Fluence

Fluence offers long-duration energy storage solutions for grid operators, industrial applications, and renewable energy developers. Fluence is a joint venture between the German conglomerate, Siemens, and the US power distribution company, AES Corporation, with each having an approximately 44% stake in the company.  

As of February 2024, Fluence offered a range of energy storage systems, namely Gridstack, Gridstack Pro, Ultrastack, Edgestack, and Sunstack. Gridstack is a grid-scale energy storage system that has a discharge duration of 6+ hours. Edgestack is a commercial energy storage system for industrial applications that is available in 500 KW modules which can be aggregated according to the requirement and has a discharge duration of up to four hours. Sunstack is a solar energy storage system that is specifically designed to optimize solar capture and delivery and has a discharge duration of up to four hours. 

The company’s Fluence Mosaic maximizes renewables and storage revenue with automated bidding software and was either deployed or contracted by more than 11.9 GW of assets. Furthermore, in December 2022, Fluence reported a strategic plan to develop and manufacture its own battery packs in the US, with production set to begin in 2024.

Key customers and partnerships

As of February 2024, Fluence has either awarded or fully deployed over 225 projects totaling over 20 GWh.

In January 2022, Fluence entered into a 50:50 joint venture with ReNew Power to deploy renewable energy storage in India. This new venture was supported by “The Fluence India Technology Center” launched in July 2022. In April 2022, Fluence partnered with cQuantio to offer analytics and energy optimization solutions. During the same month , Fluence collaborated with Centrica and Google to deploy a backup power system in Belgium and acquired Nispera to expand its digital management systems to 15 gigawatts. 

In July 2022, the company partnered with Rich Electric to deploy a 100 MW battery-based energy storage system in Hualien, Taiwan, and Münch Energie to build a 34 MW battery-based energy storage system in Germany. In August 2022, the company partnered with a contract manufacturer to open a manufacturing facility in Utah to expand its production beyond Asia. Fluence Cubes, the modular storage building blocks designed by Fluence, were shipped from the facility in September 2022, with production capacity initially set at 75 Cubes per week with plans to then increase it to 150 Cubes per week. In October 2022, Fluence Energy GmbH, a subsidiary of Fluence Energy, partnered with TransnetBW to deploy the world’s largest battery-based energy storage-as-transmission project known as “Netzbooster”. In October 2024, the company partnered with Statkraft to deploy a 58 MWh battery-based energy storage system for Germany's largest hybrid solar and storage project in Zerbst.

In October 2020, Fluence acquired AMS (now known as Fluence Mosaic), a provider of AI-enabled optimized bidding software for utility-scale storage and generation assets. 

Funding and Financials

In November 2023, Fluence entered into a four-year USD 400 million Asset Backed Lending credit facility maturing in November 2027. The company intends to use the funds to manage working capital. Prior to this, in December 2020, Fluence raised USD 125 million via a private placement by the Qatar Investment Authority. The funds went toward growing Fluence’s product offerings and expanding its operations internationally. 

In November 2021, Fluence began trading on the Nasdaq exchange under the symbol FLNC. The transaction raised USD 998.2 million and valued the company at USD 4.7 billion. In FY2023 the company had a revenue of USD 2.2 billion with an operating loss of USD 100.3 million.