Just some quick thoughts following our meeting with Stephen and Nick from Sparc. (i'll upload the recording to the site soon)

So, first off, this is obviously a VERY early stage company. They didn't (probably couldn't) commit to any timelines, but i get the sense that we're looking at at least 4 years before there's any commercialisation. Maybe even 10 years. Potentially never.

That means, unless you're looking to speculate on short term moves, this is necessarily a very long term play. And i'd expect a heap of capital raises along the way.

Also, although the tech is validated, there's always a lot of hurdles in getting it to a commercial stage where the economics are competitive. They may never get there -- tech development is just hard, with lots of unknown unknowns! So i'd consider this a very risky investment.

Not trying to be negative, and I wish them every success (for their sake and for the planet), but it's worth being candid about these things.

All that being said, if they manage to crack the technology, the upside is massive. That's for either the hydrogen or graphene side of things. This could quite literally be a 100-bagger over the next decade if everything goes their way. It just has a lot of risks, and even with the best of intentions it could all end in tears.

Personally, and this is just me, i'm usually happy to forgo some of that early upside in exchange for lower risk. I'd definitely be keen if/when they start generate some revenue and show good traction.

Anyway, that's my 2c.