What To Make About This Concept In Ocean Wave Energy?

When I come across an idea like this, one that requires angel investment to bring this new concept in ocean wave energy into fruition, a project that is clearly asinine, I ask myself: Is this fraudulent?  Are these people simply paying themselves handsome salaries with investors’ money?

Or

Do they honestly believe that it’s possible to scale this little device to generate significant amounts of energy at a competitive price?

These people look pretty serious to me, and they appear honest (not that honesty is directly observable).  But this idea is so incredibly lame that I’m torn.

Here’s another clue: they claim that the oceans’ shorelines have the capacity to generate 32,000 teraWatt-hours of energy.  In what period of time?  A meaningful figure here would be power, not energy.  I’m always suspicious when ostensible scientists and business people don’t understand high school physics.