Ann: Fluence June 2019 Quarterly Report Business Update, page-49

Hi@Dungiven

I got into contact with Adam shortly after the call, he clarified that Fluence would deliver Aspiral units to customers and not MABR modules.

The assembly will be done within the province, which is all within Fluence's control and then final Aspiral units are supplied.

The biggest takeaway for me is the ramp up in production of MABR modules in China ... its neither here nor there if they hit US$44m in SPS sales, the key is the Q4 profitability.

The Ivory Coast financial close is the key component, but after that is done .. all focus will be on Aspiral sales in China, and the best leading indicator we can get from a shareholder's perspective is production.

One line at full capacity can manufacture 7,500 modules a year, or 1,875 modules a quarter (625 Aspiral units) ... the largest single order has been 40 units from iTEST back in March this year. Q4 and 2020 are going to demonstrate to the market what exponential growth looks like.