Hey,
No I didn't know about the oil spill. However I know in the presentation that MO did go into some detail about why the generation of electricity is now internal rather than through pumped water back to mainland. I guess this adds to the reason. I agree that this lack of disclosure is annoying however we are talking over three years ago.
In regards to your statement about misleading investors I think that any investor who is into CCE for the wave side of the business is fully aware of the risks involved. This is a worlds first technology, if it succeeds it will be an amazing feat of engineering. Each step it could fail as many have before hand. So am I happy it is another trial? Of course every step of the way is a trial until it produces large scale electricity.
As for the politician he is just being a d. Of course the 16 million is not good value for money if you look through the lens of $16 million for the potential of 1 megawatt of energy. But not if you look at it through the lens of employment in the area, infrastructure that will encourage other wave companies to set up in Albany, learning from the project etc. The 16 million becomes more viable.
And finally what are the potential spin offs. The different engineering, the knowledge obtained from the ocean studies are just two examples. An analogy I would use is the NASA space program. There is no way anyone can say that going into to the moon just to beat the USSR was worth the billions of dollars spent. But then you realise that without that program, there would be no satellites, without satellites there would be no internet, etc etc
have a look at the "spin off" and think what potentially can this project deliver. https://en.wikipedia.org/wiki/NASA_spinoff_technologies
So he is being a luddite. Now that doesn't make CCE immune from criticism but it does show he is just arguing for political gain.
CCE Price at posting:
2.7¢ Sentiment: Buy Disclosure: Held
