Patrick O'Shaughnessy

Obviously, a very central piece of this is the literal thing getting slapped up on the house and your ability to...

build them over time, make them cheaper and cheaper, more and more efficient, hopefully longer and longer lives, more and more capable.

I'm trying not to take for granted any of the simple things we've all heard of a battery.

Increasingly, I think people, if they've seen a Tesla, know there's a big battery in there.

They know about these big battery factories.

Teach us about the history of batteries, how they work, concerns we have.

Is there a constraint on how many of them we could make?

And if so, what are the raw materials that constrain us?

Just teach us a bit more about batteries since it's the central part of the asset.

Fascinating, which I would sum up as you're going to have more and more control.

You're not particularly worried that like a vector for failure here is the world ceases to be able to meet the demand for new batteries.

There's enough innovation and manufacturing know-how distributed around the world and that can be brought here to like solve that problem.

Is that like a fair summary?

Can you also say a little bit more about the capital markets component of all this?

On the one hand, you've got this one compounding story of vertical integration with the physical stuff that you're building and the teams you need to install it and

The smarter and smarter systems overlaid on top of that, that's all super exciting and hopefully just keeps getting better and better.

What's also interesting about what you're building is that it seems as though you require almost as much innovation and scale and vertical integration on just the pure capital side.

Most startups raise equity capital and that's the story.

And they raise more equity capital if they're successful at lower cost of capital and they scale up and whatever.

This has way more complicated capital markets requirements, I guess is how I'd put it.