By-product is sludge or brine.
Depends on what their fuel is. If their fuel is Al, the by-product would be an oxide precipitate that falls out of the water. If it's Na, then the by-product is lye (NaOH in water). If they would say what the by-product is, I would show how much energy is released in spending it in water, how much H2 is produced, and how much energy it takes to close the loop, recycling the sludge or brine back into the original fuel. I don't expect them to release this information any time soon. But at some point, the patent they filed last year should be published, and then we can go through the chemistry.