I don't think EFL has the economic scale to deliver batteries in volume to the EV world yet. Instead, among other things, they are focusing on niche e-mobile areas such as buses, delivery trucks and ferries, etc. EFL is shaping up to be a "real" manufacturing company but it has to be treading carefully for any scale up. They don't want to scale up too fast and it might cause operation instability and might become ill-fate. They are scaling up in stages with product differentiation on quality and cycles, rahter than quantity and low cost. It is a must strategy for a company of this size. I believe that they are also balancing the production to bring in the revenues and conversion of the NMP-free production line. Perhaps, they are keeping two lines in production when the third line is in conversion using the loan they just received. Once they see traction in revenue and show that they can deliver the goods, those MOUs and LOIs should become firm orders. At that time, banks will reassess their needs and increase the loan. For now, I am patiently waiting for the Q4 results.