I always see these options as a delayed capital raise. Fluence...

I always see these options as a delayed capital raise.

Fluence is perfectly set up for growth, but needs someone with more direct industry experience in water than Richard Irving to take it to the next level.

If Tom Pokorsky can unlock some extra growth that Richard as CEO could not then so be it. Looks like if things go well Fluence are going to look at buying a couple smaller North American water treatment companies to target that market.

If this is a successful 4 years then Fluence will by March 2026 pay Tom $2.16 million USD in salary.
If he meets all his targets over the next 4 years then he will have gained 31,250,000 options with a strike price of about 22 cents.
If he then converted them all to shares in March 2026 he would pay $6.875 million AUD directly to Fluence.

If there has been significant North American market penetration and Fluence are doing over $200m in MABR sales per year by then the share price should be multiples of what it currently is. I would say the North American market is what we will need to watch closely over the next few years, as that will be a measure of his success as CEO, China and SE Asia are already set up for organic growth.

The Italian Fluence food waste business should be divested in the next 3 months, will they then immediately look at using these funds to buy another North American based business?