Rossi continues to surprise.
For some time, the inventor has been claiming he no longer has control over the strategic development of the eCat because he sold the rights to a company with deep pockets. He was obviously telling the truth. Industrial Heat LLC issued a press release confirming the acquisition and lending another layer of head-scratching credence to the eCat.
I remain sceptical for a number of reasons. However, I do not understand the absolute dismissal of this development any more than I understand the tendency by some to laugh at the Levi/Elforsk Report as a joke with no merit whatsoever. I agree without reservation that these things prove nothing and when we consider the fantastical nature of his claims, his propensity for embellishment or lies, his colorful past, the stream of overly-complicated demos and the money involved, it would be foolish to assume that this is the final piece of the jigsaw that will make everything whole. Scepticism is healthy and in the new energy arena, statistics are on your side if you assume that every new world-changing invention by a secretive businessman is covered in bullshit. You are more likely to be right than not but starting from the premise that Rossi is a fraud, working backwards and using this ‘fact’ to dismiss anyone saying anything positive about the subject is no more intelligent than believing everything you are told by a huckster.
Lets look at this objectively.
For all the reasons above, I’m not ready to jump ship to the believers’ camp. However, this Industrial Heat thing is interesting. I can easily see a group of businessmen getting the wool pulled over their eyes when they see dollar signs. In this case and at face value, these guys have a genuine interest in promoting green technologies that can make a difference and give a healthy return. It’s possible that they got ahead of themselves and failed to do due diligence but it is a leap to automatically assume that seasoned VCs – knowing the too-good-to-be-true nature of the beast – did not do their homework.
Out here, it is easy (and reasonable) for us to shake our heads at anything short of scientific validation but the list of people we have to assume as idiots or irrational just keeps getting longer and longer. Remember, these guys can read Rossi’s blog, too. They know what he is saying in public. He told us that his new partner built the eCat and tested it themselves. Let’s assume that’s bullshit. We have to then assume, they either didn’t see his comment, do not care about the lie or they have no argument with it. To some, the fact that IH’s press release makes no mention of this is a sign of… what exactly? It is quite reasonable to assume that they have not countered Rossi’s statement because there is truth in it. Be sceptical, yes, but let’s not start with assumptions and work backwards.
Solyndra, Madhoff, Steorn and thousands of other cautionary examples demonstrate the countless ways in which otherwise intelligent people can let themselves be fooled. For this and many other reasons, it’s always possible that IH has been tricked too. That said, it is one thing to recognise that possibility and another to start from the assumption and add the VCs to the burgeoning list of actors who do not know their arse from their elbow.
$11.5m is a droplet. Maybe they are just fishing. Maybe a lot of things. Beware though, of doing what you accuse believers of – twisting the order of logic to fit your conclusions.
I for one will be paying attention to what happens next.