The European Commission has raised an example which outlines what the 25% cap on electrolyzer components really means, and it seems to imply the constraint is harsher than many previously thought. If a 100 MW project is formed of ten stacks worth 10 MW each, and three of those stacks contain either cells or surface treatments originating from China, or have either been assembled in China, the project won’t be eligible for any auctions. These constraints do however discount any balance of plant equipment. Projects nowadays are far from the 100 MW mark so the implications can be a bit different for smaller projects. We are deeming the regulation to be harsher than originally interpreted because the clarification essentially says…