If successful in the four year PLACE targets, De Nora will certainly want a stake in what they've helped achieve. I think you are correct, a large stake equity purchase is most probable.
I am hopeful De Nora use their investment from Blackstone Tactical Opportunities to help fund AFC Energy in a rollout of fuel cells, but when De Nora turnover �400M+ each year, perhaps it would be just as good if they bought AFC Energy outright?