Ann: HZR & Mitsui Agree to Advance Collaboration on HZR Graphite, page-33

There's definitely a high volume market potential there, and as you say the graphite vs coal emissions footprint should be suibstantially lower. I don't think major changes are required to swiotch either. So while there are direct emissions from the graphite, I understand these to be quite a bit less than from coal. And in our casse, as you say, the emissions along the supply chain will also be lower, potentially produding very close to where it's used.

And this advantage will be across all use case. Where we are able to develop a product to replace synthetic graphite, that's a very dirty process so a big emissions gain. Could maybe compare that to the replacement of SME hydrogen, so a no brainer from emissions view.

I still see a big range of pricing/volume scenarios where, in the long run, we can get profitable lower priced high volume sales, and as markets develop, through to lower volume higher priced markets. It's going to be an interesting journey. The key will be getting the optimal mix early while total volumes are low.

Given the China situation on withholding graphite supply, I think the market will wake up soon to what a beast this can be, both in the current graphite use cases, and new ones.