The Theoretical Elementizer is used to get Steve's Stopwatch and the Weather Orb . In the top slot the player put an Enriched Alloy and in the bottom slot a Diamond. One can energize the Theoretical Elementizer with Batteries, Energy Cubes, etc., or the player can use any Generators (also accepting HV). Once you put the items in and the Theoretical Elementizer is powered, the Status will move from 0% to 100%. One thing to note is that this requires enough energy. Otherwise, the status will not reach 100%, and the Theoretical Elementizer will not produce any of these items.
You can no longer get the Lightning Rod as it seems to have been removed in the current build of Voltz.