Exhibit 5: Levelized Cost of Hydrogen Decline Over Time vs Break-even H2 Prices​


If coal stays at $190/t, the breakeven H2 price is $1.03/kg*. If coal increases to a recent high ($228/t), the breakeven H2 price is $1.35/kg.
H2 Assumptions: Alkaline Electrolyzer CAPEX (uninstalled): $900/kW (2023), $594/kW (2026), $502/kW (2030)​
RE CAPEX: Solar: $1070/kW (2023), $930/kW (2026), $750/kW (2030); Wind: $1300/kW (2023), $1150/kW (2026), $1000/kW (2030)​
*Breakeven values are based solely on levelized operating energy costs