I tend to agree with the licensing model Paul. You are right when you say Tesla wants partners who can contribute financially which rules out EFL on their own. When EFL announced this last financing I initially thought it was very low considering they are expanding. If they had a licensing deal it would mean an immediate cash infusion without any expeditures by EFL. I tend to think there is a licensing deal in the works. If no licensing deal then they are expecting a large influx of cash from their operations which is certainly possible as well. I believe there is still a good chance of EFL being involved with Tesla. Remember the large rise in EFL's SP when the Tesla Giga factory was announced, it was a big increase with volume. Also they are still talking with Toyota, who is also mentioned in the plans for the giga factory. For a company to try to produce batteries with no NMP now would be like starting over, a whole new process which would be very expensive and take alot of time as well. It would probably be cheaper and much faster to license the technology from EFL. Remember to that Tesla is the only OEM using the smaller 18650 type batteries, they want to sell to others to support the plant but who will they sell to if they are the only ones using these batteries.