Where we stand, who brings what, and how we share it.

We will submit by 28 August for the joint plastic pyrolysis facility in Bandar Lampung, under the SWITCH-Asia call — an EU programme in which plastics is a targeted sector, so the fit is strong. We are building the application to full-application standard: a complete budget, a complete logframe and workplan, and eligibility documentation for all three entities. Christian will confirm the exact requirements with the SWITCH-Asia team under action 1 below.

The shape of the project is unchanged from what we have discussed. Feedstock: 10–12 tonnes per day of post-consumer plastic, contracted at pre-agreed volumes and price under an executed agreement. Output: ISCC PLUS-compliant pyrolysis oil for petrochemical recycling, covered by EE's existing ExxonMobil offtake with specs and pricing agreed. Technology: the reactor system EE has already implemented in Thailand, on a site in Bandar Lampung where Genco is present and operating. A total project cost of USD 2.5 million, an 80% grant ask, and a 36-month duration.

The heavier items — full environmental permitting and SPV formation — sit in the inception phase after award, where they belong.

Two honest flags. First, we don't yet have the new call's Guidelines, so we are drafting against the previous call's template; action 1 is the one thing we need from your side to correct that. Second, the environmental screening memo may only be ready in interim form, backed by a dated commitment to complete it. We will not hold the submission for it.

The partnership works because each party brings something the others don't have. EE brings the technology and proprietary process proven in Thailand, the technical assessment and tech due diligence, the ExxonMobil offtake, and the lead applicant's seat — the PROSPECT account and the submission itself.

Genco brings the contracted feedstock at pre-agreed volumes and price, the site and an established operating presence in Bandar Lampung, the environmental consultant engagement — outreach for the screening memo is already under way — and the application drafting with local data.

PT CEAA, Genco's local operating partner in Lampung, brings local operations and stakeholder engagement, and takes the Indonesian co-applicant seat. That role is required under the 2023 rules and expected to remain so; beyond compliance, an established local partner strengthens the application and our credibility with evaluators.

Jointly, we own the economics and feasibility, the budget build, and the final review pass.

Here is our opening position, open to discussion. The SPV equity is 40% Genco, 40% EE, 20% PT CEAA — a split that also gives evaluators the mix they want to see: technology, local operator, and the feedstock-and-market partner. Operating profits follow that equity structure exactly: Genco and EE at 40% each, PT CEAA at 20%. Between the two principals — setting aside PT CEAA's operating share — the project's economics are split equally, and we each contribute in different forms, which the split reflects. Any cash required — including the USD 500,000 of co-financing the grant demands — is contributed one-to-one by Genco and EE, mirroring that split. Grant-funded costs sit with the partner incurring them: each partner's eligible costs are charged to its own budget lines, and reimbursements follow the same route.

Between Genco and EE, everything is equal — economics at 50/50, cash at one-to-one.The economic principle · §3

On the grant itself: our intention is to budget at the full eligible project cost of USD 2.5 million and ask for the maximum 80%, so the grant carries as much of the project as it can. Our cash then covers the 20% co-financing and any overruns, and the project stays fully funded whether or not the grant lands at the full rate.

flowchart LR
    subgraph SPV["Project SPV — to be formed, inception phase · proposed 40/40/20, TBC"]
        direction TB
        G["Genco<br/>40%"]
        E["Elevated Elements<br/>40%"]
        C["PT CEAA<br/>20%"]
    end
    SPV --> P["Operating profits follow equity —<br/>Genco ⇄ EE equal at 40% each:<br/>the 50/50 principle holds"]
    P -.-> K["Cash calls funded 1:1 by Genco & EE —<br/>incl. ~USD 500k co-financing (20%)"]
              

Three risks worth naming, none of them large if we move now. First, no Guidelines yet: we are drafting on the previous call's template, and if the new call differs — ceiling, formats, partnership rules — we adjust, but we need the document, or confirmation from the SWITCH-Asia team, as early as possible. Second, PADOR lead time: all three entities must be registered with documents uploaded before submission, validation can take days, and everyone should start this week. Third, environmental memo timing: if the consultant cannot deliver the full memo by the deadline, we submit their interim assessment with a dated commitment — already our fallback plan.

One — Christian confirms with the SWITCH-Asia team what the 28 August submission requires. Specifically: full application or concept note, and the depth expected; the Guidelines and template — grant ceiling, budget format, required annexes; the partnership rules, including whether the EU/OECD-entity requirement still applies this round and the Indonesian co-applicant requirement; and the PADOR requirements per entity. We are building to full-application standard, and your confirmation tells us whether that is right.

Two — confirm the partnership structure and the economic starting position above. A reply agreeing, or countering, is enough.

Three — split the drafting: we hold the pen; EE supplies the technology narrative, the Thailand references, and the offtake summary for the sections that need them.

Four — a joint budget session on 24 August and a logframe-and-workplan pass on the 25th, to build the USD 2.5 million budget and the detailed plan.

Five — submission mechanics: EE holds the PROSPECT account and submits; Genco and PT CEAA deliver signed mandates and entity documents by 26 August.

Six — short daily check-ins from 20 August through submission, fifteen minutes each morning, to keep this moving without meetings getting in the way.

Christian — the SWITCH-Asia confirmation and a yes, or a counter, on the economics by 19 August unlocks everything else. Looking forward to getting this over the line together.

Ton