re: a scenarioSpinning off Volta would be hard to do at this point. In year 2 or beyond of full operations it may be sensible, but it is not feasable yet IMHO
It would trade low volume at a very low price, remeber that MRE willingly sold 50% for 20 million, it is not worth much more than that today. Once GRA gets the financing in place, announces some contracts and clarifies the government assistance, Voilta gets more traction. In year 2 of full operations, when the costs are more predictable it could be spun out, but even then doing that is questiuonable. Volta will consume a big chunk of Graphene Black, and the anode/ cathode product also. It really makes sense to keep this in house, wholly owned and controlled as long as they can. it makes management cheaper, and GRA has the ability to carry debt that Volta will not, for a while. SN is pursuiing this smartly, being cautious and setting the structure carefully.
The drilling fluids business is also interesting and perhaps undervalued. That is a product line that should be quicker to accelerate. A nice day today regardless.
Best of luck