• The Tesla for utility-scale battery storage and energy management systems.
• The NVIDIA of grid-scale energy storage and optimization software.

• Energy Storage Systems: Modular, grid-scale battery energy storage products designed to store and deliver electricity for various applications, such as grid stabilization, renewable energy integration, and peak shaving.
• Fluence IQ Digital Platform: A cloud-based software platform that optimizes the performance, value, and operations of energy storage and renewable energy assets.
• Asset Lifecycle Services: Comprehensive services including engineering, procurement, construction (EPC) support, commissioning, operations and maintenance, and technical support for their energy storage solutions.

Fluence Energy (FLNC) sells primarily to other companies rather than individuals. Its major customers are typically large utilities, independent power producers, and commercial and industrial businesses that are focused on deploying grid-scale and commercial energy storage solutions.

Based on public project announcements, financial reports, and industry recognition, key major customer companies for Fluence Energy include:

• AES Corporation (symbol: AES)
• NextEra Energy (symbol: NEE)

AES Corporation, a co-founder of Fluence and a global energy company, frequently deploys Fluence's energy storage solutions for its projects worldwide. NextEra Energy, a leading clean energy company and major utility in the U.S., has partnered with Fluence on numerous large-scale energy storage projects. While specific customer names contributing to revenue concentrations are often confidential due to contractual agreements, Fluence serves a broad global customer base that includes many other major utilities and renewable energy developers.

• LG Energy Solution (373220.KS)
• Contemporary Amperex Technology Co., Limited (CATL) (300750.SZ)
• Samsung SDI (006400.KS)
• EVE Energy Co., Ltd. (300014.SZ)
• Siemens (SIE.DE)
• Sungrow Power Supply Co., Ltd. (300274.SZ)
• SMA Solar Technology AG (S92.DE)

Julian Nebreda, President and Chief Executive Officer

Julian Nebreda has served as President and Chief Executive Officer of Fluence since September 2022 and has been a member of the company's Board of Directors since September 2021. He brings over 20 years of experience in the energy industry. Prior to joining Fluence, Mr. Nebreda held several leadership roles at The AES Corporation, including President of the South America Strategic Business Unit (from October 2018), President of the AES Brazil Strategic Business Unit (April 2016 to October 2018), and President of the Europe Strategic Business Unit (2009 to April 2016). He also served as Executive Vice President and President of US & Global Business Lines for The AES Corporation. Before his time at AES, Mr. Nebreda held positions in both the public and private sectors, including serving as Counsellor to the Executive Director from Panama and Venezuela at the Inter-American Development Bank from 1993 to 1999. He has also served as Chairman of the Board of AES Andes and AES Brasil, both publicly traded companies.

Ahmed Pasha, SVP & Chief Financial Officer

Ahmed Pasha is responsible for overseeing all financial activities at Fluence, which include capital investments, financial reporting, planning, tax, insurance, credit management, IT, and investor relations. He has held the position of Chief Financial Officer since 2024. Before joining Fluence, Mr. Pasha spent nearly 27 years at The AES Corporation (NYSE: AES), where he served in various roles such as CFO of AES' US Utilities, CFO of AES Asia, Global Treasurer & Head of Investor Relations, and Business Development lead in Asia and Europe.

Peter Williams, SVP & Chief Product and Supply Chain Officer

Peter Williams serves as the SVP & Chief Product and Supply Chain Officer at Fluence. His role was expanded to this position in April 2024. The leadership team at Fluence, which includes Mr. Williams, is noted for its extensive experience in the energy storage sector and a proven track record of managing high-growth, international operations for global industrial and technology companies.

Larissa Cerqueira, SVP & Chief Human Resources Officer

Larissa Cerqueira is the SVP & Chief Human Resources Officer at Fluence. She is part of Fluence's leadership team, which is characterized by its significant experience in the energy storage industry and a demonstrated ability to manage high-growth, international operations for global industrial and technology companies.

Marek Wolek, SVP, Chief Strategy and Commercial Officer

Marek Wolek leads Fluence's Global Strategy, Partnerships & M&A team and oversees the company's Commercial function. In this role, he provides in-depth industry and market insights to Fluence, its customers, and partners, while also driving growth and enhancing the efficiency of commercial operations. Prior to joining Fluence, Mr. Wolek was a managing director of strategic partnerships, energy storage at The AES Corporation, where he played a crucial role in the development of key storage projects worldwide and the transition of the storage business from AES to Fluence.

The key risks to Fluence Energy (FLNC) are:

1. Legal and Governance Issues: Fluence Energy is facing an ongoing SEC investigation into its financial practices and is subject to securities class action lawsuits. These legal challenges allege misleading financial reporting, including "aggressive revenue pull-forwards," and the concealment of risks related to key partnerships. Siemens Energy, a significant partner, has also filed a lawsuit accusing Fluence of fraud and engineering defects. These issues have severely impacted investor confidence, led to substantial stock price drops, and forced the company to slash its revenue projections.
2. Financial Challenges and Lack of Profitability: Fluence Energy has a history of unprofitability, consistently reporting net losses and experiencing ongoing cash burn. For instance, the company reported a net loss of $68.0 million for fiscal year 2025 and is expected to continue burning cash through the end of 2026. This raises concerns about the company's long-term financial sustainability and its ability to fund operations, research and development, and strategic initiatives without achieving consistent profitability or securing additional financing.
3. Supply Chain Risks and Operational Delays: The company faces significant vulnerabilities in its global supply chain, including shortages, delays, quality issues, and price fluctuations for critical components like batteries and transformers. Fluence's dependence on a few key suppliers, primarily in Asia, exposes it to these disruptions. Operational challenges, such as a slower-than-expected ramp-up of U.S. manufacturing facilities, have led to project delays and revenue shortfalls, with approximately $100 million of anticipated fiscal 2025 revenue shifted to fiscal 2026.

Fluence Energy (FLNC) faces two clear emerging threats:

• Intensification of Competition from Vertically Integrated Battery Manufacturers: Major global battery cell manufacturers, such as CATL, LG Energy Solution, and Samsung SDI, are increasingly moving downstream from simply supplying cells to offering complete, integrated energy storage systems directly to end-customers. This development transforms key suppliers into direct competitors, potentially leveraging their economies of scale and cost advantages in battery production to offer more aggressive pricing on full system solutions, thus pressuring Fluence's traditional role as an independent system integrator.
• Aggressive Market Entry and Pricing by Chinese Energy Storage Integrators: A growing number of Chinese energy storage system integrators are rapidly expanding their global presence. These companies often benefit from lower manufacturing costs, robust domestic supply chains, and aggressive pricing strategies. Their expansion is intensifying price competition across the international market for grid-scale energy storage, potentially eroding Fluence's margins and market share, particularly in standardized or less complex projects.

Fluence Energy's main products and services include energy storage systems and software solutions for optimizing these systems. The addressable market for these offerings can be understood through the lens of the global and U.S. energy storage markets, particularly the grid-scale stationary battery storage segment.

For the **Global Grid-Scale Stationary Battery Storage Market**, several estimates indicate substantial growth:

• One projection valued the market at USD 174.1 billion in 2024, with an expected increase to approximately USD 2.96 trillion by 2034, at a Compound Annual Growth Rate (CAGR) of 30.7% from 2025 to 2034.
• Another estimate put the market size at US$ 10.9 billion in 2024, forecasting it to reach US$ 56.3 billion by the end of 2035, growing at a CAGR of 15.7% from 2025.
• Other figures suggest a market size of USD 7.51 billion in 2024, projected to reach USD 9.8 billion in 2025 (CAGR of 30.5%) and USD 28.73 billion by 2029 (CAGR of 30.9%).
• Additionally, the global grid-scale battery storage market was estimated at USD 10.69 billion in 2024 and is projected to grow to USD 43.97 billion by 2030, with a CAGR of 27.0% from 2025 to 2030.
• The global battery energy storage market size is estimated to be USD 50.81 billion in 2025 and is projected to reach USD 105.96 billion by 2030, at a CAGR of 15.8%.

In the **U.S. Grid-Scale Stationary Battery Storage Market**, the value reached USD 43.7 billion in 2024. North America was identified as the largest region in the grid-scale battery storage market in 2024 and is expected to grow at a CAGR of 27.2% over the forecast period.

For the broader **Global Energy Storage Systems Market**, which encompasses Fluence Energy's offerings:

• The market demand was 222.79 GW in 2022 and is expected to reach 512.41 GW by 2030, growing at a CAGR of 11.6% from 2023 to 2030.
• The market size was valued at USD 75.66 billion in 2023 and is projected to grow from USD 90.36 billion in 2024 to USD 231.06 billion by 2032, exhibiting a CAGR of 12.45%.
• Another source estimates the market size at USD 295 billion in 2025, expecting it to reach USD 465 billion by 2030, at a CAGR of 9.53% during the forecast period.
• Worldwide sales of energy storage systems are also projected to increase from US$ 50.3 billion in 2024 to US$ 87.6 billion by the end of 2034, with a CAGR of 5.7%.

Fluence Energy (FLNC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Robust Backlog and Growing Demand for Energy Storage: Fluence has consistently demonstrated strong order intake, leading to a significant backlog of projects. As of September 30, 2024, the company reported a backlog of $4.5 billion and a pipeline of approximately $21 billion, indicating substantial future revenue potential from contracted and prospective projects. The global demand for energy storage solutions continues to accelerate, driven by increased adoption of renewable energy, the need for grid resilience, and rising electricity demand from sectors like AI and data centers. Fluence anticipates a 50% revenue growth in fiscal 2025, projecting around $4 billion, and expects to maintain a growth trajectory with over 30% growth projected for fiscal 2026.
2. Expansion of Services and Digital Offerings: The company's Services and Digital business segments are experiencing traction, with Annual Recurring Revenue (ARR) increasing by 80% to $800 million in fiscal year 2024. Fluence expects ARR to reach approximately $145 million by the end of fiscal year 2025. These offerings, which include comprehensive service packages and AI-enabled optimization software, contribute to recurring revenue streams and enhance the value proposition of Fluence's energy storage products.
3. Strategic Focus on U.S. Domestic Content and Manufacturing: Fluence is strengthening its U.S. domestic offering to meet customer demand and address regulatory changes such as the implementation of Foreign Entity of Concern (FEOC) regulations in 2026, which are expected to boost U.S. bookings. The company has been ramping up production at its U.S. manufacturing facilities and has delivered its first domestic content products. While there have been some delays in scaling these new facilities, they are expected to reach targeted capacity by calendar year-end 2025, positioning Fluence favorably in the domestic market and potentially mitigating the impact of tariffs on imported components.
4. Geographic Expansion and Market Penetration: Fluence has a global presence in 47 markets, providing an ecosystem of offerings to drive the clean energy transition. The company is actively exploring international markets to diversify revenue streams, with positive signs noted in European markets, particularly Germany and Nordic countries. This expansion into new regions and deeper penetration into existing markets will contribute to a broader customer base and increased revenue.

Share Issuance

• Fluence Energy completed its Initial Public Offering (IPO) on October 28, 2021, issuing 31,000,000 shares and raising approximately $868 million.
• The number of outstanding Class A common stock increased from 115,865,811 as of December 11, 2022, to 128,991,227 as of August 5, 2024.
• As of November 6, 2025, Fluence Energy had 182,506,179 outstanding shares.

Outbound Investments

• In 2022, Fluence acquired Nispera's software services for approximately $29.215 million.
• This acquisition provided technologies intended to improve predictions and maintenance of renewable energy systems.

Capital Expenditures

• Fluence Energy's capital expenditures were $7.93 million in 2022, $12 million in 2023, and $19 million in 2024.
• For the fiscal year ended September 30, 2024, capital expenditures included approximately $10.86 million on software and $8.115 million for the purchase of property and equipment.
• Expected capital expenditures are $12 million for fiscal year 2025 and $16 million for fiscal year 2026.