Recent investor to SPN, still researching, but I subscribe to your point of view as to the terms of the JV with FFI. while the hydrogen side of the business could definitely be lucrative, it's not the only string to their bow. One can only surmise that they've crunched the numbers and realised that their % of the pie will still be quite significant, yet the timeline to commerciality could be far shorter than with FFI on board, thus delivering $$$ sooner and selling into a much broader market thru FFI.
The tech must be sound...
Ann: FFI to Acquire Interest in Sparc Hydrogen, page-51
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