The approval process starts at application for any company that's looking for funding. There's a screening process that essentially happens the full way through until it actually reaches the board for approval. The board approvals and the committee approvals are very much the last step. There are a whole bunch of steps that happen in between, prior to a project's even getting to that point.
Projects are screened for high-level eligibility as to whether they actually meet the goals and objectives of the fund. Companies, if they pass that, go into a video pitch session, and further eligibility criteria are applied. The companies essentially do a pitch session for their project: who their partners are, how they plan to fund it, and what the environmental benefits associated with their project are. At that point in time, a company may also be off-ramped. If they make it through that step, the company can then move to a diligence process. As we go through the diligence process, there are significant interviews with the management team, a deep-dive review of the technology, discussions with their funding partners, and discussions with their project partners, as well as expert or external reviewers who are engaged and who provide an independent view on the criteria associated with eligibility for that project.