Article 1- Purpose 1.1. The purpose of this Agreement is the award of Grant under the EKF Green Accelerator Scheme Energy Park with 2.000 MTPD Methanol in Saudi Arabia described in Annex I. 1.2. The Grant Beneficiary is awarded the Grant on the terms and conditions set out in this Grant Agreement, which consists of these special conditions ("Special Conditions") and the reference annexes. 1.3. The Grant Beneficiary accepts the Grant and undertakes to carry out the Project under its own responsibility. Article 2 - Specific Requirements or Regulation 2.1. "EKF has received supplementary technical information regarding proposed green power-to-X technology from Agro-Industries. With the additional information EKF can approve the project under the Green Accelerator Facility with the understanding that the carbon source for the project will be EU-RED certified waste (wood pellets) until even better carbon sources can be identified. In addition, EKF will ask the grantee to include consolidated carbon footprint considerations and reporting for the entire project, and its supply chains, which will be of interest not only to EKF, but also to future clients. This should include scope 1,2 and 3 emissions, that is both the carbon source supply chain, as well as the necessary water for the production (presumable produced through desalination on-site also associated with emissions. Furthermore, even though the main export order most likely will occur at a later stage, the grantee expects the main contract to be signed within the scheduled project period of 24 months" Article 3 - Financing the Project 3.1 The total Project Budget is 2.500.000 DKK 3.2 The Grant Beneficiary is responsible for the full financing of the Project and agrees to steer the Project within the agreed cost estimates for each budget line and within the overall Project Budget, according to the Budget and Timeline Schedule as set out in Annex II. 3.3 The Grant Beneficiary shall contribute no less than 20% of the total Project Budget. Article 4 - Implementation Period of the Project 4.1 The implementation period of the Project is 01.04.2023 to 31.03.2024, as set out in Annex II. 4.2 All project activities must be completed within 12 months from the time of Project start. 4.3 The Grant Beneficiary shall without delay give written notice to the Grantor in case of any changes or delays in the implementation period. Lautrupsgade 11, 2100 DK-CPH Ø | T: +45 35 46 26 00 | | 2