SPN sell off, page-16

SPN is having a great day. I have been digging in to this. Looks like the Graphene part of the business has been dwarfed by the (Ultra) Green Hydrogen conversation. Hydrogen does appear to be a massive alternative to EVs and for energy storage and reusable resource. The question is can they actually build commercial technology that will go from Green Hydrogen to Ultra Green Hydrogen. There is a lot of research, experience and improvements in the efficiency of Solar and Wind generation of power. The use of that power to create Hydrogen for the storage and transfer of that power is a clear path. While the Ultra Green approach has merits, it is not clear that they can compete with the Green Hydrogen approach. Of course, if they can then SPN would be massive. But, if not then agree back down SPN will fall. Also, I have concerns that their cash burn is so low? Are they really able to do anything at scale, or is this just a University project that is looking for a home.