You're 100% correct. I didn't. Just by looking at it screams poor heat transfer from semi to heatsink.
The lubricant is air? Even worse. What happens when there are air gaps between heatsink and heatshield in today's heatsink applications?
The gap is only 0.001". And unlike conventional coolers it is between two metallic surfaces (held together by magnetic attraction) with one spinning at 2000 RPM.
Here is a nice short PDF about the design which FAQ section provides good information and links to how the "air bearing" design works:
https://ip.sandia.gov/techpdfs/Sandia Cooler-
Fact Sheet for the Microelectronics Market.pdf
Q: Is the thermal resistance of the air gap region large enough to be a problem?
A: nofor example, in our current prototype device the thermal resistance of the air gap region is 0.02 °C/W.
They do mention in the video, that initially there was a lot of scepticism about the design and since the very same question is the first in the FAQ section, you're probably not the first one to point it out
It is important to understand that it's not someones brainfart they hacked together in a weekend on the off change that it might work. It is a result of years of complex fluid-dynamics modelling, trying hundreds of different designs, finding one that does work the best in the models. Without any prototypes scepticism might be well founded ... but rototypes have been built and the modelling IS backed up by experimental data.
By June they had at least 2 licencees to the design (one in CPU cooling). wouldn't you think that CPU cooler companies don't simply throw money away on revolutionary (and iffy) designs before seeing hard, real-life data to back them up ?