Green hydrogen continues to play a vital role as a necessary technology for the green energy transition, yet the market adaption of the technology and the development of hydrogen-related production projects have progressed significantly slower than anticipated. In addition, a slower than anticipated development and commercialisation of the Company’s X-Series electrolyser product has resulted in a delay in obtaining the first orders for the X-Series and increased the importance of the X-Series being cost competitive from the early stages of commercialisation.

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