On fluence energy

One of the client cos mentioned in MTAR concall was Fluence Energy:

As per the guidance fluence can be a large client in next 2-3 years & as large as bloom is today. Fluence happens to be listed in USA so let us understand Fluence.

In Jan 2018, Siemens and AES launched Fluence. This is significant since it combines the financial backing of the two most experienced cos in energy storage.

FLuence is at a runrate of around 1.6-1.8B $ right now

The growth guidance is of 35-40% in 2024 including 40-50% in USA:

This is backed by a 2.7B$ order backlog & a pipeline of 10B$ worth of orders.

Fluence claims to energy storage solutions which are high on safety, reliability & performance

See the : BNEF, Energy Storage System Cost Survey 2022 bankability survey results.

For comparison of scale, Tesla’s energy storage division has around 6-7B$ of revenue:

Looks like outsourcing to india seems to be a part of strategic decisions at Fluence to reduce their cost structure.

While fluence energy current gross margins around around 5% mark,

the incremental deals being signed are aound > 10% GM mark which should improve their sustainability as well

disclosure: same as before