The right to buy tomorrow's §45V credit. Priced at today's premium.

The trade

We are producing qualified clean hydrogen now — eligibility established, credit window open, construction deadline already met. This option reserves your right to purchase a future vintage of §45V credit at a stated term. It is a true option: you pay a premium for the right, not the obligation, to buy. Walk away and you forfeit only the premium.

The premium is additive consideration. It is never credited toward the purchase price if you exercise — it pays for the option itself.

Why the premium only rises

Each vintage, once in its window, is worth full value to us — sold to a buyer or used against our own tax liability. There's no discount path and no spot fallback; unsold allocation is absorbed internally. A buyer isn't negotiating price against other buyers — they're securing whether we release that vintage's allocation at all. The earliest options price lowest, because today's allocation is the least scarce it will ever be.

Producing now; 2028 is the first offered vintage

These are two different facts and the difference is easy to misread.

Production is live: the facility met the statutory placed-in-service baseline in March 2026, so eligibility is established, the credit window is running and the construction deadline is behind us. There is no build-out risk sitting underneath the option.

2026 and 2027 output is retained — internal operations, site development and baseline contract commitments. 2028 is the first vintage offered for sale. That is a commercial decision about what we release, not the date production begins.

Two terms you state up front

Neither has a default. Both are on the term sheet because each one changes what you are actually holding.

• Exercise style. European is exercisable in the window at expiry. American is exercisable from the moment the option is open. Collateral is committed for the option's life either way, so American costs the writer nothing extra — it costs the buyer optionality that is worth paying for.
• Cash release. Direct pays the purchase price to the seller when it falls due. Escrowed holds it until the credit is determined for the tax year — the §6418(b) shape, for a U.S. taxpayer who does not want the seller in receipt of consideration before the credit exists. If certification never comes by the stated deadline, 100% of the escrowed purchase price returns to you, without anyone having to declare a default. See §6418 transferability.

What this isn't

This isn't tax advice, and it isn't a security. It's a bilateral commercial option contract, wire-settled, with a term sheet your counsel can mark up — the same register as the Tax Credit OTC Desk. Nothing here constitutes tax or legal advice; engage your own counsel on §6418 mechanics before exercising.

Get started

Indicate interest via the OTC intake form. We'll follow up with current premium terms — no pricing is published publicly.