I agree. The fact that Redflow have no debt means they can't...

I agree. The fact that Redflow have no debt means they can't become insolvent. So there is only two ways I see this playing out. The first is that the company eventually runs out of funding and goes private. The second would be getting acquired. I know flow batteries will be a critical part of our grid infrastructure some day. The big question is will Redflow be one of the players which participate in that period of widespread adoption.

I do not discount completely that given how fast lithium-ion batteries are progressing it is very possible we have no real diversity in battery chemistries. A successful lithium-ion based solid state battery would probably see this become a reality. I just don't like seeing one type of technology dominate, this lack of diversity has been shown not to end well in the past. With a bit of good luck we get some of that huge fiscal stimulus (which is likely to continue for some time) and with the new Gen3 battery up and running the proposition looks quite compelling. At this market cap even a small installation by current standards would set us up for some serious cost-downs and then comes the healthy margins. Kind of a virtuous cycle of economies of scale. Here's to hoping anyway!