Going it alone?The Volta project is looking less scary, and perhaps more manageable for GRA all on it's own.
Given the amount of government funding, and the reduced costs they are experiencing in the other parts of the 5 year plan, I think GRA could do this battery plant on their own.
Revenues are increasing, and being in Quebec will open doors like Caisse who could do a larger debt deal here to provide a basis. Add in deposits for long term supply certainty from a few smaller OEM's that do not have a strong battery supply chain, and I think there are chances and advantages for GRA to do this on their own.
As Volta is now a wholly owned sub, decisions are easier, and as they get closer to actual procurement, i suspect the costs may be coming down a little. The large reduction in the SMC line costs announced a few weeks back make it likely that the top line estimates Volta talked about last year could be reduced. We know SN is very conservative in his projections, and while this project has been delayed i suspect a lot of engineering has been done to simplify the process and reduce the costs. They are not sitting on their hands during this time.
With only 175 million FD shares, a small equity raise would be well received, or a larger convertible debt that could be purchased by only a few entities like the Caisse would be possible here. If the company added a forced redemption clause to that it would be palatable to SN, and the market, and not result in unreasonable dilution.
Best of luck