squandered? I'm not so sure. typically in this type of arrangement there is the funding component but also the R&D brain power to make a bn $ idea a commercial reality. FMG have significant scale and resource for commercial testing and will also be a significant customer on IP payment at 36% of 100GW of H2 production if proved successful.
Could be viewed as selling out the opportunity cheaply but could equally be viewed as a path way to commercial reality and not a billion dollar idea stuck in the lab for years
Ann: FFI to Acquire Interest in Sparc Hydrogen, page-36
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