ERLANGEN, Germany, June 10, 2024 (GLOBE NEWSWIRE) -- Fluence Energy GmbH
("Fluence"), a subsidiary of Fluence Energy (https://fluenceenergy.com/), Inc.
(NASDAQ: FLNC), a leading global provider of energy storage products and
services, and optimisation software for renewables and storage, and TransnetBW
GmbH (https://www.transnetbw.de/en/), the transmission system operator in the
German state of Baden-Württemberg, have started the construction of Germany's
first and largest battery-based energy storage system deployed as a part of the
country's critical transmission network infrastructure.
The breaking ground event on June 10, 2024, was attended by Thekla Walker,
Minister for the Environment, Climate Protection, and the Energy Sector of Baden
Württemberg, as well as other local, regional, and national decision makers.
Once completed, the 250 MW Grid Booster (German: "Netzbooster") located at
Kupferzell, a major hub of the German transmission grid, is anticipated to
enable more efficient operation of the German transmission network.
The Grid Booster is expected to reduce the need for grid expansion and ease
bottlenecks stemming from transporting wind energy from Germany's north to the
country's southern load centers. By limiting grid congestion, the project will
support greater integration of renewable energy. Its innovative character lies
in the usage of the batteries as part of a complex control system intended to
reduce congestion on transmission lines. The project's footprint will be about
4.5 football fields in size and is expected to charge and discharge 250 MW of
power for one hour.
"Germany is on its way to a climate-neutral future. We are honored to be part of
this transition together with TransnetBW, a pioneering transmission system
operator that spearheads the deployment of innovative technologies, ensuring the
resilience and sustainability of power networks. At Fluence, we are on a mission
to transform the way we power our world. Deploying our battery solutions in
TransnetBW's Grid Booster project will improve renewable integration and
transform the way we power Germany," said Paul McCusker, SVP & President EMEA at
Fluence. "In our technology center in Erlangen, Germany, we develop and test
industry-leading critical control architecture for the Grid Booster. We have
committed further investment to expand our team and the technology centre in
Germany to meet the accelerated demand."
Dr. Werner Götz, CEO and Chairman of the Executive Board at TransnetBW, said:
"By using this technology in innovative ways we can increase capacity in the
existing electricity grid and integrate more renewable energy. The Netzbooster
is thus making an important contribution towards the energy transition."
According to a study by Frontier Economics (https://ir.fluenceenergy.com/news-
releases/news-release-details/deployment-large-scale-battery-based-energy-
storage-germany-will), the volume of battery-based energy storage in Germany is
expected to increase fortyfold reaching 57 GWh with a connected capacity of 15
GW by 2030. Based on the modelling of Frontier Economics, battery storage can
reduce the cost of consumer electricity and generate at least EUR12 billion in
added economic value by 2050.
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 Energy, Inc. provides an
ecosystem of offerings to drive the clean energy transition, including modular,
scalable energy storage products, comprehensive service offerings, and AI-
enabled optimization software 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 X
(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).
Media enquiries
Fluence
Elisabeth Giesemann, Senior Policy & Communication Associate
Elisabeth.Giesemann@fluenceenergy.com
(mailto:Elisabeth.Giesemann@fluenceenergy.com)
+49 179 2070891
Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release that are not historical facts are
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding expected operational performance and capabilities of the project, including potential impact on the German transmission network. 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, impacts to the project from geopolitical instability, extreme weather, and/or changes in the applicable regulatory regimes and energy goals relating to renewables and energy
storage, failure to achieve the anticipated benefits and operational performance
from the project, 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, 2023,
filed with the Securities and Exchange Commission ("SEC") on November 29, 2023,
as updated by 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.
Attached picture from left to right:
Paul McCusker (SVP & President EMEA Fluence, Ian Vincent Schölzel (District
Administrator of the Hohenlohe District), Dr Werner Götz (CEO of TransnetBW),
Thekla Walker (Minister for the Environment, Climate and Energy for the State of
Baden-Württemberg), Christoph Spieles (Mayor of Kupferzell), Severin Mosek
(Project Manager Netzbooster, TransnetBW)
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/71b46394-973e-49ae-bad6-
e670fabb9920
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