Well, i give them creds for use of water to maintain position.
But there's a problem with the water entering the machine in the first place, and it's the same problem with all such floating systems in deep water (that is, not sitting on the beach), and that is: the water doesn't travel horizontally on the surface. As the wave seems to approach their breakwater, the water itself is moving up and will just lift the breakwater. If i assume it's too massive or smartly designed to not be lifted, the water will rise up in front of the breakwater, but i am guesstimating only half of the top of the wave will flow into the back sluice vs being reflected off the front and away from the breakwater.
In the meantime, i imagine a lot of money went into holding the breakwater down against the lifting force of the wave, unlike the Pelamis Wave Power designs (Pelamis went into bankrupcy in November 2014, maybe their designs had problems too?).