Fluence Energy, Inc. Class A - FLNC STOCK NEWS

Fluence Energy, Inc. expands its Mosaic™ AI-powered bidding software to optimize hybrid renewables and storage assets in the California Independent System Operator (CAISO) wholesale power market. The software is expected to commence bidding operations for hybrid assets totaling 75 MW / 300 MWh in early 2024. Fluence is a leader in performance and bid optimization software products for managing renewable energy and storage assets, with a combined portfolio of more than 22.3 GW of assets contracted or under management globally.

The study by Frontier Economics, commissioned by Fluence, BayWa r.e., ECO STOR, enspired, and Kyon Energy, projects a fortyfold increase in battery-based energy storage in Germany by 2030, reaching 57 GWh with a connected capacity of 15 GW. This increase is expected to generate €12 billion in added economic value and reduce the cost of electricity for end-customers. The study emphasizes the pressing need for the electricity storage strategy recently put forth by the Federal Ministry of Economics and urges its prompt completion and implementation. The deployment of storage is expected to follow a growth trajectory similar to the one photovoltaic (PV) technology experienced in recent years, both in terms of cost degression and the expansion rate. The study also highlights the potential to limit CO2 emissions by 6.2 million tonnes by 2030 and by approx. 7.9 million tonnes in 2040 compared to an electricity system which uses gas-fired power plants instead of storage. Additionally, storage participation in the wholesale market will lower wholesale electricity prices by €1/MWh on average between 2030 and 2050 compared to a scenario where no energy storage is built.

Fluence Energy, Inc. (FLNC) faces a counterclaim from Diablo Energy Storage, LLC related to a contract dispute. The counterclaim was in response to Fluence's original claim against Diablo for non-compliance with the contract terms. Fluence is confident in its position and plans to vigorously pursue its claims while defending against the counterclaim.

Fluence Energy, Inc. (FLNC) has been selected by AGL Energy Limited (AGL) to deliver a 500 MW / 1000 MWh energy storage system for the Liddell Battery Project, the largest energy storage system announced to date in Australia. The project, located at AGL’s Hunter Energy Hub in New South Wales, will use Fluence’s Gridstack™ energy storage product with a 5-year service agreement contributing to AGL’s planned 850 MW national grid-scale battery rollout. Construction is expected to begin in early 2024, with operations targeted for mid-2026. This project marks a significant milestone in AGL’s decarbonisation pathway and the transition of its energy portfolio. Fluence has been selected to deliver over 1 GW energy storage projects within Australia and has deployed and contracted 7.6 GW of energy storage projects globally.

Fluence Energy, Inc. (NASDAQ: FLNC) announces the commencement of an underwritten public offering of 18,000,000 shares of its Class A common stock by certain controlling stockholders, with Fluence not selling any of its shares and not receiving any proceeds. J.P. Morgan Securities LLC, Barclays Capital Inc. and Morgan Stanley are acting as joint book-running managers for the offering.

Fluence Energy, Inc. (NASDAQ: FLNC) has become a signatory member of the UN Global Compact well ahead of the 2024-2025 expected timeline outlined in its 2022 Sustainability Report. This move reinforces Fluence's commitment to sustainability and responsible corporate citizenship. The company aims to align its operations and strategies with the Ten Principles of the UN Global Compact, focusing on human rights, labor, environment, and anti-corruption.

Fluence Energy, Inc. (Nasdaq: FLNC) achieved a record annual revenue of $2.2 billion and quarterly profitability, showing an 85% increase from fiscal year 2022. The company reported a net income of $4.8 million for the fourth quarter. It has a strong quarterly order intake of $737 million and a total backlog of $2.9 billion as of September 30, 2023. The company is initiating fiscal year 2024 revenue guidance of $2.7 billion to $3.3 billion and fiscal year 2024 Adjusted EBITDA guidance of $50 million to $80 million.

Fluence Energy, Inc. (FLNC) announced a new four-year $400 million Asset Backed Lending credit facility to replace the existing $200 million Revolving Credit Facility, improving liquidity and working capital management. The ABL facility allows for more flexible inventory-related financing, supporting the company's growth plan and market-leading position in utility-scale energy storage solutions globally.

Fluence Energy, Inc. (Nasdaq: FLNC) announced the appointment of Ahmed Pasha as the new Chief Financial Officer, succeeding Manavendra Sial. The company expects to meet or exceed fiscal year 2023 revenue and adjusted gross profit guidance. They also revealed the date for the fourth-quarter 2023 earnings release and conference call.