IMO The Play Is PYR and HPQ togetherOwning both is where I think the best returns are going to be. PYR and their torches and applications are proving themselves and will start producing revenues beyond pilot plants and engineering studies.
HPQ is using PYR torches and their knowledge, expertise and raw materials access siliI expect significant developments in the coming quarter for them.
PYR owns 10% of HPQ and earns 10% royalty on certain HPQ products, and 50% of their Fumed Silica business.
As for the graphite application, it may yield profitable results. But that is what this first contract is for.