Ann: Mercedes - Benz Battery Recycling Plant Purchase Order, page-37

What I like is the royalty loyalty system. It would further derisk and appealing to big auto ( and steel makers) , for recovery projects. You remove variability in the costings ( as opposed to being a miner with cost fluctuations- spot pull through pricing , rm certainty of supply( Ie China derisk) and production vagaries. The royalty for using the tech simply is a license to print money once install base of the cap equip in play… it’s a hook ( and our moat ) to customers - delivering savings , reliability of supply feedstock and price (albeit costs variances due to electricity or raws for production) .

additionally, from a marketing merc may elect to offer rebuy deals on their Ev cars - to capture total life time value of the customer …. I see multiple wins from every stakeholder angle, and dare say environmental as well.