Great report summarising key points. I would add a couple of...

Great report summarising key points. I would add a couple of things.

They are expanding top line on a number of fronts - expansion by product (MABR, SUBRE, containerised desal), expansion by country (China, US, LATM), targeting higher value tranasctions (example given was $40m) and capturing more value from transaction (less requirement for site works and engineering). The combination of these items can put significant fuel on the fire. Add in recurring revenue at 30 year agreements then it's game over valuation-wise.

The second key point is the wholesale move towards containerisation. Every product will be a modular or container model involving minimal sales effort, no bespoke engineering and be provided 'off-the-shelf'. This also means that the solutions are mobile, require less time for commissioning, can be remotely monitored and require minimal maintenance.

Over time this gives Fluence ultimate scalability but also sets a network for future tech and upgrades. For instance, if FLC acquires a new technology it can be engineered into a new module and replaced just by swaping the module with no new engineering. FLC have MABR, industrial wastewater and desal all containerised and mobile. This reduces capex by 35% and opex by a similar amount but with FLC capturing more of the value. This is very exciting.