MELBOURNE, Australia, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (“Fluence” or the “Company”) (NASDAQ: FLNC), a leading global provider of energy storage products and services, and cloud-based software for renewables and storage, today announced the deployment of Fluence Mosaic™ intelligent bidding software to optimise the performance of Global Power Generation (GPG)’s newly constructed 10 MW / 20 MWh ACT Battery. Using advanced price forecasting and bidding optimisation, Mosaic will help GPG Control Room operators ensure that GPG’s battery-based energy storage system is responding optimally to market price signals and reliability needs in Australia’s National Electricity Market (NEM).
Located at Queanbeyan substation within the Australian Capital Territory’s border, the ACT Battery is the first energy storage system operated by GPG, the international power generation subsidiary of Spain’s Naturgy Energy Group. As the first grid-scale energy storage system in the Australian Capital Territory (ACT), the asset will perform a strategic role in supporting the local distribution network. The ACT Battery was developed by GPG and connected to TransGrid´s substation to support ACT’s electricity network. The project is part of GPG’s commitment to building the 107 MW Berrybank 2 Wind Farm in Victoria.
“The launch of our first energy storage system is a major step toward strengthening our international presence and our contribution to the clean energy transition. With the trust of the ACT government, we selected Mosaic because the software delivers superior results, a clean user interface, and strategic risk management settings,” said Pedro Serrano, GPG Chief Business Development Officer. “We look forward to working with Fluence to maximise the value of this asset.”
“Fluence is proud to support GPG to maximise the revenue and optimise the performance of its first energy storage system both in Australia and across the world,” said Andrew Kelley, VP and Country Director, Australia at Fluence. “Through state-of-the-art machine learning, Mosaic allows asset owners to navigate the risk, volatility, and complexity of dynamic wholesale markets. The ACT Battery is a great demonstration of Mosaic’s technology agnostic approach, and ability to integrate with and optimise energy storage systems from any OEM or system provider.”
Mosaic is part of Fluence IQ, an advanced cloud-based platform for wind, solar, and energy storage. Fluence IQ maximises the value of solar, wind, and energy storage resources with advanced software products and 3rd party applications. Through AI-powered bidding optimisation, Mosaic incorporates complex market rules and real-time data to maximise participation in wholesale electricity markets and capitalise on the full value available to assets. The cloud-based software supports energy storage and renewable products from any technology provider and is currently optimising more than 5 GW of clean energy assets globally, with a total of over 8 GW deployed or awarded. Mosaic was recently recognised by TIME as one of the Best Inventions of 2022.
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 SaaS products 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.
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Forward-Looking Statements
The statements described herein 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 the anticipated operational performance of Fluence Mosaic™ and its ability to optimise trading in Australia’s National Electricity Market. 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 Fluence Mosaic™ to terminate or not perform as anticipated and other factors set forth under Part I, 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 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
Adele Zhang, Head of Marketing & Communications, APAC
Email: adele.zhang@fluenceenergy.com
Phone: +61 406 529 688
Investor Relations
Lexington May, Vice President of Investor Relations
Email: investorrelations@fluenceenergy.com
Phone: +1 (713) 909-5629
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/545aad8d-bd32-4186-b8eb-f911f89108ad
