@RetasThere is a lot of history in the subsidiary companies...

@Retas

There is a lot of history in the subsidiary companies under the Fluence Corporation umbrella.
As these companies grew, they started with lots of small references, then built up to larger projects.
After the RWL acquisitions of these companies, and then with the RWL & Emefcy merger to form Fluence, there has been a change in focus from small projects, to tendering for larger, more significant projects. So while in the past it was about getting experience and building small businesses, now it is more about significant project tenders to further the group cause, with many tenders combining the expertise of multiple business units. There has also been a reduction in focus and investment on the historical USA business units, which provided a bulk of the smaller references.

Historical business units, establishment date, and specialty:

Nirosoft Israel/Italy (1990) - Desalination and water treatment.
Eurotec WTT Italy (1998) - Industrial water treatment, biogas and biomass plants, and anaerobic wastewater treatment.
Aeromix USA (1987) - Aeration equipment, eco aeration, and aerobic wastewater treatment systems.
Tipton USA (1998) - Packaged wastewater treatment plants.
Unitek Argentina (1993) - Treatment and reuse of water and wastewater.
Aquavit Brazil (2003) - Water and wastewater treatment.
Emefcy Israel (2007) - Wastewater treatment (MABR/SUBRE/MFC).

Estimated number of references for each business unit:

Nirosoft - 700+
Eurotec WTT - 300+
Aeromix/Tipton - 4500+
Unitek/Aquavit - 1000+
Emefcy - 50

The main focus of Fluence is now on growth of Smart Packaged Solutions, comprising Aspiral MABR and SUBRE plants from Emefcy, Nirobox from Nirosoft, and EcoBox in South America from Unitek. These packaged plants are higher margin than larger projects, are faster to deploy and provide less execution risk. There is a short term window to access the Chinese market, while they have a Government directive and budget to transform their levels of wastewater treatment (for MABR/SUBRE). Across the world there is increasing water shortage occurrence and demand for fast to deploy drinking water systems, which is perfect for Nirobox. EcoBox covers water reuse in South America.

Custom Engineered Solutions are another focus. Examples of these are larger project wins from Nirosoft (Ivory Coast, Mexico, Egypt), anaerobic and waste-to-energy plants from Eurotec WTT, and wastewater and desalination plants by Unitek. Some of these tenders can take from 1 to 5 years to win and some of the margins are much lower. However, some plants can also attract long term O&M agreements.

Fluence also now have financing (from Generate Capital) to set up plants (mainly drinking water - Nirobox) for BOOT long term water sales deals. These recurring revenue projects are important to provide consistent long term stable revenue.

New regional/use-case MABR/SUBRE opportunities aside, Fluence don't tend to announce wins for local business units that are under $500,000 USD.
Each business unit could be winning some small business that isn't significant in the grand scheme of things, as investors are really only interested in opportunities that can scale into the millions of $USD. As a group Fluence went from $58 million USD in 2017, to $105 million USD in 2018 and are aiming for around $160 million in 2019. To underpin that sort of growth trajectory, only consistent large tender wins will get there, rather than multiple small aeration sales. We tend to see a monthly significant win, which should only increase as more marketing activity is put into MABR, SUBRE and Nirobox worldwide.

@Dungiven saw that you posted a reply while I was drafting this, which covers much the same material.