South America (Fluence Argentina/Brazil) and Italy (Fluence...

South America (Fluence Argentina/Brazil) and Italy (Fluence Italy) were barely mentioned at all, as Richard wants to transition focus and additional funding away from these areas. However, they still have a number of projects they are working on.

At current levels of business (20/21) they seem to be relatively self-sufficient in terms of revenue generation so are viable to keep supporting. If you combined the services of Fluence Italy and Fluence South America, I think you would actually have a company pretty comparable in size to ASX listed DEM (DE.MEM) with comparable revenue but Fluence has much larger key projects, while DEM has more visibility with Australian investors with more recognisable Australian clients and more consistent and reliable recurring revenue due to their purchasing of chemicals and consumables businesses.

The shares of Fluence get almost zero boost from the Italian and South American business segments and I would suspect at least 50% of investors in FLC don't realise the major contributions from these areas. (Fluence Italy are integral to the construction of the $190 million USD Ivory Coast project). Fluence Brazil had the $10m USD largest desalination plant in Brazil at 12,000 m3/d (with plants to expand in future to 36,000 m3/d). Plus biogas and food waste projects and lithium industry projects.