Ann: Commercial Protean Wave Farm Approval for the Maldives, page-24

I think it has more to do with what the margins are, how much capex is required to manufacture a pontoon of 30 WEC's. Maldives project, 1.8m current cost for diesel. OK, what will be the charges when they convert. Will Maldives pay for cost of manufacture of equipment (via a contract, what will the charges be, are we value adding for desal? etc etc). I think the SP reflects the absolute inability to drill down on revenue/profit on one project, let alone for blue sky.
There are too many unanswered variables to factor in for those on the sidelines. That said, I am invested on the gut feeling that this is a winner. 28m MC with loads of potential, but I don't know what that potential might be. I am guessing/hoping big upside.