Thanks, Simon. Good morning, folks, or good afternoon, folks. Welcome to our webinar. As Simon said, I'm joined on the call by Tim Forbes, our Chief Technology Officer. Together we'll be presenting our results, both the full year results for 2025, the fiscal year, but also the quarterly results for our first quarter of 2026, plus some other highlights which we think are relevant to investors. If you haven't managed to read our quarterly which was out last week, there's a lot of really good content in there as well. I'd encourage you to take a flick through that at your leisure. In terms of our agenda, we'll kick off with the highlights from the fiscal year as well as the first quarter, a bit of an update on our strategy.
I'd like to come back and do just a macro check-in on where the hydrogen market and more broadly the graphite markets are heading. There have been some new updates from both the IEA as well as DNV, which I think are really exciting for both markets. We will then turn to progress on our commercial scale-up and our marketing plan. There's a lot going on in graphite as well, so we want to come back and really talk to what we're doing on graphite, Hazer graphite in particular, and how we're thinking about the marketing strategy. We'll finish off with a corporate update, talk about catalyst, and then open the call for Q&A. Just moving to the next one. For those that are joining us, perhaps for the first time, very simplistically, Hazer converts methane emissions, which are 25x more harmful than CO2.
We convert those into clean energy in the form of hydrogen and critical minerals in the form of a very high purity graphite. Our strong competitive advantage is that we're affordable, low cost, we're scalable, as Tim will describe very shortly, and we're ready and available now to disrupt a very dirty industry that has been using a very dirty source of hydrogen for a very long time. This technology has been in development for over 17 years. We've deployed about $130 million in developing and advancing our technology to a very advanced stage where it is ready for now commercial deployment. Moving to our fiscal year highlights for 2025, we continue to build the foundations or pillars of our commercialization strategy, as I like to say. First of all, we received maiden operating revenues from FortisBC.
That flowed throughout the year and I'd expect that as we move more projects into feasibility that we start to get that multiplier effect and stack up those revenues from those early stage studies which are in flight at the moment. Top line growth grew just shy of 125% year on year. We finished the fiscal year with $8.5 million of revenue. That was one of the highest revenue streams that we've seen in the history of the company. Secondly, major milestone with the completion of our CDP performance test program. We've talked about this a lot. This is a world first commercial demonstration of thermocatalytic methane pyrolysis. We're in a very good position competitively and we've now materially de-risked our technology.
Thirdly, in May, only four or five months after completing that important test program, we were able to join forces with one of the world's largest engineering firms, KBR, Kellogg Brown & Root, to accelerate the scale up and our go- to- market strategy as well as the licensing of our technology. We'll talk to the progress on this very shortly. Corporately, we lowered OpEx 17% year on year and maintained that very important funding position of just shy of $20 million. We did a top up placement throughout the year and we received more non-dilutive funding through two grants that we received and grant milestones we received throughout the year as well. We've got that now extended runway and pathway through some very significant licensing and commercialization milestones. If we then move to the quarterly highlights, more of the same.
We continue to drive our business and our strategy forward. We've made material progress with KBR on the scale up of our tech. We've now selected the major equipment including the reactor concept. This is a very big milestone. Tim will talk to this very shortly. We have now full alignment with KBR and our technical team on that design package. A really important milestone achieved throughout the quarter. Graphite markets continue to tighten. You've seen a lot of news flow coming out of China, in the U.S. and more recently in Australia. We've done several deals now in this space that position Hazer, very importantly in a very tight market. We've also secured some very crucial and important graphite processing and purification intellectual property. We've now got that end- to- end solution.
We've got the supply side, we've got the marketing, and we've got that commercialization pathway through Mitsui and our own avenues. We've got that purification and our ability to take our Hazer graphite and put it into some of the highest and some of the highest value markets that are available today. Two new deals as well during the quarter that have got near-term potential for paid studies and more revenue for the company. The one I just want to call out, which we'll again just talk to very shortly, is EnergyPathways.
We've got really early momentum with that project with two big milestones during the quarter, and then we exited the quarter with a solid cash and funding position again quarter on quarter, $20 million of liquidity that included a $4.5 million R&D cash refund that we also received post the end of the quarter in October of this year. Good momentum all round. Our priority focus right now is on progressing our scale-up and our marketing strategy. Just turning to our strategic staircase, as I like to call it. Look, our strategy's on track. Our technology is de-risked, it's commercially ready. We've got that strong, high-quality strategic partnership now locked in with KBR. There's certainly potential for more in markets and industries. That revenue model that we've been developing is now established, and it's operating with our first revenues and our continuous revenues from FortisBC.
Our IP, or intellectual property, moats are strong, and we've got a very robust intellectual property protection strategy. We've got something in the order of 72- 75 patents worldwide covering over 32 jurisdictions, so a really strong IP moat around the technology. Finally, we've got that clear roadmap to cost competitiveness. We know we're ahead of the competitors, and we know we're able to match the incumbents on a cost base, which is really important for the climate tech that we're currently developing. Conversion into paid studies, conversion into licenses are our strategic imperatives at this stage. Turning to markets, dual strategy. I guess what we're saying here is we've got two compelling markets that we effectively serve: the hydrogen market as well as the graphite market. We're well- positioned in both of those markets.
Turning firstly to the hydrogen market, it's a big market with a big problem but a massive prize for Hazer. The International Energy Agency and DNV both this quarter have put out updates on the market, those very positive about the outlook for the market. The market continues to grow roughly at about 4% on a CAGR basis year on year. It's sitting at around 100 million tons per annum valued at about $200 billion. All of this is dirty hydrogen produced with a very carbon-intensive process called steam methane reforming. One ton of hydrogen, 10 tons of CO2. That's our disruption. Positively, the forecast in particular DNV see by 2050-2060 that 85% of this dirty market will be replaced with low-carbon sources. That's an incredible statistic for us because it positions us very constructively as a technology that's ready to disrupt the market today.
We see that as well, that our technology can come in here and disrupt a market that is ready for effectively a replacement technology without the CO2. Growth markets, low-carbon, ammonia, methanol, we're very well- positioned there with KBR. Steel making is the other market or manufacturing of iron and steel you'll see on the chart there. It goes from around 5 million tons to about 50 million tons, 10x in the next 25 years. We're in the sweet spot again with steel making. Big market, big problem, very ripe for a solution. Hazer extremely well- positioned to disrupt with a cost parity solution that is available today. Turning to graphite, the markets are hotting up. You've seen a lot of news flow. It's a critical mineral. It's essential to many components of the energy transition.
You can reference the chart there on the left where you can see the DOE. The Department of Energy in the United States categorizes graphite as in the top five to seven critical minerals. That is really a signpost for the importance of this market. China dominates the supply. If you look at the chart on the bottom right-hand side, they control over 80% of the market. It's a major sovereign risk for not just Australia, the U.S., but other developed nations. In fact, both Australia and the U.S. don't produce any domestic supply of graphite at all. They are relying, or we are all relying, both on importation as well as future production from potentially technology like Hazer's. There was a couple of supply shocks during the quarter that are worth calling out. The U.S. imposed tariffs on Chinese graphite. That further tightens the market.
China then retaliated with the tightening of export controls on not just supply but also processing and intellectual property. Tim will talk about our intellectual property on graphite very shortly. In the last week or so, Australia and the U.S. have signed another critical minerals deal valued in the order of $3 billion. Hazer's opportunity, this market's opening up for Hazer to locally produce graphite, agnostic and independent of the location, minimizing these important supply chain risks. Our deal flow, our interest in this technology or at least in this space has grown enormously from government defense through to high end applications and others. You'll have seen a couple of big strategic deals that have been called out. ExxonMobil recently acquired Superior Graphite and that is another strong market signal for the tightening of this critical market.
Turning now to our technology scale up and our go- to- market strategy before I hand it over to Tim, we put a slide together to show the sort of progress that we're making with the alliance. We signed the deal in May this year so we're only four months into it and I'm really pleased with the progress we've been making. We're spending a lot of time with the working team, we're spending a lot of time with the management team in Australia but also in the U.S. The design package is taking shape. We're looking at a base design in between 30 and 50 tons per annum, 1,000 tons per annum potentially above that. The key equipment there has now been selected, including the reactor. That's a major milestone that supports the all important feasibility studies with customers that are in the pipeline.
The global sales force is trained up, they're in the market. We're getting actually very good direct feedback as well as indirect feedback that Hazer is being talked about a lot. We're excited about the momentum that we've got with the early stage marketing that is currently ongoing with KBR as well as ourselves. Those target markets continue to be North America, Asia- Pacific as well as aspects of Europe and of course Australia. In terms of the next steps, it's about completing the PDP or the process design package which is due to be completed in the early part of 2026. Updates, further updates on key projects and the existing deals and projects that we've got, new deals, new markets and key industries as well as visibility on licensing, and that's all ahead of us in the next six to 12 months.
Tim, I think that's a good time to hand over to you on the technology update.
Yeah, thanks Glenn. Good afternoon everyone. Great to be here again to give you a brief update on technology development and what we've been up to in the recent months. What we're working on at the moment I'd characterize as low cost and high value. Please don't take the low cost as in any way diminishing the value of the work. We're really making some strong headway at the moment. Before I get into the work that we're currently doing, I just want to talk a little bit about some of the key wins that are enabling this next phase of development. Obviously, the 2024 C D P Test Campaign Demonstration Scale TRL7 continuous operation produced large amounts of graphite and really de-risked the technology and enhanced the credibility of the technology when interacting with external parties.
That was a big milestone for us as Glenn touched on the KBR alliance. Really significant. Great working relationships there at this point. Access to the leader in ammonia technology, of course using hydrogen for that production. Access to more than half the global supply through KBR. They also have a strong background in fluid cat cracking, which is my technical background and one of the most widely deployed fluid bed fluid solids processes. Really relevant expertise to help us develop our technology there. We've also complemented it with PSRI, Particulate Solid Research Incorporated . They're a consortium research organization out of Chicago. Global leaders in fluid solids and fluidization processes and scale up. All the oil majors are members. Hazer has joined up as a member this year and we've trained all of our technical staff with their fluidization seminars.
We've really upskilled substantially in this last year and now also have access to their more than 50 years of research to help build the rigor around our technology development. Those three things provide a pretty strong foundation for the work that's ongoing. We are doing cold flow testing in Chicago at a large- scale. That's enabled by the Demonstration Plant graphite production and also the membership with PSRI. What we get out of that is an improved understanding of gas solids load behavior, contacting and properties. All that's important to make sure we optimize our reactor design and hardware design for reliable operations that perform and meet the design requirements. We've also been building in-house expertise here. In the picture on the left is our small- scale cold flow test rig that we have up and running now, and that allows us to learn.
As well as we do work with PSRI, we do some complementary work here over a broader range of samples because it's low cost and small scale and really, really build that depth of expertise in- house. As well as this, we've got bench scale testing for reactor performance, kinetics, different molecules that we're building into our in- house proprietary kinetic model. We'll be coupling in fluid solids contacting behavior from the PSRI test work into that model to again further enhance rigor and de-risk the design. As Glenn touched on, we're working on the process design package with KBR. What this does is we build a design package at approximately basic engineering level that allows us to get more confidence in our design.
It allows Hazer to focus on the core process of the fluid solids and the reaction and bring in KBR expertise and depth of capability and engineering and the external facilities so that we can have improved confidence in the overall facility design, performance, and cost. The end result of that is improved marketing, accelerated commercialization when folks sign up to feasibility studies and the next phase. At this stage we continue to be very confident. All of this work is reinforcing the existing design basis and economics, and we're doing it with world class partners getting ready to go faster and bigger. With that, I'll hand over to Glenn to give a bit more of an update on the project front.
Thanks Tim. We've got here a pretty nice artist impression of what our facility is going to look like in Canada. It's taking shape. This is 25x the scale of our CDP . I recently spent some time in Vancouver with Tom Coolican , our COO. We discussed a lot with Fortis in terms of the development plan but also their vision and I've seen a big shift in the way that FortisBC are thinking about the vision for hydrogen deployment and I'm confident that it's going to go beyond the first plant. There was a positive and constructive discussion on many fronts. Canada continues to be the ideal location for a Hazer fleet facility. Low gas prices obviously yield out very low costs of hydrogen. In fact, I think gas prices in Canada in the last couple of weeks have gone very close to zero.
Good gas price environment, pricing environment, supportive government policy and supportive government in British Columbia. To remind folks, we've got $8 million of funding support from CleanBC, a very willing partner and a strategic partner in Fortis that have got a very large position in Vancouver as well as the broader province and a very low carbon intensive grid that will provide the power. Lots of good aspects to the feedstocks as well as the industry. For Hazer, the site discussions in the offtake are advancing very well. There's a preferred option now identified. Those offtake discussions, although they're taking a bit longer than we'd like to, are important discussions and it's important because once the site is officially selected, the offtake is also selected with it and that puts us into a very different position as a project and moving then towards taking final investment decisions.
Those commercial discussions are going on and I'd expect to be able to provide an update on this very soon. Moving to the United Kingdom. You'll have seen during the quarter that we teamed up with EnergyPathways , which is a project that is being developed both onshore and offshore. This project's moved very quickly throughout the quarter itself. We announced the collaboration in July. By October, the project has actually received nationally significant designation by the U.K. government. That's very strong backing. It means it gets access to fast track approvals through the system. It's been identified as a strategic project for the nation itself and that is putting some momentum behind the project. It's initially a 20,000 ton per annum facility that's being proposed.
The scope of the initial feasibility study and the timing of that is being finalized by the team, and that should lead to another paid feasibility study for not just Hazer, but also KBR who will be supporting that project. The U.K. government's right behind it. They recognize methane policies as a clean hydrogen pathway. There's potential for government funding and more government support. They're also getting behind critical minerals, graphite. The project is fast becoming recognized as a first mover in the U.K. for developing locally produced graphite capability, and that's important there. That's aligned with the U.K.'s critical mineral supply chain strategy. Lots of moving parts, it's moving quickly. Strong government backing, very encouraged.
With the progress that EnergyPathways and the team are making on the ground in the U.K., more broadly on our sales pipeline, you've seen this before, but during the quarter again more solid progress on the pipeline. Look, for me it's less about volumes, it's more about quality, less about quantity, more about quality. Whilst it's rapidly expanding and we continue to see more and more projects evolving, what we're focused on is near- term projects that are going to get us into paid studies, are going to get us to a position where we see line of sight to licenses. The bubbles mean the size of the project. They've got larger over the course of the last six to 12 months. There's numerous projects in North America, numerous projects in Europe, Asia- Pacific as well as the Middle East. Australia is building out nicely as well.
We've got seven key opportunities identified. There's two that we are working on live at this stage, and although it's sort of 45- 50 big, what we are focused on is that sort of five to 10 that are going to get us to the next phase of technology development and commercialization for us. We continue to work with KBR on high grading the portfolio, and as a reminder, each large- scale bubble there under a license agreement is valued at somewhere between $50 million and $100 million for Hazer. The size of the prize, the market is there, the demand is there. It's really all about converting these projects into first step paid feasibility, second step into feed, and then into a license agreement. That's it on the commercial and business development front. Tim, over to you on Hazer graphite.
Thanks Glenn. Yep. As we know, graphite is a key differentiator for Hazer's methane pyrolysis relative to the competition. Producing graphite profit carbon we see as a significant advantage. We also talk about the emissions. We know our product is low emissions. To put that in context, conventional synthetic graphite is probably in the range of 9 kg-13 kg CO2 per kg graphite. Bit of moving slightly up and down on that range, but that's about the ballpark. We'd expect Hazer graphite to come in with a full lifecycle emissions analysis less than 1 kg CO2 per kg graphite. An order of magnitude improvement. Obviously, graphitic properties around conductivity, stability are advantageous so that that'll open up potential different applications relative to a non-graphitic or an amorphous carbon. We see line of sight to both drop-in high volume markets as well as higher end, more niche, high value markets.
Complementing this work, we have the ongoing partnership with Mitsui, which remains strong. We see as an important validation of the potential of our product and also an important pathway to realizing offtake and connection to the market with an active global leader in trading of carbon products. Next slide please, Simon. On the IP front, we've had some good activity recently. Building on the base IP around our process in iron ore catalyzed methane pyrolysis to produce graphite of a predefined morphology, we've got two families of patent there. We've also got HAZER Process improvements patents entering national phase and also electrochemical purification. This patent gives us coverage for purification up to graphite grade purities. This is an electrochemical process. This will be low temperature, high energy efficiency and we expect to open up a substantial amount of new market access and be cost competitive.
All of this, while it's very interesting technically, the timing as well is great. With Chinese export bans, it's going to create greater incentive for consumers to be a bit more open to new entries into their supply chain to help mitigate those risks that are now becoming realized in the graphite supply chain. Next slide please. A couple of pretty important partnerships developed in the quarter. Firstly, First Graphene , existing producer of graphene with commercial offtake ongoing. We have an MoU with them and see potential for us to help their competitiveness and for them to help us secure offtake and outlet of our graphite product. They'll be in various applications from composite materials, rubbers, elastomers through to concrete blending, etc. Very excited to see where that one goes. It's early days but a pretty promising partnership.
Also, Veolia, global leader in water treatment and environmental services, have an interest in our product for water purification applications, including PFAS removal and destruction. Again, got some pretty strong partnerships that are going to help us make solid progress on these two fronts. Now these two fronts are only two out of six buckets that we're progressing fairly aggressively. The CDP graphite production has enabled testing and development to ramp up in all of these areas and work is actively ongoing on all of these fronts with a mix of offtaker testing with direct potential users of the graphite. Joint product development similar to Veolia and First Graphene, Hazer-led product development around understanding fundamentals around property impacts of Hazer graphite as well as some longer term research with Hazer graphite. We're working on broad applications, chasing them all down and we have a nice diversified portfolio.
Remain confident in our ability to place the material and looking forward to reporting back in the coming months on the outcomes of some of these activities. I'll pass over to Glenn now for a corporate update. Thanks.
Brilliant. Thanks Tim. Just closing out in terms of corporate highlights, I think we've talked to most of this already. Strong and robust funding position, new funds from the R&D. That's the extended runway there. I think we're also very well- positioned for some other state and federal level grant opportunities out there, not just on hydrogen, but also graphite. That critical mineral space is of vital importance to the Australian government. There are various discussions there at different stages of engagement. We very fortunately had the ARENA board at site last week, which was a nice opportunity to engage with ARENA, who backed us over three years ago in terms of getting our CDP off the ground. I'm spending a bit more time in Canberra in the coming weeks, looking forward to engaging at the ministerial level as well.
On the cost side, you've seen that we continue to shrink the cost base. We're not operating the CDP at this stage. We're in between campaigns, so that headcount's down, that cost base is down. Our cash burn is also dropping and you'll have seen in the last few weeks that I've also re-signed up for another three years. There's a lot more work to be done here. I see a lot of great potential in this technology. The market seems to be aligning with the direction of where we're traveling and I see some near-term opportunities to re-rate this company and this stock and I'm absolutely going to stick around for that. I'm excited about the near- term. We've got a world-class team that are doing world-class things with our technology and we have a world-class opportunity to disrupt a market that is really ripe for disruption.
I'm excited about the next three years ahead. Finishing off then with our strategic priorities. You've seen this slide many times before. We're catalyst rich really over the next six to 12 months. All of these in my opinion have the potential to re-rate the company. That completion of that design package that Tim and I have both talked about in terms of getting our package to a place where customers can say, yep, I know what the size and the shape of this technology is and its readiness for their particular application in industry. We'll continue that marketing effort with KBR. More paid studies on our own with KBR as well. More validation, confidence in the uptake of the market of the technology.
Graphite just continues to get very, very exciting and we're all very keen here to unlock the value of the graphite co-product that we have and that critical mineral short supply that is emerging. It just feels like the market and the stars are aligning for graphite and the critical mineral market and it's a real game changer for Hazer when you start layering on the potential value of that. Not forgetting every unit of hydrogen is 3.5 units of graphite. It's a big sleeping value for our technology. Of course, finally more strategics as partners, as investors. There's lots of dialogue going on. We've already locked in KBR but we've got refining, we've got steel making, we've got other key industries as well as geographical markets that are looking very deeply at our technology. Really excited about the next six to 12 months.
Simon, I think that's probably a good place to pause and open up the call for questions. Thank you everyone.
Yep, thanks Glenn and Tim. I'll just remind everyone that if they do have questions, just type them into the chat box. We've already had a few that came through ahead of the webinar. I'll just get to those first. Has there been any significant progress in upscaling the Hazer facility due to the large customer base and demand for much higher volumes of H2 and graphite? What progress has been made in delivering the next- gen reactor?
Yeah, Simon. I'll take that one, Glenn. I think we've made substantial progress. The focus of the PDP with KBR is a large-scale industrial design capable of 30,000- 50,000 tonnes per annum hydrogen production to meet the market demand for ammonia production facilities. That is a substantial amount of progress. That work will be at a basic engineering level for the majority of the design, but with the core process loop having more detail in it because of the criticality. Also supported with CDP operating data, bench scale kinetic data, reactor modeling, and large-scale cold flow testing in Chicago with PSRI. That's kind of the gold class standard in approach to scale-up. That's moving forward significantly, and we're confident in the path that we're on. We'll be able to achieve 30,000- 50,000 and more.
The customer interest has increased over 45% as per the latest investor deck. What gates need to be passed through in order to secure binding purchase agreements?
Yeah, Tim, I'll take the first part of that and I'll just hand it over to you, if that's all right. I think I mentioned it's about quality over quantity at least in the first instance. There's a lot of deals in the pipeline. What we're focused on is the ones that are going to deliver near- term value and revenue for the company. That's an alignment that we've reached with KBR in particular, and there's lots of good relationships that KBR have in the market as well. Some of these are maturing quickly in terms of milestones and gates. The first gate I think I mentioned was feasibility stage. That's the gate that Fortis has gone through, and that's the gate that we typically see first revenues for engineering studies, then we move into a FEED and then we move towards FID. That's the typical process of it.
I guess stepping up above all that, what's really important is once you hit the feasibility stage, it's not just revenues in the door. What it is is a pathway to FID. There's a clear visibility. A customer said we like your tech. Tell us how much it's going to cost. What is it going to take to integrate this tech into our existing processes and company, and then we'll do the work. Those studies typically take anywhere between sort of three and nine months. You go into FEED and then you go into an FID. There'll be milestones all along the way that gives more and more confidence and visibility on a project reaching FID, similar to what we've seen on Canada at the moment. Tim, did you want to add on that?
You basically covered it, but I guess we'd have binding agreements in place at FID would be the expectation.
Yep.
All right, next one. Are there any local Australian partners who have expressed interest?
There are and I think the list is growing. Can't disclose names but I can talk about industries. At the moment we've got somewhere in the order of seven that we think are real across the country. We've seen a big shift since the green hydrogen projects have taken a step back and they've paused. The challenges of green hydrogen, the cost, the transportation, and all the commercial aspects that have become difficult. I'm sure you've seen the news flow on all of those projects. We've had a number of those. I guess stakeholders approach us around the potential for Hazer and I guess it comes back to, Tim says this much better than I do, but it comes back to chemistry because it's 7x harder to split water than it is to split methane.
It puts us in a very strong competitive position as a technology that uses gas as a feedstock to get to a very low cost hydrogen product stream. Our numbers in Australia on Australian gas prices deliver hydrogen around $2 a kilogram. That's extremely competitive on our base case energy requirement for the process, so well- positioned there. I think the Australian stakeholders and companies are starting to see the benefit of Hazer across steel making, across ammonia, across some of the gas and utility industry. I'm excited about the space. It's taken a little bit of time for Australia to sort of catch up with the rest of the world. I think policy is changing here as well, which I think is a very big positive. I'll get more color on that in Canberra in the coming weeks' time.
There's two or three projects that really excite us here in Australia that could get momentum quickly as they sort of move through their funnel and develop their own technologies or at least their own projects.
Thanks, Glenn. There is quite a few on Fortis. Just try and tie them all together. Has a site been identified? What is the target timing progression on FEED ?
Yeah, I can see all those questions. I think perhaps I wasn't clear enough. Yes, a preferred site and partner, at least offtaker, has been identified. I can't go beyond that. I was again in Canada for several days with Tom Coolican our COO. I was there for a reason because this is starting to get pace and that's important for us to be there to see the progress on the ground. FortisBC are really thinking about that project but also beyond this project as well. There's lots of moving parts to this and as soon as we've got a site formally and officially selected, we will absolutely let investors and observers of Hazer know that situation and update as soon as we can. I hope and expect to be able to do that very shortly. It's a critical milestone for the company.
It's the next big scale up of our technology. Progress has been good. KBR is also supporting us around the fringes on this as well. That brings another dimension to the credibility of what we're trying to do there. The first is always hard. I think I've said this many, many times. Getting the first big commercial project off the ground is hard. We've got a very strong partner in Fortis with a vision to what they want to do with hydrogen. They're a big player in British Columbia. It's got the government support behind us and behind the project and we're expecting that there to be near- term milestone for the company.
Thank you. Just moving to Veolia, is Veolia testing Hazer graphite for water purification? Could they be interested in using the HAZER Process in any of their landfill or wastewater sites worldwide?
Tim, are you okay with that one?
Yeah, I'll take that one. Potentially yes, definitely. We've had conversations both on the process and is it a fit for them as well as graphite product applications. Our Demonstration Plant is at a water treatment plant, processes biogas, and that application is carbon negative. If we run a larger- scale plant with green power and about 13% biogas, that could also be zero carbon as well. There is potential for use in biogas applications. Technology works. It's very good on emissions. There's a potential application there. Yes.
Thanks, Tim. Has there been any results from the University of Sydney partnership?
Yeah, I mean it probably refers to our recent announcements around extending the partnership, but we've had a fairly long standing relationship with University of Sydney. Most of the purification work came out of that partnership around with the patent that we've just announced and talked about. Also, a lot of the graphite characterization catalyst kinetics work and a lot of support for the Demonstration Plant results that roll into commercial scale design. Yes, we've seen a lot of results and they're continuing to support us.
I'm just conscious of time. I've just noticed a couple of questions there at the end on graphite which probably club together around revenues that I think George has asked and the principles of how Hazer might receive revenues. There's also a further question from Oliver there on terms of the criticality of graphite. Graphite has really got a lot hotter in the last six months and we're still, to be honest, trying to get our heads around it ourselves. The inbound interest has certainly gone up on graphite, but also the high end of the graphite applications as Tim talked to, which is why that First Graphene, why some of that Veolia partnerships as well as some of the other things we're working on become as well as the intellectual property that we've got position us very positively in this market. In terms of revenue,
of course, a plant owner will typically take ownership of the graphite offtake. It's not always the case. In some instances, we've had customers actually ask us or potential customers ask us if we would like to take the graphite into our hands and deal with it directly. The answer is yes, because we're conviction on the graphite market. We're just exploring ways of how we position ourselves in this market. We could potentially be a large supplier of locally, domestically produced graphite with a marketing agent through Mitsui with intellectual property and processes to get us to the high end. We see an opportunity here for Hazer to be a real strategic player in the graphite markets worldwide. With supply, that's the hardest bit. The avenues as Tim described are there in that slide that he showed around the various markets that we're exploring at the moment.
There's multiple testing going on there. Some really positive results are coming out of all that. We do see it as the potential for further upside to our revenue model. We've had, like I say, various customers have expressed interest in Hazer taking ownership of that graphite product. In terms of customers focusing on graphite, the answer is yes. Short answer is yes. We have some customers that purely see Hazer as a graphite producer with a hydrogen co-product. Of course, that's a good thing to have as well. We've got a separate now pipeline of graphite companies that we are effectively in engagement or dialogue with in terms of using Hazer graphite for either a drop-in potential application or either a purified application. We're exploring many of those at the moment. Simon, I think that was mostly the list that I can see here.
Yep.
Unless there's one that comes in in the next few seconds, I think we probably covered off in most of them.
Yep, I agree with that.
All right.
All right, thanks everyone for joining us today. We look forward to hearing more of the team's progress on the next one. Glenn and Tim.
Yep. If I can just finish by saying thank you everyone for joining the call. Been a great year. I think next year is shaping up to be what we would like to call the year of commercialization 2026. We're well- positioned. The tech is doing everything that it should be doing. The partnerships are falling into place. The funding position is there for us to enable that runway through some fairly significant milestones. I think the markets, both on the hydrogen side as well as the graphite, are tightening. I think that positions Hazer as a very important and exciting technology over the next six to 12 months. Looking forward to continuing to keep people appraised of our progress. Thank you for joining today.