What wrong is that the equation utilizes ALL of the net energy from each step as input for the next iteration.

But that is exactly the point of my post. If we theoretically take ALL the energy output in a multi-staged process and apply it once again to the same process, we get, theoretically, an infinitely increasing ER on a given EI for the entire process. Obviously this cannot be even remotely real even if the math works out.

The larger point is that reality checks are always a good idea. When I see EROEI figures for solar PV of 10:1 bandied about, and look at the actual price, I know the figures are bullshit. Same with wind power.

Not sure that's true, and panel photovoltaic competes with me and my concentrating photovoltaic, partly. Mostly panel photovoltaic competes with distribution in a financial sense.
Most of the cost of photovoltaic is labor cost. Your are paying for the Ford F150 to haul the roofer around. In China the roofer costs less and travels by tram. Does that mean that panel photovoltaic has a higher EROEI in China?

When I see EROEI figures for solar PV of 10:1 bandied about, and look at the actual price, I know the figures are bullshit. Same with wind power

We are on the same page ET.
My take on that situation is: Have the renewable-manufacturers utilize their own HOME MADE energy in all their necessary sub-processes (or as many as possible at least) and see where that bring them. Not far I’m afraid…

In the future when fossils are gone, we will be back to square-one and that is not a sophisticated square(!) I can see good old fashion windmills, various “easy” to make waterwheels some sort of sterling/steam-engine/generators and such driven by combustion
I have serious trouble to see modern WT-Nacelles and PV technologies made and maintained in that scenario, and by then their EROEI issues will be clear as the sun by midday.
In my mind we should develop “simple technologies” today, which are not focusing efficiency – BUT rather on simple functionality and easy to maintain demands (as good as it gets sort of thinking).