I appreciate the math, but obviously we both agree the Pilot is not to produce saleable product. It is to demonstrate ERC performance based on a specific concentration of C02 and cost to produce the desired output (whatever is setup as output on any given day since that can be variable) and demonstrate that at levels that can be projected for a full scale ERC unit.
And while I also want specific answers to your question, output is dependent on the purity of the C02 fed into the ERC (different by industry). And outputs of course can be different (formic acid, syngas, etc).
Now the question you have touched on that is most relevant for me, is the licensing fees. Regardless of what ERC exists anywhere, and regardless of what is the input or the output, what are the general licensing fees?
It is still early for some of that information, in fact I think any company might keep that close to the vest until forced to reveal it. I think it would be good to revisit this question after the Pilot Plant launch. That should tell Lafarge and us (as investors) a lot more. Same is true with the brewery.
Also, it should be noted that (based on my understanding) that Christina Gyenge joined MVTG specifically to focus on compiling and documenting exactly this type of data needed for full scale commercialization. So MVTG is obviously focused on these details.