Highly doubt EMC would have made it on it's own... and as...

Highly doubt EMC would have made it on it's own... and as painful as it was to land, don't forget we got the Ivory Coast project from RWL and on top of being a cash cow to bridge the transition to a genuine SPS focused business... it is going to be a recurring revenue generator once the tender for the O&M is announced.

RWL's containerised solution for MABR (Aspiral) and the SUBRE product may have taken many years to develop and fine-tune, instead RWL came in and provided the know-how to essentially create two user friendly and modular products which FLC were able to sell almost immediately into China and SE Asia... rather than spend years on R&D, and possibly coming up with an inferior product to Aspiral and SUBRE.

Anyway rather than focus on the what ifs, I am really liking what I am seeing from Fluence this year. Cash flows will be lumpy, and we may have another negative quarter of cash flow (depends when they bill and receive payment for the next IC installment), but SPS is growing and more and more regions are adopting it... and it's not just China, I feel SE Asia could really come online very rapidly and be a significant contributor to SPS revenue going forward.