Yeah but PET's product once been applied to the water body, has...

Yeah but PET's product once been applied to the water body, has little to no aftermarket sales. It provides no water infrastructure (just their powders) and only just attained potable water filtration capabilities. It also does not augment water provision (e.g. desalination) like Fluence does. The water treatment market is vast and highly differentiated.

I think PET is a cracking business and a great investment mind you. It's a bit like comparing Split-It with Afterpay in my mind, sounds similar, but they're vastly different when you look under the hood. Though no offence to any SPT holders, I am not bullish on it.