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Pulsing voltage means respective power supplies receive enable and generate voltage.
For some reason power sequence is not completed.
SMC can detect a fault, or maybe PCH doesn't work as should be.
Try to start in SMC bypass mode, just in case...
SMC bypass on these... is that with the board back in and battery connected or without the battery? Hold power button for 10 seconds and keep holding for another 10 seconds while plugging in the power lead right?