General Discussion Topics, page-2101

Yes - very interesting float and valuation (USD100bn). It reinforces the potential for the US market to put very high valuations into "hot" areas and iM3NY would no doubt attract significant attention when it is progressed to market. As one analyst said - "Rivian's IPO showcases strong investor excitement about electrification and mobility technology," The key to that float was a big capital raise, dragging in big institutional investment players like Blackrock and T Rowe Price and I would expect that iM3NY has similar ambitions of a large enough raise to bring in names like these (hence why they talk about a capital raise to vault to 10GWh in the first instance).

I have always been conservative in my thinking as to potential iM3NY valuation, seeking to value it the "old fashioned way" as a multiple of forecast earnings (EBITDA). But then you see things like Rivian and also how CATL and a few others are seemingly valued on very bullish future growth prospects and it makes you wonder about iM3NY, its 32GWh target and how the market may value that even though it is at the very beginning of its journey....

Only time will tell and reinforces my view that the current stock price and day to day movements is irrelevant in the medium term.