I don't think that the falling share price is such a surprise. The company has experienced some fairly major problems that have set back its plans by a year or two (at least), and which I think have shown that the technology is not certain. At the same time, the focus seems to have come off climate change. A carbon price is unlikely in the near term (any domestic legislation will be post-election; international action won't come until after negotiations in Mexico). More than that, the Australian Government and the opposition both seem intent on compensating coal-fired energy generation when/if a carbon price is introduced.
So, you have a speculative company, pursuing new technology, a history of costly difficulties, which would be profitable in a regulatory environment that may not come about. The stock has been repriced to reflect the many uncertainties.
It is still an idea worth pursuing, because of its huge potential. It still deserves government support, because of the contribution it could make to Australia's future energy supply. But, it's harder to say whether it is a good investment choice. It's definitely a speculative stock..
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I don't think that the falling share price is such a surprise....
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