I took this quote directly from the last conference call...
Sameer Joshi
Understood. Thanks for that clarification. Moving to Europe, do you have any more updates on your JV or relationship that you had? And also, has there been any progress on the $7.2 million grant that was issued from the European agency?
Ermanno Santilli
Yes. I was actually there a couple of weeks ago and that was [indiscernible]. We had a full review of the grant. These things take quite a bit of time, as you know. It is progressing internally. There is always swings and roundabouts, as I say. But, the EIB, the European Investment Bank is completely enamored with MagneGas solution. So, there is a high probability it’s going to work. You never know. It’s continuing to progress Ernst & Young are completely engaged with us. And we’re actually working with them for some business building opportunities as well. Our partnership -- the joint venture with the German group really depends a lot on the success of that grant. But, we are working with them every day on everything from business development to information for the EIB to just general updates and coordination because we really have three groups now working with us on business development, Innovator Capital, Ernst & Young and our German joint venture partners.
Scott Mahoney
Yes. I think, the only thing I would add to that is what Ermanno just said is extremely important to understand. A year ago, all of our efforts in Europe were centered around a joint venture where we would have anywhere from a minority interest stake in the potential upside of the market to potentially coming for majority. What we’re contemplating now is narrowing that joint venture having it be most likely Germany centric. And the reason why we’re narrowing the scope of the joint venture is because as a model and I have spent more and more time working with our key advisors, rolling up our sleeves and getting involved directly in some of these tradeshows and technology conferences, we’ve come to very significant conclusion, just probably in the last 90 days. And I would argue that the trip that we made together to Hamburg where we interacted with essentially a dozen major ports, the facts that we can do this extremely cost-effectively, time-effectively and we can get this much traction this quickly with ports that are scalable.
And I think it’s important just to kind of give you a sense of how large some of these ports are. One of the ports we’re talking to has an estimated 500 to a 1,000 immediate users of MagneGas, any one of which could be larger than our largest single client today, which took years to cultivate in Florida. So, these ports are massively scalable. They do not require us to sell hundreds of products. We can literally spend less than a $1 million to be up and operational in a port, generating multiple millions of dollars of EBITDA per year from a team of just 3 to 5 people. And depending on how quickly permitting and marketing goes, these are opportunities that can from beginning to end take less than six months in some cases but more and likely six to 12 months to implement. So, we’re trying to quickly realize that these are scalable, profitable opportunities. In some instances, all we need is our key advisor to open the door and watch [ph] for us and our technology sells the rest of the solution by itself. And we’re just looking at that same. Why would we give up the upside?
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