTime":1752.74,"body":"the bidding process. You're also"},{"speaker":"Adam Rauwerdink","startTime":1748.27,"endTime":1752.74,"body":"seeing in Europe, one of the new"},{"speaker":"Adam Rauwerdink","startTime":1752.77,"endTime":1755.83,"body":"measures is coming into place in"},{"speaker":"Adam Rauwerdink","startTime":1752.77,"endTime":1755.83,"body":"the next couple of years, is a"},{"speaker":"Adam Rauwerdink","startTime":1755.83,"endTime":1759.19,"body":"carbon border adjustment. So if"},{"speaker":"Adam Rauwerdink","startTime":1755.83,"endTime":1759.19,"body":"a if a tonne of steel is"},{"speaker":"Adam Rauwerdink","startTime":1759.19,"endTime":1761.8,"body":"imported across the border, it's"},{"speaker":"Adam Rauwerdink","startTime":1759.19,"endTime":1761.8,"body":"going to be looking at what are"},{"speaker":"Adam Rauwerdink","startTime":1761.8,"endTime":1764.44,"body":"the what's the emissions"},{"speaker":"Adam Rauwerdink","startTime":1761.8,"endTime":1764.44,"body":"associated with that, that tonne"},{"speaker":"Adam Rauwerdink","startTime":1764.44,"endTime":1767.98,"body":"of steel. And so that's one"},{"speaker":"Adam Rauwerdink","startTime":1764.44,"endTime":1767.98,"body":"fashion to protect local"},{"speaker":"Adam Rauwerdink","startTime":1767.98,"endTime":1770.59,"body":"producers as they make"},{"speaker":"Adam Rauwerdink","startTime":1767.98,"endTime":1770.59,"body":"investments in these lower"},{"speaker":"Adam Rauwerdink","startTime":1770.59,"endTime":1774.52,"body":"carbon solutions. And then from"},{"speaker":"Adam Rauwerdink","startTime":1770.59,"endTime":1774.52,"body":"there, you can certainly get"},{"speaker":"Adam Rauwerdink","startTime":1774.52,"endTime":1777.94,"body":"into the different you can call"},{"speaker":"Adam Rauwerdink","startTime":1774.52,"endTime":1777.94,"body":"it a green premium or a carbon"},{"speaker":"Adam Rauwerdink","startTime":1777.94,"endTime":1780.16,"body":"tax on that side of the"},{"speaker":"Adam Rauwerdink","startTime":1777.94,"endTime":1780.16,"body":"equation. But there's a number"},{"speaker":"Adam Rauwerdink","startTime":1780.16,"endTime":1782.95,"body":"of different, you know, elements"},{"speaker":"Adam Rauwerdink","startTime":1780.16,"endTime":1782.95,"body":"to the supply chain that are"},{"speaker":"Adam Rauwerdink","startTime":1783.22,"endTime":1785.17,"body":"that are trying to tackle all"},{"speaker":"Adam Rauwerdink","startTime":1783.22,"endTime":1785.17,"body":"the different parts of that."},{"speaker":"Tim Montague","startTime":1786.19,"endTime":1788.74,"body":"And are there"},{"speaker":"Tim Montague","startTime":1786.19,"endTime":1788.74,"body":"specific incentives in the IRA"},{"speaker":"Tim Montague","startTime":1788.74,"endTime":1790.78,"body":"legislation that impacts this"},{"speaker":"Tim Montague","startTime":1788.74,"endTime":1790.78,"body":"industry,"},{"speaker":"Adam Rauwerdink","startTime":1791.08,"endTime":1793.45,"body":"everything for"},{"speaker":"Adam Rauwerdink","startTime":1791.08,"endTime":1793.45,"body":"renewables is certainly, you"},{"speaker":"Adam Rauwerdink","startTime":1793.45,"endTime":1796.3,"body":"know, indirectly indirectly"},{"speaker":"Adam Rauwerdink","startTime":1793.45,"endTime":1796.3,"body":"benefiting, you know, but the"},{"speaker":"Adam Rauwerdink","startTime":1796.3,"endTime":1799.06,"body":"other element, as we scale up"},{"speaker":"Adam Rauwerdink","startTime":1796.3,"endTime":1799.06,"body":"and start to deploy, there's a"},{"speaker":"Adam Rauwerdink","startTime":1799.06,"endTime":1803.3500000000001,"body":"lot of dollars in there for"},{"speaker":"Adam Rauwerdink","startTime":1799.06,"endTime":1803.3500000000001,"body":"first deployments, industrial"},{"speaker":"Adam Rauwerdink","startTime":1803.3500000000001,"endTime":1806.08,"body":"deployments of technology"},{"speaker":"Adam Rauwerdink","startTime":1803.3500000000001,"endTime":1806.08,"body":"offices, like the clean energy"},{"speaker":"Adam Rauwerdink","startTime":1806.08,"endTime":1810.31,"body":"demonstration office where you"},{"speaker":"Adam Rauwerdink","startTime":1806.08,"endTime":1810.31,"body":"know, larger scale funding for"},{"speaker":"Adam Rauwerdink","startTime":1810.49,"endTime":1813.01,"body":"technologies that are ready to"},{"speaker":"Adam Rauwerdink","startTime":1810.49,"endTime":1813.01,"body":"make that leap from proof of"},{"speaker":"Adam Rauwerdink","startTime":1813.01,"endTime":1816.07,"body":"concept or, you know, a mid TRL"},{"speaker":"Adam Rauwerdink","startTime":1813.01,"endTime":1816.07,"body":"level to the first commercial"},{"speaker":"Adam Rauwerdink","startTime":1816.07,"endTime":1818.23,"body":"deployments. And so that's"},{"speaker":"Adam Rauwerdink","startTime":1816.07,"endTime":1818.23,"body":"something where we're taking a"},{"speaker":"Adam Rauwerdink","startTime":1818.23,"endTime":1819.16,"body":"very close look at,"},{"speaker":"Tim Montague","startTime":1819.88,"endTime":1822.7,"body":"you know, one of"},{"speaker":"Tim Montague","startTime":1819.88,"endTime":1822.7,"body":"the things that I love to point"},{"speaker":"Tim Montague","startTime":1822.7,"endTime":1826.75,"body":"out here on the show is the role"},{"speaker":"Tim Montague","startTime":1822.7,"endTime":1826.75,"body":"of good government. So, you"},{"speaker":"Tim Montague","startTime":1826.75,"endTime":1830.26,"body":"know, being that you have such"},{"speaker":"Tim Montague","startTime":1826.75,"endTime":1830.26,"body":"strong academic roots, I assume"},{"speaker":"Tim Montague","startTime":1830.26,"endTime":1835.51,"body":"that, that you, you know, along"},{"speaker":"Tim Montague","startTime":1830.26,"endTime":1835.51,"body":"your journey, have benefited"},{"speaker":"Tim Montague","startTime":1835.51,"endTime":1840.8500000000001,"body":"from government grants, what is"},{"speaker":"Tim Montague","startTime":1835.51,"endTime":1840.8500000000001,"body":"the status of, of your revenue"},{"speaker":"Tim Montague","startTime":1840.8500000000001,"endTime":1845.83,"body":"from, you know, the investor"},{"speaker":"Tim Montague","startTime":1840.8500000000001,"endTime":1845.83,"body":"side versus, you know, which is"},{"speaker":"Tim Montague","startTime":1845.8600000000001,"endTime":1848.95,"body":"probably largely equity"},{"speaker":"Tim Montague","startTime":1845.8600000000001,"endTime":1848.95,"body":"investors, I'm guessing, but"},{"speaker":"Tim Montague","startTime":1849.82,"endTime":1853.03,"body":"talk about that landscape. How"},{"speaker":"Tim Montague","startTime":1849.82,"endTime":1853.03,"body":"does the company get to where it"},{"speaker":"Tim Montague","startTime":1853.03,"endTime":1857.47,"body":"is today? And you know, you're"},{"speaker":"Tim Montague","startTime":1853.03,"endTime":1857.47,"body":"on the doorstep of scaling and"},{"speaker":"Tim Montague","startTime":1857.47,"endTime":1860.05,"body":"really going mainstream? Yeah."},{"speaker":"Adam Rauwerdink","startTime":1860.05,"endTime":1861.91,"body":"So if you look"},{"speaker":"Adam Rauwerdink","startTime":1860.05,"endTime":1861.91,"body":"at our history, so the company"},{"speaker":"Adam Rauwerdink","startTime":1861.91,"endTime":1865.84,"body":"founded right at the beginning"},{"speaker":"Adam Rauwerdink","startTime":1861.91,"endTime":1865.84,"body":"of 2013, was very small from"},{"speaker":"Adam Rauwerdink","startTime":1865.84,"endTime":1871.51,"body":"kind of that period until"},{"speaker":"Adam Rauwerdink","startTime":1865.84,"endTime":1871.51,"body":"2017 2018. There was one small"},{"speaker":"Adam Rauwerdink","startTime":1871.51,"endTime":1874.72,"body":"seed investment from a private"},{"speaker":"Adam Rauwerdink","startTime":1871.51,"endTime":1874.72,"body":"investor, but mostly government"},{"speaker":"Adam Rauwerdink","startTime":1874.72,"endTime":1878.77,"body":"grants. At that point, smaller"},{"speaker":"Adam Rauwerdink","startTime":1874.72,"endTime":1878.77,"body":"scale government grants, largely"},{"speaker":"Adam Rauwerdink","startTime":1878.77,"endTime":1882.94,"body":"from the Department of Energy in"},{"speaker":"Adam Rauwerdink","startTime":1878.77,"endTime":1882.94,"body":"the US to de risk early elements"},{"speaker":"Adam Rauwerdink","startTime":1882.94,"endTime":1887.44,"body":"of the technology. Our CEO"},{"speaker":"Adam Rauwerdink","startTime":1882.94,"endTime":1887.44,"body":"joined in 2017. I joined just"},{"speaker":"Adam Rauwerdink","startTime":1887.44,"endTime":1890.47,"body":"after him and then in 2018, we"},{"speaker":"Adam Rauwerdink","startTime":1887.44,"endTime":1890.47,"body":"did our first round of private"},{"speaker":"Adam Rauwerdink","startTime":1890.47,"endTime":1895.21,"body":"capital, we've now done two. So"},{"speaker":"Adam Rauwerdink","startTime":1890.47,"endTime":1895.21,"body":"in total, we've raised about 100"},{"speaker":"Adam Rauwerdink","startTime":1895.21,"endTime":1899.41,"body":"million, most of that is now"},{"speaker":"Adam Rauwerdink","startTime":1895.21,"endTime":1899.41,"body":"private capital. But the DoD"},{"speaker":"Adam Rauwerdink","startTime":1899.41,"endTime":1903.58,"body":"played a key role in those early"},{"speaker":"Adam Rauwerdink","startTime":1899.41,"endTime":1903.58,"body":"days of taking that Technology"},{"speaker":"Adam Rauwerdink","startTime":1903.6100000000001,"endTime":1906.88,"body":"level up to the point where the"},{"speaker":"Adam Rauwerdink","startTime":1903.6100000000001,"endTime":1906.88,"body":"private investors could could"},{"speaker":"Adam Rauwerdink","startTime":1906.88,"endTime":1909.76,"body":"see the story and see the"},{"speaker":"Adam Rauwerdink","startTime":1906.88,"endTime":1909.76,"body":"opportunity and see that the"},{"speaker":"Adam Rauwerdink","startTime":1909.76,"endTime":1912.8500000000001,"body":"technology had taken those"},{"speaker":"Adam Rauwerdink","startTime":1909.76,"endTime":1912.8500000000001,"body":"initial steps of being at risk."},{"speaker":"Adam Rauwerdink","startTime":1913.48,"endTime":1916.1200000000001,"body":"When you start to talk about"},{"speaker":"Adam Rauwerdink","startTime":1913.48,"endTime":1916.1200000000001,"body":"these larger scale grants for"},{"speaker":"Adam Rauwerdink","startTime":1916.27,"endTime":1918.46,"body":"first deployments there, you can"},{"speaker":"Adam Rauwerdink","startTime":1916.27,"endTime":1918.46,"body":"see the DOD, you know,"},{"speaker":"Adam Rauwerdink","startTime":1918.46,"endTime":1922.03,"body":"potentially coming back into the"},{"speaker":"Adam Rauwerdink","startTime":1918.46,"endTime":1922.03,"body":"picture. But to this point,"},{"speaker":"Adam Rauwerdink","startTime":1922.21,"endTime":1926.83,"body":"relying on private investment"},{"speaker":"Adam Rauwerdink","startTime":1922.21,"endTime":1926.83,"body":"for scale up both past and"},{"speaker":"Adam Rauwerdink","startTime":1926.89,"endTime":1927.8500000000001,"body":"present, and future."},{"speaker":"Tim Montague","startTime":1929.3500000000001,"endTime":1933.28,"body":"Gotcha. Well, what"},{"speaker":"Tim Montague","startTime":1929.3500000000001,"endTime":1933.28,"body":"else should our listeners know?"},{"speaker":"Tim Montague","startTime":1933.28,"endTime":1937.9,"body":"And before you say that before"},{"speaker":"Tim Montague","startTime":1933.28,"endTime":1937.9,"body":"you talk about other stuff, I"},{"speaker":"Tim Montague","startTime":1937.9,"endTime":1945.52,"body":"guess, when can you see, you"},{"speaker":"Tim Montague","startTime":1937.9,"endTime":1945.52,"body":"know, large scale, clean steel"},{"speaker":"Tim Montague","startTime":1945.52,"endTime":1948.97,"body":"manufacturer happening in the"},{"speaker":"Tim Montague","startTime":1945.52,"endTime":1948.97,"body":"flesh in the US?"},{"speaker":"Adam Rauwerdink","startTime":1949.39,"endTime":1951.19,"body":"So today, it"},{"speaker":"Adam Rauwerdink","startTime":1949.39,"endTime":1951.19,"body":"would be you know, all the"},{"speaker":"Adam Rauwerdink","startTime":1951.19,"endTime":1953.77,"body":"recycling. So there you're"},{"speaker":"Adam Rauwerdink","startTime":1951.19,"endTime":1953.77,"body":"seeing the pledges to move from,"},{"speaker":"Adam Rauwerdink","startTime":1953.77,"endTime":1956.41,"body":"you know, maybe a recycled steel"},{"speaker":"Adam Rauwerdink","startTime":1953.77,"endTime":1956.41,"body":"electricity, different process"},{"speaker":"Adam Rauwerdink","startTime":1956.41,"endTime":1959.59,"body":"that's, you know, just from"},{"speaker":"Adam Rauwerdink","startTime":1956.41,"endTime":1959.59,"body":"great energy moving that to"},{"speaker":"Adam Rauwerdink","startTime":1959.65,"endTime":1961.48,"body":"clean power through? Yeah,"},{"speaker":"Adam Rauwerdink","startTime":1959.65,"endTime":1961.48,"body":"there's"},{"speaker":"Tim Montague","startTime":1961.48,"endTime":1963.22,"body":"no reason that"},{"speaker":"Tim Montague","startTime":1961.48,"endTime":1963.22,"body":"couldn't be done today, of"},{"speaker":"Tim Montague","startTime":1963.22,"endTime":1963.82,"body":"course."},{"speaker":"Adam Rauwerdink","startTime":1963.88,"endTime":1965.98,"body":"So for us,"},{"speaker":"Adam Rauwerdink","startTime":1963.88,"endTime":1965.98,"body":"though, it's the second half of"},{"speaker":"Adam Rauwerdink","startTime":1965.98,"endTime":1969.28,"body":"this decade. So 2025, we're"},{"speaker":"Adam Rauwerdink","startTime":1965.98,"endTime":1969.28,"body":"targeting the first industrial"},{"speaker":"Adam Rauwerdink","startTime":1969.28,"endTime":1972.8500000000001,"body":"demonstration plant is then"},{"speaker":"Adam Rauwerdink","startTime":1969.28,"endTime":1972.8500000000001,"body":"about a three year project cycle"},{"speaker":"Adam Rauwerdink","startTime":1972.8500000000001,"endTime":1977.47,"body":"to go from, you know, go on"},{"speaker":"Adam Rauwerdink","startTime":1972.8500000000001,"endTime":1977.47,"body":"construction and permitting to a"},{"speaker":"Adam Rauwerdink","startTime":1977.47,"endTime":1980.53,"body":"plant coming online. So second"},{"speaker":"Adam Rauwerdink","startTime":1977.47,"endTime":1980.53,"body":"half of this decade is when we"},{"speaker":"Adam Rauwerdink","startTime":1980.53,"endTime":1984.82,"body":"see the first million tonnes"},{"speaker":"Adam Rauwerdink","startTime":1980.53,"endTime":1984.82,"body":"steel plant using using our"},{"speaker":"Adam Rauwerdink","startTime":1984.82,"endTime":1988.45,"body":"technology coming online. That"},{"speaker":"Adam Rauwerdink","startTime":1984.82,"endTime":1988.45,"body":"could be in the US that could"},{"speaker":"Adam Rauwerdink","startTime":1988.45,"endTime":1993.16,"body":"also be anywhere on the globe,"},{"speaker":"Adam Rauwerdink","startTime":1988.45,"endTime":1993.16,"body":"where you have clean power, or"},{"speaker":"Adam Rauwerdink","startTime":1993.16,"endTime":1993.58,"body":"both."},{"speaker":"Tim Montague","startTime":1994.66,"endTime":1998.98,"body":"Gotcha. Well, what"},{"speaker":"Tim Montague","startTime":1994.66,"endTime":1998.98,"body":"else do you want our listeners"},{"speaker":"Tim Montague","startTime":1998.98,"endTime":2000.66,"body":"to know that we haven't touched"},{"speaker":"Tim Montague","startTime":1998.98,"endTime":2000.66,"body":"on so far?"},{"speaker":"Adam Rauwerdink","startTime":2001.59,"endTime":2003.48,"body":"Well, just I"},{"speaker":"Adam Rauwerdink","startTime":2001.59,"endTime":2003.48,"body":"touched briefly on our high"},{"speaker":"Adam Rauwerdink","startTime":2003.48,"endTime":2006.03,"body":"value business, we actually did"},{"speaker":"Adam Rauwerdink","startTime":2003.48,"endTime":2006.03,"body":"a press release this morning, as"},{"speaker":"Adam Rauwerdink","startTime":2006.03,"endTime":2008.97,"body":"we're recording this announcing"},{"speaker":"Adam Rauwerdink","startTime":2006.03,"endTime":2008.97,"body":"that we broke ground on that"},{"speaker":"Adam Rauwerdink","startTime":2008.97,"endTime":2012.03,"body":"project. So that's when we took"},{"speaker":"Adam Rauwerdink","startTime":2008.97,"endTime":2012.03,"body":"a look at the revenue side,"},{"speaker":"Adam Rauwerdink","startTime":2012.03,"endTime":2015.8700000000001,"body":"that's an important part of the"},{"speaker":"Adam Rauwerdink","startTime":2012.03,"endTime":2015.8700000000001,"body":"overall picture on Boston metal,"},{"speaker":"Adam Rauwerdink","startTime":2015.8700000000001,"endTime":2018.8700000000001,"body":"that high value metals. And"},{"speaker":"Adam Rauwerdink","startTime":2015.8700000000001,"endTime":2018.8700000000001,"body":"that's been there since even our"},{"speaker":"Adam Rauwerdink","startTime":2018.8700000000001,"endTime":2022.2,"body":"earliest fundraising rounds as"},{"speaker":"Adam Rauwerdink","startTime":2018.8700000000001,"endTime":2022.2,"body":"part of the part of the story."},{"speaker":"Adam Rauwerdink","startTime":2022.56,"endTime":2028.14,"body":"And earlier to market, higher"},{"speaker":"Adam Rauwerdink","startTime":2022.56,"endTime":2028.14,"body":"margin, lower ultimate volume,"},{"speaker":"Adam Rauwerdink","startTime":2028.83,"endTime":2032.01,"body":"but important part of the puzzle"},{"speaker":"Adam Rauwerdink","startTime":2028.83,"endTime":2032.01,"body":"for for Boston metal. So that's"},{"speaker":"Adam Rauwerdink","startTime":2032.01,"endTime":2036.24,"body":"a project that's now coming"},{"speaker":"Adam Rauwerdink","startTime":2032.01,"endTime":2036.24,"body":"online, we'll have we own the"},{"speaker":"Adam Rauwerdink","startTime":2036.24,"endTime":2038.97,"body":"land, we've got to get working"},{"speaker":"Adam Rauwerdink","startTime":2036.24,"endTime":2038.97,"body":"through the permitting process"},{"speaker":"Adam Rauwerdink","startTime":2038.97,"endTime":2041.76,"body":"and starting construction there."},{"speaker":"Adam Rauwerdink","startTime":2038.97,"endTime":2041.76,"body":"But that'll be CR early"},{"speaker":"Adam Rauwerdink","startTime":2041.76,"endTime":2044.55,"body":"revenues. Initially next year,"},{"speaker":"Adam Rauwerdink","startTime":2041.76,"endTime":2044.55,"body":"I've been really scaling up in"},{"speaker":"Adam Rauwerdink","startTime":2044.55,"endTime":2048.9,"body":"2024 and 2025, to support the"},{"speaker":"Adam Rauwerdink","startTime":2044.55,"endTime":2048.9,"body":"business. So that's an important"},{"speaker":"Adam Rauwerdink","startTime":2049.62,"endTime":2052.86,"body":"milestone for Boston mental is"},{"speaker":"Adam Rauwerdink","startTime":2049.62,"endTime":2052.86,"body":"seeing that project come out of"},{"speaker":"Adam Rauwerdink","startTime":2052.86,"endTime":2055.56,"body":"our labs and our development"},{"speaker":"Adam Rauwerdink","startTime":2052.86,"endTime":2055.56,"body":"facilities and actually break"},{"speaker":"Adam Rauwerdink","startTime":2055.56,"endTime":2057.48,"body":"ground on a on a commercial"},{"speaker":"Adam Rauwerdink","startTime":2055.56,"endTime":2057.48,"body":"project."},{"speaker":"Tim Montague","startTime":2058.56,"endTime":2063.66,"body":"That's exciting."},{"speaker":"Tim Montague","startTime":2058.56,"endTime":2063.66,"body":"And how long will it take to to"},{"speaker":"Tim Montague","startTime":2063.66,"endTime":2065.46,"body":"bring that Brazilian Project"},{"speaker":"Tim Montague","startTime":2063.66,"endTime":2065.46,"body":"Online,"},{"speaker":"Adam Rauwerdink","startTime":2065.88,"endTime":2069.06,"body":"so is initial"},{"speaker":"Adam Rauwerdink","startTime":2065.88,"endTime":2069.06,"body":"production next year, really the"},{"speaker":"Adam Rauwerdink","startTime":2069.06,"endTime":2073.35,"body":"big scale up in 2024, and then"},{"speaker":"Adam Rauwerdink","startTime":2069.06,"endTime":2073.35,"body":"finalising in 2025. That's the"},{"speaker":"Adam Rauwerdink","startTime":2073.5899999999997,"endTime":2076.41,"body":"first phase of it, that's a"},{"speaker":"Adam Rauwerdink","startTime":2073.5899999999997,"endTime":2076.41,"body":"business that will expand in"},{"speaker":"Adam Rauwerdink","startTime":2076.41,"endTime":2081.33,"body":"Brazil will also expand"},{"speaker":"Adam Rauwerdink","startTime":2076.41,"endTime":2081.33,"body":"globally. There we are producing"},{"speaker":"Adam Rauwerdink","startTime":2081.33,"endTime":2084.15,"body":"higher value metals, we're also"},{"speaker":"Adam Rauwerdink","startTime":2081.33,"endTime":2084.15,"body":"working with a lot of waste"},{"speaker":"Adam Rauwerdink","startTime":2084.15,"endTime":2087.24,"body":"streams as the feedstock so"},{"speaker":"Adam Rauwerdink","startTime":2084.15,"endTime":2087.24,"body":"taking in mining waste or"},{"speaker":"Adam Rauwerdink","startTime":2087.24,"endTime":2090.15,"body":"metallurgical waste, and"},{"speaker":"Adam Rauwerdink","startTime":2087.24,"endTime":2090.15,"body":"capturing value from that by"},{"speaker":"Adam Rauwerdink","startTime":2090.15,"endTime":2094.44,"body":"extracting some of the key"},{"speaker":"Adam Rauwerdink","startTime":2090.15,"endTime":2094.44,"body":"metals. So that's how that"},{"speaker":"Adam Rauwerdink","startTime":2094.44,"endTime":2097.2,"body":"business will scale. And that's"},{"speaker":"Adam Rauwerdink","startTime":2094.44,"endTime":2097.2,"body":"a that's a feedstock that is"},{"speaker":"Adam Rauwerdink","startTime":2097.2,"endTime":2098.19,"body":"available globally."},{"speaker":"Tim Montague","startTime":2099.24,"endTime":2102.54,"body":"If you think about"},{"speaker":"Tim Montague","startTime":2099.24,"endTime":2102.54,"body":"all the landfills in the US and"},{"speaker":"Tim Montague","startTime":2102.54,"endTime":2106.4700000000003,"body":"globally and how they are"},{"speaker":"Tim Montague","startTime":2102.54,"endTime":2106.4700000000003,"body":"treasure troves, if you have"},{"speaker":"Tim Montague","startTime":2106.4700000000003,"endTime":2111.84,"body":"some technology for separating"},{"speaker":"Tim Montague","startTime":2106.4700000000003,"endTime":2111.84,"body":"the good from the bad, a lot of"},{"speaker":"Tim Montague","startTime":2111.84,"endTime":2113.28,"body":"good stuff in those landfills."},{"speaker":"Adam Rauwerdink","startTime":2113.73,"endTime":2115.65,"body":"Absolutely,"},{"speaker":"Adam Rauwerdink","startTime":2113.73,"endTime":2115.65,"body":"yeah. And that's where at the"},{"speaker":"Adam Rauwerdink","startTime":2115.65,"endTime":2118.02,"body":"end of the day is Dr. Obey"},{"speaker":"Adam Rauwerdink","startTime":2115.65,"endTime":2118.02,"body":"thermodynamics and everything"},{"speaker":"Adam Rauwerdink","startTime":2118.02,"endTime":2120.36,"body":"else, but we can go a lot"},{"speaker":"Adam Rauwerdink","startTime":2118.02,"endTime":2120.36,"body":"farther than some of the"},{"speaker":"Adam Rauwerdink","startTime":2120.36,"endTime":2122.88,"body":"incumbent processes can in"},{"speaker":"Adam Rauwerdink","startTime":2120.36,"endTime":2122.88,"body":"extracting those high value"},{"speaker":"Adam Rauwerdink","startTime":2122.9100000000003,"endTime":2126.69,"body":"elements. So what is a waste"},{"speaker":"Adam Rauwerdink","startTime":2122.9100000000003,"endTime":2126.69,"body":"today and it's piling up, we can"},{"speaker":"Adam Rauwerdink","startTime":2126.69,"endTime":2131.1000000000004,"body":"extract a high value components"},{"speaker":"Adam Rauwerdink","startTime":2126.69,"endTime":2131.1000000000004,"body":"from that and generate, avoid"},{"speaker":"Adam Rauwerdink","startTime":2131.13,"endTime":2135.48,"body":"new mining and generate quite a"},{"speaker":"Adam Rauwerdink","startTime":2131.13,"endTime":2135.48,"body":"large profit for Boston though."},{"speaker":"Tim Montague","startTime":2135.9500000000003,"endTime":2138.53,"body":"Very good. We'll"},{"speaker":"Tim Montague","startTime":2135.9500000000003,"endTime":2138.53,"body":"check out all of our content at"},{"speaker":"Tim Montague","startTime":2138.53,"endTime":2142.2200000000003,"body":"cleanpowerhour.com Please give"},{"speaker":"Tim Montague","startTime":2138.53,"endTime":2142.2200000000003,"body":"us a rating and a review and"},{"speaker":"Tim Montague","startTime":2142.2200000000003,"endTime":2147.38,"body":"reach out to me on LinkedIn, on"},{"speaker":"Tim Montague","startTime":2142.2200000000003,"endTime":2147.38,"body":"the website, clean power"},{"speaker":"Tim Montague","startTime":2147.9500000000003,"endTime":2151.67,"body":"hour.com Subscribe to us on"},{"speaker":"Tim Montague","startTime":2147.9500000000003,"endTime":2151.67,"body":"YouTube. And Adam How can our"},{"speaker":"Tim Montague","startTime":2151.67,"endTime":2152.7500000000005,"body":"listeners reach you"},{"speaker":"Adam Rauwerdink","startTime":2152.9900000000002,"endTime":2156.86,"body":"go to our"},{"speaker":"Adam Rauwerdink","startTime":2152.9900000000002,"endTime":2156.86,"body":"website, www.Boston metal.com Or"},{"speaker":"Adam Rauwerdink","startTime":2156.86,"endTime":2159.7700000000004,"body":"on Adam@Boston metal.com So you"},{"speaker":"Adam Rauwerdink","startTime":2156.86,"endTime":2159.7700000000004,"body":"can reach me there as well."},{"speaker":"Tim Montague","startTime":2160.38,"endTime":2163.17,"body":"Excellent. I'm Tim"},{"speaker":"Tim Montague","startTime":2160.38,"endTime":2163.17,"body":"Montague. Let's grow solar and"},{"speaker":"Tim Montague","startTime":2163.17,"endTime":2164.4300000000003,"body":"storage. Thank you so much."}]}