Ann: Fluence Signs First Class IV SUBRE Order in China, page-19

I think @Silvercity is referring to the San Quintin delay?

US$48m to construct... with US$10m recurring revenue for 30 year project won, but due to funding issues from other partners this has been delayed.

So the construction will only begin once Fluence fund the project, which will be done as soon as the new US$40m debt facility is set up (in the next few weeks imo).

It will take time to construct these large projects, but disbursements (money) will be received throughout construction and also ongoing maintenance.

So whilst cash isn't flowing in the door this year, these larger projects are all geared to supply steady long term cash flow.

SUBRE and Aspiral wins are more short term cash wins... Nirobox can be short term or long term (BOOT).

Looking at the cash received this year is not an accurate prediction of where the business will be in 2020 and beyond.. and that is why we are investing in Fluence.. not for today's business, but the one in years to come.