Ann: Lithium-ion Battery Anode Recycling Pilot Plant, page-39

Just looking at the capital intensity of a pilot plant vs a commercial scale plant and the potential economies of scale become a lot more apparent. In my view it is likely that the recycling of production scrap is done at commercial scale plants as opposed to many pilot scale plants. The future for us commercialising our recycling capability certainly looks good but I doubt it'll happen at pilot scale.

Hopefully SungEel is willing to go 50:50 on the capex of the first pilot plant. EcoGraf share of capex would be ~$3.95m AUD in that scenario.