Not sure why you keep saying the same thing over and over. We get it you want to see management prove themselves more before you will jump in. Most of us here are happy to assume the early risk for the potential of greater rewards, each to their own.
DELs moat is not just talent, its the ability to operate end to end. They can undercut any other potential players that cannot plan design and assemble their own plants (note: they do manufacture their own designed tanks these are not just assembled), while also extracting larger margins via their in-house energy sale expertise. The co-fonder is already an expert in the field having worked in the UKs industry so I don't see wh they would need to bring anyone else in from overseas. I also think its far too early to be calling for a partnership I don't see that helping much at this point in time, if you haven't noticed by the large contract they just landed, the Brickworks MoU they have already become the go to Biogas firm in Australia, why would the hand that over so easily.
BlueLake has been generating electricity for a good while now, the NZ plant is on track for completion in November. It's no longer just the Richgro facility in their portfolio. Those 7 years in between allowed time for the model to be proven and for the retail division to grow from the ground up.
I'm also very interest in the direction the retail energy business is heading. There are already marketing solar and battery systems, if they are able to get customers to sign on they have the potential to operate a small virtual power plant of batteries in the WA grid making their retail buisness highly profitable. They have also spoken about being able to sign large renewables offtake agreements now that they have a large stable customer base. A big part of the appeal of DEL for me is its diversity and potential pathways for growth, even if that is not owning the generation assets directly.
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