ARLINGTON, Va., Oct. 12, 2023 (GLOBE NEWSWIRE) -- 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 (https://fluenceenergy.com/gridstack-pro-
energy-
storage/?utm_campaign=Gridstack%20Pro%20Campaign%20FY24%20Q1&utm_source=PR&utm_m
edium=gridstack-pro-web-page), 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
additions(1) are on track to hit approximately 158 GWh by 2030 according to the
BloombergNEF (https://about.bnef.com/) 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.
(1)Global 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 (https://fluenceenergy.com/), or follow
us on LinkedIn (https://www.linkedin.com/company/fluenceenergy/) or Twitter
(https://twitter.com/fluenceenergy). To stay up to date on the latest industry
insights, sign up for Fluence's Full Potential Blog
(https://info.fluenceenergy.com/full-potential-blog-subscribe).
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 Contact
Shayla Ebsen, Director of Communications
Email: media.na@fluenceenergy.com (mailto:media.na@fluenceenergy.com)
Phone: +1 (605) 645-7486
Analyst Contact
Lexington May, Vice President of Investor Relations
Email: investorrelations@fluenceenergy.com
(mailto:investorrelations@fluenceenergy.com)
Phone: +1 (713) 909-5629
Photos accompanying this announcement are available at:
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