Ann: Fluence receives another Aspiral bulk order in China, page-29

Hi brosef, I would like to remind you with this post which I have made last year, the S-Curve explains that the initial uptake of the MABR/Aspiral orders is always going to start slow, as the MABR technology has just gone passed its demonstration phase and now siting at 1st generation phase, the evidence that we have seen that MABR technology are constantly being improved, 1: More sewage data collected in different geography of China , which leads to much faster commission time and meet national Class 1A standard. 2: Hired a local planning team, which leads to cost savings in deploying MABR/Aspiral units. 3: Diversify the offerings of containerised Aspiral units to meet different need of wastewater treatment, and they have now introduced SUBRE which can be used in river remediation and existing plants upgrade.

Fluence are only receiving order in single digit two years ago and they are now start receiving double digits order from the end of last year, and soon we expect they will receive triple digits orders by the early next year. According to the S-curve, the 2nd generation of MABR technology is when we see the massive uptake of orders from Chinese partnerships, and I believe we are not too far away now.