Ann: Investor Presentation, page-20

There would be no equity dilution for modules 2-4 if they funded it all slowly from the cash flow from module 1, as per the original plan. I would have thought crawl, walk run is the best option to avoid dilution, it just has the drawback that the whole thing takes longer because it's done in sequence, not in parallel, but existing shareholders then stand to gain the most. If an offtake partner wants mod 2 done in a hurry, they need to stump up some debt capital, and maybe they should have got in earlier to secure some of module 1 output. I'd like to see the company stand firm on this, in the interests of avoiding excessive dilution. We could end up with modules 2-4 all being sold off for equity share, and have massive dilution as a result.

All IMHO, DYOR