Early licensing would be great, de-risks commercial roll out and...

Early licensing would be great, de-risks commercial roll out and provides a clear value to that side of the business. I also like the sound of equity risked projects, given it is being considered under the light of current incentives and the company has a history of accessing non-dilutive funding, i.e. it may well be done with minimal dilution.

I see self financed projects as a potential positive for two reasons. 1st, it could potentially bring revenue earlier than waiting for LEILAC 2 to complete, leveraging design work already paid for under this project. This ties into comments about industry needing a solution sooner than later. The 2nd advantage is that it may add strength in licencing negotiations. Although licensing is preferrable for a faster roll out, it doesn't need to come at the cost of poor terms if CXL can supply evidence they are able and willing to build themselves.

All IMO. DYOR and GLATH.