@ywtohI think the $20m USD is just a culmination of design,...

@ywtoh
I think the $20m USD is just a culmination of design, drafting, planning and engineering hours.
No physical siteworks or fabrication would have been started, as that would entail hiring contractors on the ground, which would be crazy to do before a project was green-lighted (look at the length of delay in Mexico). Some suppliers might have been given a heads up that certain parts might be required around a certain date.

This $20m is very high margin, because there are no contractors or suppliers involved.
The rest of the project will be low margin, because Fluence have to pay for the contractors and parts involved.

It is why Fluence have always said that this first $20m could be booked immediately upon project close and financing, and why it is so crucial to reaching EBITDA profitability for Q4 (due to high margins).