Fluence Energy, Inc. - FLNC STOCK NEWS

The National Association of Corporate Directors (NACD) has announced the honorees of the 2024 NACD Directorship 100™, recognizing leading corporate directors and governance experts. The awards include the B. Kenneth West Lifetime Achievement Award, given to Michael Daniels and Maggie Wilderotter for their notable achievements in board careers.

The Director of the Year recipients are:

• Public Company: Herman Bulls (Fluence Energy, USAA, JLL, and others)
• Private Company: Greg Cessna (Maclean Fogg, Hillandale, Henderson Brothers)
• Nonprofit: Hon. Robert A. McDonald (Elizabeth Dole Foundation, West Point Association of Graduates)

The honorees will be recognized at the 2024 NACD Directorship 100 Awards Gala on December 16 in New York City and featured in NACD Directorship® magazine.

Fluence Energy, Inc. (NASDAQ: FLNC) has initiated domestic production of battery modules for energy storage products at a facility in Utah. This strategic move allows Fluence to offer a storage solution that qualifies for the Inflation Reduction Act's domestic content bonus tax credit, giving them a first-mover advantage. The battery modules will use cells manufactured in Tennessee and integrate with Fluence's battery management system.

This development is important in light of recent increases in Section 301 tariffs on batteries imported from China, which are set to rise to 25% in 2026. Fluence's U.S.-based manufacturing strategy aims to reduce supply chain risks and support national energy independence. The company is already making an impact on major projects, including the Eleven Mile Solar Center in Arizona, and has an agreement with Excelsior Energy Capital to deploy 2.2 GWh of energy storage projects using domestically manufactured battery systems across the United States, beginning in 2025.

Fluence Energy (NASDAQ: FLNC) reported its Q3 FY2024 results, highlighting record quarterly order intake of $1.3 billion and a record backlog of $4.5 billion. Despite a 10% year-over-year revenue decrease to $483.3 million, the company showed significant improvements in profitability. GAAP gross profit margin rose to 17.2% from 4.1% last year, while net income reached $1.1 million, up from a $35 million loss. Adjusted EBITDA improved to $15.6 million from negative $27.5 million.

Fluence updated its FY2024 guidance, narrowing revenue expectations to $2.7-$2.8 billion and Adjusted EBITDA to $55-$65 million. The company also raised its Annual Recurring Revenue (ARR) guidance to approximately $100 million. Fluence secured a $500 million revolving credit facility, bolstering its liquidity to support ongoing growth.

Fluence Energy (NASDAQ: FLNC) and Excelsior Energy Capital have announced an agreement to install 2.2 GWh of battery storage projects in the United States starting in 2025. The projects will use domestically manufactured batteries, modules, and supporting systems, primarily produced in Tennessee and Utah. This partnership aims to support American manufacturing, domestic supply chains, and electricity grid resilience.

Excelsior will deploy Fluence's Gridstack Pro product line, which is expected to qualify as domestic content under the Inflation Reduction Act (IRA). The agreement is seen as a step towards fostering a domestic supply chain for critical clean tech manufacturing in the U.S., directly supporting American jobs and battery storage production capacity.

Excelsior Energy Capital has entered a multiyear agreement with Fluence Energy Inc. (NASDAQ: FLNC) to develop 2.2 GWh of battery energy storage system (BESS) infrastructure across the United States, starting in 2025. The agreement focuses on utilizing domestically manufactured battery cells from Tennessee and Fluence battery modules from Utah, supporting American grid stability, manufacturing capacity, and supply chain strength.

This partnership aims to reduce battery supply risks, enhance local economies, and accelerate U.S. renewable energy infrastructure. The agreement follows Excelsior's recent announcements, including the sale of a 38-project portfolio to BlackRock, the launch of Lydian Energy, and a 2 GW agreement with Heliene Inc. for domestically produced photovoltaic modules.

Fluence Energy (Nasdaq: FLNC) has announced its upcoming third quarter 2024 earnings release and conference call schedule. The company will report its financial results for the quarter ended June 30, 2024, on Wednesday, August 7th, 2024, after market close. A teleconference to discuss the results is scheduled for Thursday, August 8th, 2024, at 8:30 a.m. ET.

Analysts are required to register for the call, while general audience participants can join in listen-only mode via a webcast. Supplemental materials may be referenced during the call and will be available on the company's website. A replay of the conference call will be accessible after 1 p.m. on August 8, 2024, through Fluence Energy's website.

Fluence Energy, Inc. (NASDAQ: FLNC) has expanded its Digital Services Center (DSC) with a new Remote Monitoring and Diagnostics Center (RMDC) in Bengaluru, India. This expansion aims to optimize global fleet performance and deliver more value to customers. The DSC will serve as a central hub for applying operational data intelligence across 47 markets, providing insights for R&D and services functions.

The RMDC, co-located with Fluence's Global Innovation Center, will bring together experts to drive innovative customer solutions. Fluence plans to leverage digitization, AI, and its Nispera asset performance management software to address challenges in maximizing the lifetime value of storage assets. The company's services aim to resolve up to 90% of issues remotely, optimizing asset performance and operational productivity.

MW Storage and Fluence Energy have announced their third battery-based energy storage project in Finland, a 20 MW / 20 MWh system near Mäntsälä in Uusimaa. This project aims to enhance grid stability and support lower electricity prices through energy trading. Fluence is set to build its fifth project for MW Storage, following prior collaborations in Finland, Germany, and Switzerland. Finland's goal to achieve carbon neutrality by 2035 and a 20% rise in electricity demand to 100 TWh by 2030 underscore the need for flexible, fast-responding energy storage solutions. The new project will contribute to this goal, adding to the 300 MW of grid-scale storage expected to be connected to the Finnish grid within two years. Both companies emphasize quality, safety, and technological advancement in their partnership.

Fluence Energy and Dispatch are collaborating to establish the largest stand-alone battery storage system in the Netherlands, set in Dordrecht's port area. This innovative 45 MW / 90 MWh system aims to bolster grid stability, reduce blackout occurrences, and optimize the use of renewable energy sources.

The Netherlands has targeted a 49% reduction in CO2 emissions by 2030, increasing to 95% by 2050 compared to 1990 levels, necessitating at least 9 GW of battery storage by 2030. The project aligns with national goals by providing critical grid balancing services and renewable energy storage. The partnership underscores Fluence’s commitment to advancing energy storage technologies, reinforcing its substantial presence and future growth in the Dutch market.