Key points for me were as follows:- Merger of the RWL & EMC...

Key points for me were as follows:-
Merger of the RWL & EMC businesses will be completed in Q4 this year. New merged business will accommodate new teams, new opportunities, synergistic benefits and expand responsibilities across multiple geographies.

Continue to focus on cost and operational efficiencies including relocation of HO in NY. New offices in Israel.

While China remains key Henry emphasised how important Latin America was, particularly Argentina (where they are expanding production capabilities), Brazil, Chile and Peru. All marketing teams seeing great interest right across the entire product range.

Also talked to waste to energy opportunities across food processing & beverage industries not just poultry in Italy where they dominate with 70% share of waste water market where there is potential for roll out across 20 sites - $2.3bn opportunity. Also focusing on fisheries including a large plant in Ecuadore.

China production plant will be up and running pumping out first MABR product by month end. Plant is being built on time and on budget and will be a reference site for 3x other provinces interested in distributing product. Now have capability to install MABR plants in 6 weeks against previous timeframe of 6 months which is a huge selling point and will assist greatly in "win rate".

SUBRE technology will be available for larger applications Qtr 4 and sales will commence next year.

Richard talked to the disappointment of larger shareholders re fall in share price which he noted as most likely a number of retail shareholders recycling their holdings into newer start-ups but they are working on development of interest across a number of institutional investors and expanding research to 3 analysts to cover the stock.

Richard also talked positively re Stanford relationship which would appear to be progressing but typical of the conservative nature of these institutions still developing, albeit will generate a lot of business leads in the US.

Accountant talked to financials and forecasts. Very upbeat re revenue for future years and upped Henry's projection of 20%growth suggesting greater than 25% growth in revenues and profit break even by 2019.

Henry also explained discrepancy in revenue numbers for half year which was adjusted downward by $10m after management agreed to exclude revenue from an order that is yet to reach final close, albeit highly confident this will be realised in the short term but for conservative reasons made the call to adjust the final EMC half year numbers.

Richard talked to the support of all the major shareholders including himself. Confirmed he had not sold one share.

In closing management remain highly optimistic and very bullish for the future of Fluence.

My assessment. Management presented a conservative yet upbeat outlook for what will no doubt be a major force in the global waste water business.