Let us just observe that securities fraud is very unevenly enforced. None of these startup companies will ever produce a lone kWh of commercial power. But they

Let us just observe that securities fraud is very unevenly enforced. None of these startup companies will ever produce a lone kWh of commercial power. But they will very diligently spend every dollar they are handed by VCs. The VC brokers know the score, but the money spent goes for equipment from quite profitable companies. It is not their money, and there seems to be plenty of it.