Yeah, thats why I asked. I dont think you are wrong. Anyone investing in green hydrogen needs to know that its still a massive unknown. I personally am not very bullish on green hydrogen in the economy and a lot of discussion is probably gas companies looking to sow doubt in the minds of consumers to slow electrification as much as possible...
BUT
At the same time, I really do believe that there will be some industries that simply cannot easily be electrified. Some things will never go (like heaps of people prefer cooking with gas for example). But what I do know is that whatever is left will be decarbonised as much as possible and those companies starting early, backed by government stimulus will do better. Which is why I like QEMs foray.
As a simple value additive part to the overall narritive, I think it might just help get the Vanadium off the ground.
Its still a super risky play, with lots that can go wrong. But progress any of it and $15M MC will be a very tasty entry point. I mean PRL and HZR, even off their overinflated highs, are still a Disallowed from where QEM is right now (though granted much further progressed)
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