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    Coldry advancement is focussed on, but not limited to, the first demonstration plant being built at Neyveli Lignite Corporation’s (NLC) site in Tamil Nadu, India. This has continued to advance through the year, with the key milestones being the appointment of Thermax as dedicated EPC contractor for Coldry deployment in India, and most recently the completion of the Feasibility Study for Coldry at NLC. The appointment of Thermax followed a disciplined process of engagement with a number of well-respected EPC firms in India. Interest, capability, and cost competitiveness were among the assessments made. Thermax stood out on a number of fronts, and in particular their expertise in heat exchange systems, waste heat recovery, and all aspects of power station design were very important to the integration requirements of Coldry. The Feasibility Study report, requested by NLC, addresses a range of deployment aspects at commercial scale on the Neyveli site. These include: • The Coldry technology (having already passed through NLC’s earlier evaluation process) • The Coldry product • Potential markets within India • Energy balance and energy harvesting from the NLC power station • Process integration considerations with the host power station • Fabrication and capital expenditure considerations • Funding options • Financial performance of the Commercial Demonstration Plant (CDP) as a standalone venture • Strategic opportunities for NLC following successful demonstration Supporting ECT in achieving these Coldry objectives are Greenard Willing India and YES Bank. Through this process the company identified capital cost savings of up to 65% for the construction of the Coldry demonstration plant, when compared to the cost to deploy the same size plant under the ALDP proposal. As the fiscal year draws to a close, the company is focused intently on its primary objective of demonstrating Coldry.

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