We are conservatively basing the valuation on the work we have accomplished over the past 2 years. In that time, we have secured ~$70 million in grants and incentives which will help finance the project or lead to cost reductions and can be used as the basis for a valuation.
The financial impact of these grants and incentives provide a Net Present Value (NPV) of $40 million using a 9% rate over a five-year period, significantly higher than our $25 million valuation.
