I think I went on to say that the main challenges to widespread adoption of natural gas vehicles and engines include conversion costs and lack of infrastructure. It's a chicken-and-egg problem, whereby potential customers are unwilling to invest the capital required to convert to natural gas engines if there's no supply or fuelling infrastructure, while potential suppliers are hesitant to build the necessary infrastructure if there is no demand.
Ferus is creatively solving this problem by entering into joint venture partnerships, whereby both parties are able to commit to the minimum demand required to get final investment decision on building LNG liquefaction facilities.
Once a secure source of supply is available, we believe widespread conversion will take place across Canada which will have significant economic and environmental impact. These investments utilize Canadian natural gas to create Canadian liquefied natural gas, which in many cases fuels engines to find and produce more Canadian natural gas. This represents the creation of a virtuous cycle and value creation within the country.
The Ferus business model is a Canadian success story. Our nitrogen and carbon dioxide business has grown significantly, and while the large west coast LNG export projects attract the bulk of media attention, our smaller-scale domestic LNG facilities are a successful model that will have real economic and environmental impacts long before the first LNG export terminal is up and running and will result in a significant new market for Canada's abundant natural gas resource.
All told, Ferus has invested over $220 million in Canada, and as we build our businesses, that number will significantly increase.
Thank you.