Didn't they deliver on their ceto5 promise? While that wasn’t a proper income earning project it was a critical step for them in developing CETO.
I think the ceto5 results were an eye opener for them though. In all public disclosures they talk about hours of operation and that pipe losses were higher that anticipated, however we were never told what the actual output was vs the design optimal output. I suspect that the losses were high enough for them to second guess if CETO was viable. I suspect EMC acquisition was done incase ceto6 failed, they could pivot from wave to micro grids (like the did from mining to wave). If ceto is a success they can obviously utilize EMC for income between ceto projects and they have the bonus of being able to build all of it, rather than getting in “grubby Subbys” to do work.
Reilly blue - I agree with most of the other stuff you said.
CCE Price at posting:
3.8¢ Sentiment: Buy Disclosure: Held
