Fluence Energy, Inc. (“Fluence”) (NASDAQ: FLNC), a leading global
provider of energy storage products, services, and optimization
software for renewables and storage, today announced the launch of
Gridstack Pro, an advanced energy storage solution built for the
next era of utility-scale projects. Gridstack Pro delivers an
optimized design to help customers complete projects faster and
generate revenue sooner.
“The industry must move faster to meet ambitious carbon
reduction targets and accelerate the clean energy transition
globally. Energy storage is critical to this transition and
Gridstack Pro and the comprehensive supply chain we've built behind
it are key enablers of the speed and agility that our customers
need,” said Fluence President and Chief Executive Officer Julian
Nebreda.
In this next era of global utility-scale storage, annual
front-of-the-meter additions1 are on track to hit approximately 158
GWh by 2030 according to the BloombergNEF 2H 2023 Energy Storage
Market Outlook. As we enter this next stage of project scale and
complexity, customers need larger storage assets that can be
deployed faster and are easy to operate and maintain.
Fluence’s team has more than 15 years of energy storage
deployment experience, including the first utility-scale project in
2008. With over 12 GWh of systems contracted and operating
globally, the Gridstack product line is trusted by leading power
generators to deliver safe systems and reliable grid services.
Gridstack Pro adds a new offer to the Fluence Product Catalog,
meeting emerging customer needs in a fast-growing market. Designed
for the largest and most complex utility-scale projects globally,
Gridstack Pro can handle more advanced data acquisition and thermal
management, enables full software control over all layers of the
system architecture, and accommodates higher power inverters to
increase density.
Both Gridstack and Gridstack Pro are designed with an
uncompromised approach to safety. 6th generation Gridstack systems
will continue to be offered as an optimal solution for certain
scenarios with a range of batteries that include both LFP and NMC
options, making it extremely flexible for project design and better
suited for smaller projects.
“Our extensive experience in deploying utility-scale storage
systems around the world provides invaluable insights into our
product design. With this knowledge, we developed Gridstack Pro to
scale into a market now deploying significantly larger systems,”
said Fluence SVP & Chief Product Officer Rebecca Boll. “From
ease of installation and easier access to millions of points of
system data, to better use of auxiliary power and more granular
control of battery strings, we turned our lessons learned into
product features. We have balanced system density and overall
product performance while also carefully addressing supply chain
and logistics challenges. Our commitment to safety in our product
designs and at every level of our business also helps streamline
the permitting process for our customers. These benefits enable
customers to get the most value from their assets, ultimately
completing projects faster and generating revenue sooner.”
Gridstack Pro offers customers enhanced performance and lower
operating costs through improved state of charge (SOC) accuracy,
string-level control, and pre-integrated asset performance
management intelligence. The solution is optimized for different
storage applications, with both 2- and 4-hour system
configurations.
Gridstack Pro utilizes the Fluence Battery Pack, which combines
state-of-the-art battery modules, cells, battery management
systems, and monitoring equipment. For the U.S. market, the Fluence
Battery Pack will be available with U.S.-manufactured battery cells
and modules. This positions Gridstack Pro as one of the first
energy storage solutions to qualify for the 10 percent Investment
Tax Credit domestic content bonus under the IRA.
Gridstack Pro allows Fluence to maximize its scale across the
supply chain and best serve customers through the highest degree of
battery flexibility, while delivering consistent performance and
full system-level safety. Gridstack Pro is available for sale in
markets globally.
1Global market excluding projected utility-scale deployments in
China; does not include commercial or residential deployments.
About Fluence
Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader in
energy storage products and services, and optimization software for
renewables and storage. With a presence in 47 markets globally,
Fluence provides an ecosystem of offerings to drive the clean
energy transition, including modular, scalable energy storage
products, comprehensive service offerings, and the Fluence IQ
Platform, which delivers AI-enabled digital applications for
managing and optimizing renewables and storage from any provider.
The company is transforming the way we power our world by helping
customers create more resilient and sustainable electric grids.
For more information, visit our website, or follow us on
LinkedIn or Twitter. To stay up to date on the latest industry
insights, sign up for Fluence's Full Potential Blog.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. We intend such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 27A
of the Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements include, without limitation, statements regarding
anticipated demand for the Company's energy storage products and
services, anticipated operational performance of Gridstack Pro and
the Fluence Battery Pack and corresponding impacts on customer
projects, ability to address market challenges, relationships with
and performance of new and existing suppliers, impact of the
Inflation Reduction Act of 2022 or any other proposed legislation,
and projected prospects, plans and objectives of management. Such
statements can be identified by the fact that they do not relate
strictly to historical or current facts. When used in this press
release, words such as “may,” “possible,” “will,” “should,”
“expects,” “plans,” “anticipates,” “could,” “intends,” “targets,”
“projects,” “contemplates,” “believes,” “estimates,” “predicts,”
“potential,” or “continue,” or the negative of these terms or other
similar expressions and variations thereof and similar words and
expressions are intended to identify such forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking.
The forward-looking statements contained in this press release
are based on our current expectations and beliefs concerning future
developments, as well as a number of assumptions concerning future
events, and their potential effects on our business. These
forward-looking statements are not guarantees of performance, and
there can be no assurance that future developments affecting our
business will be those that we have anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond our control) or other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking
statements, which include, but are not limited to, unforeseen
circumstances outside of Fluence’s control which may cause
Gridstack Pro or the Fluence Battery Pack to not perform as
anticipated, our ability to successfully execute our business and
growth strategy, adoption of Gridstack Pro by customers, failure to
realize potential benefits of the Inflation Reduction Act of 2022,
and other factors set forth under Item 1A.“Risk Factors” in our
Annual Report on Form 10-K for the fiscal year ended September 30,
2022, filed with the Securities and Exchange Commission (“SEC”) on
December 14, 2022, as updated by Part II, Item 1A. in our Quarterly
Reports on Form 10-Q, and in other filings we make with the SEC
from time to time. New risks and uncertainties emerge from time to
time and it is not possible for us to predict all such risk
factors, nor can we assess the effect of all such risk factors on
our business or the extent to which any factor or combination of
factors may cause actual results to differ materially from those
contained in any forward-looking statements. Should one or more of
these risks or uncertainties materialize, or should any of the
assumptions prove incorrect, actual results may vary in material
respects from those projected in these forward-looking statements.
You are cautioned not to place undue reliance on any
forward-looking statements made in this press release. Each
forward-looking statement speaks only as of the date of the
particular statement, and we undertake no obligation to publicly
update or revise any forward-looking statements to reflect events
or circumstances that occur, or which we become aware of, after the
date hereof, except as otherwise may be required by law.
Media ContactShayla Ebsen, Director of
CommunicationsEmail: media.na@fluenceenergy.comPhone: +1 (605)
645-7486
Analyst ContactLexington May, Vice President of
Investor
RelationsEmail: investorrelations@fluenceenergy.comPhone: +1
(713) 909-5629
Photos accompanying this announcement are available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/55d79b6d-f5c0-4ded-806d-cd7cc5be1445
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