So whats next?

So - lets evaluate this:

Carnegie Clean (lack of any) Energy) has had almost their entire staff resign or be made redundant, Albany project is gone and the prospect of building anything has been gone for some time (though twe'll never be told the truth on when they knew they couldn't build anything again - I suspect it may have been 4-5 years ago!). The ex-CTO is now the CEO so he's not concentrating his efforts on what he is good at.

The Board and senior management of CCE decided to buy into EMC (early 2016) and 9 months later, buy the remainder of EMC. There was an epic failure (of the Board and senior management) of due diligence and clear thought in that process. There was a subsequent epic failure to even recognise they'd made a mistake...before it was all too late. A seriously pathetic, career and reputation damaging failure to do their jobs! The same however could not be said for John Davidson who should be credited with an incredible "sales" job.

The Board and senior management failed to do anything useful for 2 years except (effectively) hand John Davidson ~$2M in cash and a free ride out of town (how nice is the weather in Broome John ?) and hand another $2M or so to Michael Ottaviano (how nice is the golf course Michael?) - before the painfully drawn-out process of trying to join with another perpetually loss-making ASX listed "company" --> TAG, before that also ended in a colossal debacle or... nothing (except more wasted time and money). They can blame EMC but they bought it, they told shareholders the story, and then they failed their shareholders with a dismal effort. Their COO and CFO bailed early and still the Board didn't get the message.

CWE/CCE has basically NOTHING to show for $200M+ in grants (provided by tax payers) and share holder funds. TWO... HUNDRED... MILLION. That is ~20 fully built schools, or enough to pay for 220 FTE care workers for 10 years or... well - you get the picture. It is a LOT of money to WASTE! There is NOTHING TO SHOW for CETO and CCE will say "We can't show you anything, publish any data, tell you what failed and what we learnt - it is commercial confidential - we cant actually tell or show you anything and our CFO doesn't know what CETO 5 actually did - he'd need to go and read the (commercially sensitive) internal reports". So, there is almost literally NOTHING to show for $200M (well - on google maps there is an old bouy in the yard in Fremantle, that's something right?). The only people that DON'T KNOW ANYTHING about whats going on are the people that own the company - the shareholders.

Now - they want $3M to pay off their debts and then, with whats left, move towards "commercialising CETO". Surely - common sense and history clearly shows CETO is further from "commercialisation" than ever before. Wind, solar, and soon batteries, are so cheap and deployable (aka "commercialised") that commercial wave generation is not a sparkle even in Michael Ottaviano's eyes any more.

I look forward to attending another road show. What spin, what blue sky story, can CCE come up with to make us part with our money again? Will fall for it again? What is the technology that is so precious? What is the road map to commercialisation? What scale and products could the technology be used for? What is the LCOE of their best solution presently? Who would build it and where would it go? What are the prospects of shareholders getting a return on their investment (do you even understand that is your goal Jonathon Fievez?) and in which decade is it likely? Come on - what is the plan? Hey - can you tell us what you've told Mike Fitzpatrick because he's either the biggest bunny Michael Ottaviano ever found, or he MUST know something that you just can't tell ANY of your shareholders. (I heard someone whisper "bunny").