Not advice just observations. ECT is lagging in the 'green...

Not advice just observations.

ECT is lagging in the 'green revolution' or 'hydrogen from coal' stakes by them dithering around for over a decade now.

ECT seems to have never completed anything, just piece meal little parts or some strategy they were pursuing before heading off in another direction.
(eg: latest announcement is the Yalhourn project has been suspended so who knows what is going on with office block white elephant there ECT took over. And then they bought the Panasonic fuel cells without having the production infrastructure in place to supply the hydrogen to run them, what does that say about strategic planning?)

Graphenex is said by ECT to be supplying the production infrastructure to get into production though. Graphenex makes no mention on their website of ECT or their involvement in Bacchus Marsh.

ECT doesn't have the capital to put in the production infrastructure themselves.

At best now ECT is trying maybe to get the kiln installed pending feasilbility studies and further capital raising: as pointed out without the rest of the infrastructure to produce the power/heat for the kiln it will be have to be externally supplied at a cost. Likewise without the infrastructure the emissions for the kiln will have to be dealt with in some way.

Will this mean then the kiln idea by itself might be found to be unviable by the feasibility studies? Who knows at this stage but it could land that way.

And this strategy (if it gets done) is just for ECT to be able to be considered as a supplier of processed lignite to HESC?

One might consider HESC must already some system for lignite processing for they have already produced hydrogen so the question is why would they need anyone else?

Realistically whoever gets in first and gets to the production finish line first gets all the money: this appears now to be the HESC consortium with the billions on offer from the Japanese investment funds.

Does any of this sound like it's worth 'topping up' with shares with the price falling?

Or does is indicate sell now to avoid an even greater loss?

Only the ECT shareholder knows.....