Fluence to Design and Manufacture Battery Packs as Part of Storage Products

Fluence-made battery packs, to be developed in the U.S., will allow greater global supply chain flexibility to best serve customers with rapid energy storage deployment

Fluence Energy, Inc. ("Fluence") (NASDAQ: FLNC), a leading global provider of energy storage products, services, and cloud-based software for renewables and storage, today announced a strategic plan to develop Fluence-made battery packs, with production set to begin in early 2024 in the United States. The move is intended to give Fluence greater control over the global supply chain and increase standardization across products. Moreover, we believe that this plan to develop and introduce Fluence-made battery packs will assist Fluence customers in accessing incentives under the Inflation Reduction Act of 2022. The Fluence-designed pack will include battery modules and a battery management system (BMS) with cells procured competitively from our growing base of global suppliers.

"This strategic move to develop the Fluence battery pack is possible because of the deep technical expertise within our research and development team," said Fluence SVP and Chief Product Officer Rebecca Boll. "This program is the next pivotal step for Fluence's supply chain flexibility. The Fluence-developed BMS allows for the rapid acceleration of our cloud-based software products and aftermarket services growth, all while providing increased standardization across our storage products."

Fluence is working closely with suppliers to secure a globally-diversified battery cell supply and will procure cells competitively for our battery packs. Fluence will also incorporate its own BMS technology into the packs to enhance access to granular data and system control, while expanding battery intelligence capabilities. These new battery subsystems are the latest advancement in the multi-generational technology platform underpinning all our storage products.

"The development of a Fluence-built battery pack fits perfectly into our broader manufacturing and regional production strategy. Our main goals of this program are to provide increased flexibility for our customers, decrease supply chain disruptions, and ensure greater cost stability in a volatile market," said Fluence SVP and Chief Supply Chain and Manufacturing Officer Carol Couch. "This initiative is a key part of our ongoing strategy of investing in Fluence's global manufacturing and delivery infrastructure to best meet the needs of our regionally-diverse customers."

Since 2021, Fluence has invested in the regionalization of its operations across the globe to address distinct regional challenges and policies. This past September, Fluence announced the launch of a contract manufacturing facility in North America. The facility is intended to meet increasing global demand, best serve regional market delivery, and address ongoing supply chain constraints. In addition, Fluence recently expanded its network of product testing facilities by opening a new product testing lab in Pennsylvania. Now with three product testing labs located across the globe, Fluence is uniquely equipped to accelerate product development and support energy storage customers with increased speed, expertise, and flexible support throughout the product lifecycle.

Fluence continues to open new customer segments for energy storage, including the recently announced world's largest storage-as-transmission project in Germany set for completion in 2025. With more than 14 years of design and deployment expertise, the team at Fluence has also partnered with customers to deploy many of the world's largest energy storage systems, including the combined 908 MWh Luna Battery Storage Project and Lancaster Area Battery energy storage system in California. To date, Fluence has shipped more than 12,000 Fluence Cubes™, with more than 10,000 Cubes deployed and commissioned worldwide.

About Fluence

Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader in energy storage products and services, and cloud-based software for renewables and storage. With a presence in over 40 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.

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