Fluence is a global leader in energy storage products, services, and cloud-based software for renewables. The company designs, manufactures, and deploys battery-based energy storage systems and provides digital applications for renewable energy and storage optimization. Fluence's flagship product line includes Gridstack, a grid-scale energy storage platform. In 2024, the company introduced Gridstack Pro 5000, offering 5MWh of energy capacity in a 20-foot enclosure, aligning with market trends for higher energy density solutions. Fluence's technology plays a crucial role in balancing supply and demand on power grids, particularly as wind and solar energy adoption increases.
As of 2024, Fluence operates in over 30 markets worldwide and has developed an ecosystem of product offerings to drive the clean energy transition. The company's contracted backlog reached a record USD 3.7 billion by the end of 2023, indicating strong market demand. Fluence's revenue for Q1 2024 was USD 364 million, representing a 17% increase compared to Q1 2023. The company expects full-year 2024 revenue between USD 2.7-3.3 billion and adjusted EBITDA of USD 50-80 million.
Fluence is expanding its manufacturing capabilities, with plans to begin battery module production at its Utah facility in the summer of 2024. This move is expected to improve the company's competitive position and allow it to benefit from incentives under the US Inflation Reduction Act of 2022. Fluence's product platform is designed to be technology-agnostic, working with multiple battery vendors to take advantage of supply and demand dynamics in the industry.
Key customers and partnerships
Fluence has secured several significant contracts and partnerships in recent years. In 2024, the company signed an agreement with Australian utility Origin Energy for a 300MW/650MWh battery energy storage system (BESS) in Victoria. Fluence also completed a 60MW/80MWh BESS project in Taiwan, which entered commercial operation in early 2024.
The company has partnered with Digital Energy Corp to install a 100kW/1.5MWh energy storage system at Fresh Meadows Community Apartments in New York City. This project is being financially supported by The New York State Energy Research and Development Authority. Additionally, Fluence secured its largest customer order to date in 2022, with Blue Ridge Power committing to purchase 300MWh of energy storage systems over two years for installation at sites owned by developer Pine Gate Renewables.
Fluence's software solutions, including Fluence Nispera and Fluence Mosaic, are being utilized across various renewable energy projects. As of early 2023, the Nispera software was operational on more than 267 MW and 948 MWh of assets globally, demonstrating the company's growing presence in the Software-as-a-Service sector for managing renewable energy and storage assets.
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