Exactly right, they wouldn't be able to do it without a JV. This...

Exactly right, they wouldn't be able to do it without a JV. This is where it also gets tricky.
You have to get things just right to make sure that two (or more) organisations can work effectively and efficiently to achieve desired outcomes. Obviously not impossible...but definitely not easy.
It is not as easy as just handing over the tech and expect them to know what to do with it i.e. install, monitor, maintain, repair.
What are the expected returns and margins? Total project may be worth $30mil (or whatever it is) but what portion of that is represented by the tech (IP), materials and labour that Cleanteq is responsible for?

I am not saying that the company is not going to be able to deliver and that it will not become a screaming success. What I am saying is that in my opinion the current market valuation appears high based on future potential outcomes.