Maharashtra Approves Tariffs for 8.7 MW of Solar Power Under KUSUM Program

Brookfield to Aquire KKR’s 50% Stake in Renewable Developer X-Elio

NTPC’s Subsidiary Will Develop Renewable Projects for IndianOil Refineries

Constant Climate-Centric Funding Can Limit Global Temperature Under 1.5°C 

India Voices Concern over Europe’s Carbon Tariff Measure at WTO

JSW and Greenko Win Karnataka’s Bid for 1 GW of Pumped Storage Projects

Sterling and Wilson Bags BoS Package Tender for 1.2 GW Solar Projects

Indian Oil Floats O&M Tender for 8 MW Solar Project in Ahmedabad

IIT Mandi Creates Low-Cost Method for Solar Cell Metal Oxide Layers

Government Allows NTPC to Invest Over 30% of Net Worth in its Green Arm


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="http://mercomindia.com/wp-content/uploads/2023/02/amazon_polly_49921.mp3?version=1678104778">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>U.S.-based energy storage products and services provider <a href="https://fluenceenergy.com/" target="_blank" rel="noopener">Fluence</a> will localize its products in India by the end of 2024. However, the complex process of manufacturing batteries in the country may take longer, the company’s President and CEO, Julian Nebreda<strong>,</strong> said in an interview with Mercom. Fluence’s SVP &amp; President, APAC, Jan Teichmann<strong>, </strong>spoke about the company’s partnership with ReNew and its plans for India.</p>
<p>Here are some excerpts from the interview:</p>
<p><strong>What specific energy storage solutions is Fluence providing worldwide and in India?</strong></p>
<p><strong>Julian Nebreda</strong>: We are committed to developing solutions in the power sector using battery technology. Fluence is a joint venture with Siemens and AES.</p>
<p>Battery technology is used to accelerate the integration of renewables into the grid in a faster and more efficient way. Based in America, we operate worldwide. We look forward to working in countries that are renewables-focused, like India.</p>
<p>We have around 6 GW of installed capacity today, and India is one of our biggest markets as we expand. We are trying to bring in our expertise, knowledge, and supply chain to capture the opportunities India offers.</p>
<p><strong>When did you enter the Indian market, and why did you choose India? </strong></p>
<p><strong>Jan Teichmann</strong>: We entered India in 2018 as we realized early that this was a developing market which was interesting for us.</p>
<p>Flexible gas-based power was not available in substantial quantity in India. So, a combination of the growing penetration of renewables and a lack of gas-based power convinced us that energy storage would be critical.</p>
<p>Fluence started when energy storage was not even considered viable in India.</p>
<p>We enter the potential markets where renewables need to be scaled. For instance, we introduced battery technology very early in the U.S., Australia, the UK, Ireland, and the Philippines. We applied the same concept in India.</p>
<p><strong>Julian</strong>: We can add value to the ambitions of economies committed to renewables, like India, which has committed to achieving 500 GW of clean power capacity by 2030.</p>
<p><strong>What markets are you catering to in India? (utility-scale, C&amp;I, residential) </strong></p>
<p><strong>Jan</strong>: We are catering to the utility-scale market, and if C&amp;I can be of a size that you can define as utility-scale, we are serving C&amp;I also. We have also signed the first memorandum of understanding (MoU) very recently, and it’s a size that can be defined as utility-scale.</p>
<p>Our three target segments currently are independent power producers (IPP), power distribution companies, and utility-size C&amp;I. The IPP is the biggest market segment in India today.</p>
<p>India&#8217;s corporate power purchase agreements (PPAs) segment is also one of our target markets.</p>
<p><strong>What are the challenges you need to overcome, especially in a market like India?</strong></p>
<p><strong>Julian: </strong>India is a vast market that provides an opportunity for developing the supply chain. The country’s engineering talent can help us localize our technology here. India would also be our base to export our products.</p>
<p>While this is a great opportunity, it is also a challenge as we wish to take Made in India products to other markets.</p>
<p>We aim to integrate bright minds and talents into our company. There are more opportunities in India emerging from the challenges.</p>
<p><strong>Why did you choose to partner with ReNew? </strong></p>
<p><strong>Julian</strong>: ReNew is using technology solutions like battery storage to address the challenge of climate change. We find that ReNew’s values are similar to ours &#8211; committed to quality and society.</p>
<p><strong>Is your JV with ReNew exclusive?</strong></p>
<p>Yes, the partnership is exclusive, and we will sell our products together to third parties.</p>
<p><strong>Will the battery storage systems you use in the Indian market under the JV with Renew be manufactured in India?</strong></p>
<p><strong>Julian</strong>: As I said, we are working on localizing our products in the country as quickly as possible. Our processes are complex, so we plan to fully localize our products in India by the end of 2024.</p>
<p>The challenge is localizing battery manufacturing. We do not foresee manufacturing batteries in India until 2025 or 2026. We will localize everything but that. So, we would work with imported batteries for at least a while.</p>
<p>Batteries are almost half of the cost of the projects. So, we plan to have half the components needed in a storage system made in India and the other half – batteries – imported into the country. But we are committed to having a fully Indian product soon.</p>
<p>This is also a great opportunity for India to diversify the supply chain, as a lot of it is in China. We will continue to buy from Chinese suppliers. Still, we need to have India as an alternative, not only to serve the Indian market but globally, including the Asian and European markets.</p>
<p>We do plan to export the products manufactured in India to other countries.</p>
<p><strong>When do you expect the first 150 MWh/300MWh peak power project in Karnataka &#8211;  to be commissioned?</strong></p>
<p><strong>Jan: </strong>We expect it to be commissioned by the middle of this calendar year (2023). All the equipment manufactured is going to be shipped by the middle of this year.</p>
<p><strong>Battery costs are one of the biggest challenges to wider battery storage adoption. What is the projected trend for battery prices, and when do you expect it to become affordable for wider adoption?</strong></p>
<p><strong>Julian</strong>: If you look at the average cost reduction per year, battery prices have historically come down. If you look at it in the last ten years, the average cost has come down by about 18%.</p>
<p>We see a lot of investments flowing into battery manufacturing, and there are no major obstacles to that. Larger deployments will then be possible with prices lowering.</p>
<p>Many factors are to be considered, like lithium mining around the globe. But there is no reason to believe the prices will not come down.</p>
<p><strong>We see news of different battery storage chemistries and various energy storage technologies. What are some of the trends you are seeing in energy storage? And do you think Fluence can play a role in the long-duration storage market?</strong></p>
<p><strong>Jan</strong>: In terms of economics and business cases, lithium is certainly the most attractive one. The reason is that electric vehicles (EVs) have a significant requirement in terms of volume, and the technology is profiting from the scale. Other technologies do not have the advantage of scale; therefore, we don’t see much change in the next 5-10 years. The scale is coming from demand in the EV sector.</p>
<p>We can offer up to 6 hours of storage in the long-duration storage segment. If you are looking at business cases with grid stability, this is where the need is from our point of view.</p>
<p><strong>What are your thoughts on the Indian government’s energy storage obligation policy? Is this policy mechanism enough to get India’s energy storage sector off the ground? </strong></p>
<p><strong>Jan</strong>: Definitely, it gives a positive ignition. Indeed, we need to prove that it works in combination with renewable energy as an industry. If you look at California, Taiwan, or Australia, they have well-defined storage targets. The policy by the government in India is a good move.</p>
<p><strong>Julian</strong>: We are here to accompany the Indian economy in addressing climate change concerns.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/sumit-jha/" class="vcard author" rel="author"><span class="fn">Sumit Jha</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt"><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture2.jpg" width="50" /><strong style="text-decoration: underline">Sumit Jha,</strong> Assistant Managing Editor at Mercom India</div>
<div class="designboxt"><a href="https://mercomindia.com/author/sumit-jha/" target="_blank" rel="noopener">More articles from Sumit Jha.</a></div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture2.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/sumit-jha/" target="_blank" rel="noopener"><strong style="color: #00b451">Sumit Jha </strong></a>is the Assistant Managing Editor at Mercom India. Prior to Mercom, Sumit worked as a journalist for over a decade, covering the energy sector for Reuters, CNBC-TV18, Bloomberg TV India, and Financial Express, among others. Sumit holds a diploma in print journalism from the Indian Institute of Mass Communication, Delhi, and a Bachelor of Engineering (B.E) from Manipal Institute of Technology.<a href="https://mercomindia.com/author/sumit-jha/" rel="noopener noreferrer">More articles from Sumit Jha</a></div>
</div></div><div class="clearfix"></div></div></div><div class='the_champ_sharing_container the_champ_vertical_sharing the_champ_hide_sharing the_champ_bottom_sharing' style='width:34px;left: -10px;top: 410px;-webkit-box-shadow:none;box-shadow:none;' data-super-socializer-href="https://cms.mercomindia.com/energy-storage-fluence-plans-manufacturing-in-india/"><div class="the_champ_sharing_ul"><a class="the_champ_facebook" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fcms.mercomindia.com%2Fenergy-storage-fluence-plans-manufacturing-in-india%2F" title="Facebook" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#3c589a;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-5 -5 42 42"><path d="M17.78 27.5V17.008h3.522l.527-4.09h-4.05v-2.61c0-1.182.33-1.99 2.023-1.99h2.166V4.66c-.375-.05-1.66-.16-3.155-.16-3.123 0-5.26 1.905-5.26 5.405v3.016h-3.53v4.09h3.53V27.5h4.223z" fill="#fff"></path></svg></span></a><a class="the_champ_button_linkedin" href="https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fcms.mercomindia.com%2Fenergy-storage-fluence-plans-manufacturing-in-india%2F&title=Energy%20Storage%20Firm%20Fluence%20Plans%20to%20Set%20Up%20Manufacturing%20in%20India" title="Linkedin" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg the_champ_s__default the_champ_s_linkedin" style="background-color:#0077b5;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="0 0 32 32"><path d="M6.227 12.61h4.19v13.48h-4.19V12.61zm2.095-6.7a2.43 2.43 0 0 1 0 4.86c-1.344 0-2.428-1.09-2.428-2.43s1.084-2.43 2.428-2.43m4.72 6.7h4.02v1.84h.058c.56-1.058 1.927-2.176 3.965-2.176 4.238 0 5.02 2.792 5.02 6.42v7.395h-4.183v-6.56c0-1.564-.03-3.574-2.178-3.574-2.18 0-2.514 1.7-2.514 3.46v6.668h-4.187V12.61z" fill="#fff"></path></svg></span></a><a class="the_champ_button_twitter" href="https://twitter.com/intent/tweet?text=Energy%20Storage%20Firm%20Fluence%20Plans%20to%20Set%20Up%20Manufacturing%20in%20India&url=https%3A%2F%2Fcms.mercomindia.com%2Fenergy-storage-fluence-plans-manufacturing-in-india%2F" title="Twitter" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg the_champ_s__default the_champ_s_twitter" style="background-color:#55acee;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-4 -4 39 39"><path d="M28 8.557a9.913 9.913 0 0 1-2.828.775 4.93 4.93 0 0 0 2.166-2.725 9.738 9.738 0 0 1-3.13 1.194 4.92 4.92 0 0 0-3.593-1.55 4.924 4.924 0 0 0-4.794 6.049c-4.09-.21-7.72-2.17-10.15-5.15a4.942 4.942 0 0 0-.665 2.477c0 1.71.87 3.214 2.19 4.1a4.968 4.968 0 0 1-2.23-.616v.06c0 2.39 1.7 4.38 3.952 4.83-.414.115-.85.174-1.297.174-.318 0-.626-.03-.928-.086a4.935 4.935 0 0 0 4.6 3.42 9.893 9.893 0 0 1-6.114 2.107c-.398 0-.79-.023-1.175-.068a13.953 13.953 0 0 0 7.55 2.213c9.056 0 14.01-7.507 14.01-14.013 0-.213-.005-.426-.015-.637.96-.695 1.795-1.56 2.455-2.55z" fill="#fff"></path></svg></span></a><a class="the_champ_email" href="https://cms.mercomindia.com/energy-storage-fluence-plans-manufacturing-in-india/" onclick="event.preventDefault();window.open('mailto:?subject=' + decodeURIComponent('Energy%20Storage%20Firm%20Fluence%20Plans%20to%20Set%20Up%20Manufacturing%20in%20India').replace('&', '%26') + '&body=' + decodeURIComponent('https%3A%2F%2Fcms.mercomindia.com%2Fenergy-storage-fluence-plans-manufacturing-in-india%2F'), '_blank')" title="Email" rel="nofollow noopener" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#649a3f;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-4 -4 43 43"><path d="M 5.5 11 h 23 v 1 l -11 6 l -11 -6 v -1 m 0 2 l 11 6 l 11 -6 v 11 h -22 v -11" stroke-width="1" fill="#fff"></path></svg></span></a><a class="the_champ_whatsapp" href="https://api.whatsapp.com/send?text=Energy%20Storage%20Firm%20Fluence%20Plans%20to%20Set%20Up%20Manufacturing%20in%20India https%3A%2F%2Fcms.mercomindia.com%2Fenergy-storage-fluence-plans-manufacturing-in-india%2F" title="Whatsapp" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#55eb4c;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-6 -5 40 40"><path class="the_champ_svg_stroke the_champ_no_fill" stroke="#fff" stroke-width="2" fill="none" d="M 11.579798566743314 24.396926207859085 A 10 10 0 1 0 6.808479557110079 20.73576436351046"></path><path d="M 7 19 l -1 6 l 6 -1" class="the_champ_no_fill the_champ_svg_stroke" stroke="#fff" stroke-width="2" fill="none"></path><path d="M 10 10 q -1 8 8 11 c 5 -1 0 -6 -1 -3 q -4 -3 -5 -5 c 4 -2 -1 -5 -1 -4" fill="#fff"></path></svg></span></a></div></div>

Energy Storage Firm Fluence Plans to Set Up Manufacturing in India


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="http://mercomindia.com/wp-content/uploads/2023/02/amazon_polly_49205.mp3?version=1676027539">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>U.S.-based energy storage technology and services provider <a href="https://fluenceenergy.com/" target="_blank" rel="noopener">Fluence</a>&#8216;s net loss for the first quarter (Q1) of the financial year 2023 narrowed to $37 million compared to $111.5 million year-over-year (YoY), primarily driven by the highest-ever quarterly order intake of $856 million.</p>
<p>The order intake comprised 624 MW of energy storage solutions, 139 MW of services delivered, and 783 MW of digital solutions.</p>
<p>President and CEO of Fluence Julian Nebred said, &#8220;We are seeing early signs of incremental activity from our customers in the United States as a result of the Inflation Reduction Act that we believe will start to materialize in the second half of the year.&#8221;</p>
<p>The company&#8217;s revenue increased 78% YoY to $310.5 million. It said that over 95% of revenue in Q1 was recognized from legacy contracts.</p>
<p>Fluence&#8217;s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) loss also narrowed to $25.5 million compared to an EBITDA loss of $42.8 million from last year.</p>
<p>The adjusted gross profit margin improved to approximately 4.7%, including the previously disclosed settlement of liquidated damages recovered from a supplier during Q1, compared to negative 4.8% for the same period last year.</p>
<p>During the October-December quarter, Fluence was awarded a framework contract with a non-related global independent power producer and utility company. The agreement is to optimize any battery energy storage system brought online in ERCOT (Electric Reliability Council of Texas) in the next three years.</p>
<p>As of December 31, 2022, the company has long-term services assets under management of 2 GW with over 90% total deployment attachment rate and 11% attachment rate on the orders in Q1 2023.</p>
<p>The contract backlog of Fluence by the end of December 2022 stood at $2.7 billion, with approximately 72% of contracts signed with non-related parties.</p>
<p>Fluence <a href="https://mercomindia.com/fluence-posts-14-drop-in-revenue-q3-fy-2022/" target="_blank" rel="noopener">posted</a> a net loss of $61 million for the third quarter of 2022 owing to pandemic-related issues that disrupted shipments which the company said it is currently overcoming.</p>
<p>Last year, Fluence <a href="https://mercomindia.com/renew-power-fluence-jv-energy-storage-solutions/" target="_blank" rel="noopener">signed</a> a pact with India-based renewable energy developer ReNew Power to form a joint venture to meet the energy storage solutions demands of customers across India.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
</div>
<div class="authorboxn"> <img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
</div></div><div class="clearfix"></div></div></div><div class='the_champ_sharing_container the_champ_vertical_sharing the_champ_hide_sharing the_champ_bottom_sharing' style='width:34px;left: -10px;top: 410px;-webkit-box-shadow:none;box-shadow:none;' data-super-socializer-href="https://cms.mercomindia.com/energy-storage-firm-q1-net-37-million-on-orders/"><div class="the_champ_sharing_ul"><a class="the_champ_facebook" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fcms.mercomindia.com%2Fenergy-storage-firm-q1-net-37-million-on-orders%2F" title="Facebook" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#3c589a;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-5 -5 42 42"><path d="M17.78 27.5V17.008h3.522l.527-4.09h-4.05v-2.61c0-1.182.33-1.99 2.023-1.99h2.166V4.66c-.375-.05-1.66-.16-3.155-.16-3.123 0-5.26 1.905-5.26 5.405v3.016h-3.53v4.09h3.53V27.5h4.223z" fill="#fff"></path></svg></span></a><a class="the_champ_button_linkedin" href="https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fcms.mercomindia.com%2Fenergy-storage-firm-q1-net-37-million-on-orders%2F&title=Energy%20Storage%20Firm%20Fluence%27s%20Q1%20Net%20Loss%20Narrows%20to%20%2437%20Million%20on%20Higher%20Orders" title="Linkedin" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg the_champ_s__default the_champ_s_linkedin" style="background-color:#0077b5;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="0 0 32 32"><path d="M6.227 12.61h4.19v13.48h-4.19V12.61zm2.095-6.7a2.43 2.43 0 0 1 0 4.86c-1.344 0-2.428-1.09-2.428-2.43s1.084-2.43 2.428-2.43m4.72 6.7h4.02v1.84h.058c.56-1.058 1.927-2.176 3.965-2.176 4.238 0 5.02 2.792 5.02 6.42v7.395h-4.183v-6.56c0-1.564-.03-3.574-2.178-3.574-2.18 0-2.514 1.7-2.514 3.46v6.668h-4.187V12.61z" fill="#fff"></path></svg></span></a><a class="the_champ_button_twitter" href="https://twitter.com/intent/tweet?text=Energy%20Storage%20Firm%20Fluence%27s%20Q1%20Net%20Loss%20Narrows%20to%20%2437%20Million%20on%20Higher%20Orders&url=https%3A%2F%2Fcms.mercomindia.com%2Fenergy-storage-firm-q1-net-37-million-on-orders%2F" title="Twitter" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg the_champ_s__default the_champ_s_twitter" style="background-color:#55acee;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-4 -4 39 39"><path d="M28 8.557a9.913 9.913 0 0 1-2.828.775 4.93 4.93 0 0 0 2.166-2.725 9.738 9.738 0 0 1-3.13 1.194 4.92 4.92 0 0 0-3.593-1.55 4.924 4.924 0 0 0-4.794 6.049c-4.09-.21-7.72-2.17-10.15-5.15a4.942 4.942 0 0 0-.665 2.477c0 1.71.87 3.214 2.19 4.1a4.968 4.968 0 0 1-2.23-.616v.06c0 2.39 1.7 4.38 3.952 4.83-.414.115-.85.174-1.297.174-.318 0-.626-.03-.928-.086a4.935 4.935 0 0 0 4.6 3.42 9.893 9.893 0 0 1-6.114 2.107c-.398 0-.79-.023-1.175-.068a13.953 13.953 0 0 0 7.55 2.213c9.056 0 14.01-7.507 14.01-14.013 0-.213-.005-.426-.015-.637.96-.695 1.795-1.56 2.455-2.55z" fill="#fff"></path></svg></span></a><a class="the_champ_email" href="https://cms.mercomindia.com/energy-storage-firm-q1-net-37-million-on-orders/" onclick="event.preventDefault();window.open('mailto:?subject=' + decodeURIComponent('Energy%20Storage%20Firm%20Fluence%27s%20Q1%20Net%20Loss%20Narrows%20to%20%2437%20Million%20on%20Higher%20Orders').replace('&', '%26') + '&body=' + decodeURIComponent('https%3A%2F%2Fcms.mercomindia.com%2Fenergy-storage-firm-q1-net-37-million-on-orders%2F'), '_blank')" title="Email" rel="nofollow noopener" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#649a3f;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-4 -4 43 43"><path d="M 5.5 11 h 23 v 1 l -11 6 l -11 -6 v -1 m 0 2 l 11 6 l 11 -6 v 11 h -22 v -11" stroke-width="1" fill="#fff"></path></svg></span></a><a class="the_champ_whatsapp" href="https://api.whatsapp.com/send?text=Energy%20Storage%20Firm%20Fluence%27s%20Q1%20Net%20Loss%20Narrows%20to%20%2437%20Million%20on%20Higher%20Orders https%3A%2F%2Fcms.mercomindia.com%2Fenergy-storage-firm-q1-net-37-million-on-orders%2F" title="Whatsapp" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#55eb4c;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-6 -5 40 40"><path class="the_champ_svg_stroke the_champ_no_fill" stroke="#fff" stroke-width="2" fill="none" d="M 11.579798566743314 24.396926207859085 A 10 10 0 1 0 6.808479557110079 20.73576436351046"></path><path d="M 7 19 l -1 6 l 6 -1" class="the_champ_no_fill the_champ_svg_stroke" stroke="#fff" stroke-width="2" fill="none"></path><path d="M 10 10 q -1 8 8 11 c 5 -1 0 -6 -1 -3 q -4 -3 -5 -5 c 4 -2 -1 -5 -1 -4" fill="#fff"></path></svg></span></a></div></div>

Energy Storage Firm Fluence’s Q1 Net Loss Narrows to $37 Million on Higher Orders


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="http://mercomindia.com/wp-content/uploads/2023/01/amazon_polly_48242.mp3?version=1674795847">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>India’s renewable energy growth plans are closely tied to energy storage to mitigate the intermittency of renewable sources as the country strives to meet the rising round-the-clock (RTC) clean energy demand.</p>
<p>India <a href="https://mercomindia.com/india-installs-a-record-10-gw-of-solar-in-9m-2022/" target="_blank" rel="noopener">installed</a> a record 10 GW of solar in the first nine months of 2022 alone, bringing the cumulative capacity up to 60 GW. The country also has a cumulative <a href="https://mercomindia.com/wind-installations-india-grew-129-with-878-mw-added-in-q3/" target="_blank" rel="noopener">wind</a> energy installation of ~42 GW as of September 2022.</p>
<p>The energy storage systems perform the dual role of storing and supplying RTC power and maintaining grid stability by ensuring controlled power injection into the grid.</p>
<p>Although energy storage in India is still in the early stages of development, storage sector stakeholders are optimistic about the way forward and expect the government’s support for the rapid adoption of storage systems.</p>
<p>Harendra Tomar, Leader of Business Development at <a href="https://en.sungrowpower.com/" target="_blank" rel="noopener">Sungrow Power</a>, said, “To cater to the upcoming renewables capacity, huge investment in transmission network upgradation is required. Also, the low gestation period of solar and wind projects and the high gestation period in transmission development creates another challenge. The immediate solution for these challenges is to deploy BESS/storage.”</p>
<p>Over the last year, India has issued multiple storage-linked tenders, encouraging bidders to develop the most feasible technologies.</p>
<p>Earlier this year, the Ministry of Power <a href="https://mercomindia.com/bess-power-procure-guidelines/" target="_blank" rel="noopener">issued</a> guidelines to procure and utilize BESS as part of the generation, transmission, and distribution assets, along with ancillary services.</p>
<p>The Ministry also <a href="https://mercomindia.com/power-ministry-notifies-wind-hydro-and-energy-storage-purchase-obligation/" target="_blank" rel="noopener">adopted</a> Energy Storage Obligation as a part of its new Renewable Purchase Obligation Policy launched in July.</p>
<p>A senior executive from a multinational conglomerate said, “Last year, we witnessed structural changes for energy storage in terms of legal status, storage guidelines, delicensing of BESS services, the inclusion of energy storage in &#8216;Harmonized Master List of Infrastructure,&#8217; special provisions in general network access, suitability of storage in new Deviation Settlement Mechanism (DSM) regulation, ancillary market evolution, and new RTC definition. All these major changes have given enough wings for self-sustainability of the energy storage market in upcoming years.”</p>
<p>Central Electricity Authority estimated that the installed base capacity of energy storage by 2029-30 can grow to 27 GW of battery storage (four hours) and 10 GW (six to eight hours) of the pump storage system.</p>
<p>Sanskriti Dubey, Senior Manager, Market Growth &amp; Communications at <a href="https://fluenceenergy.com/" target="_blank" rel="noopener">Fluence India</a>, an energy storage technology company, said she expects the growing demand for RTC renewable power amongst commercial and industrial consumers to drive up demand for battery storage.</p>
<p>According to a <a href="https://mercomindia.com/indian-corporates-are-top-green-energy-asia-pacific-region/" target="_blank" rel="noopener">report</a> by Wood Mackenzie, India led the corporate renewable procurement market in the APAC region by procuring 8.1 GW of capacity in the first half of 2022.</p>
<p><strong>Cost and Technology</strong></p>
<p>According to Tomar, in India, the challenge of the adoption of energy storage specifically for battery storage is on two fronts: one is the adoption of technology, and another is commercial affordability.</p>
<p>“At present, the price is on a higher level for India-specific financial models, but they are expected to come down in the coming years. Government’s efforts to make it happen is visible in RTC and hybrid tenders in the last two years, and some of the projects are already under execution,” he said.</p>
<p>Raw material prices for battery storage systems are still prohibitively expensive, specifically after lithium prices skyrocketed last year.</p>
<p>According to a BNEF report, average prices for lithium-ion battery packs across all sectors have <a href="https://mercomindia.com/lithium-ion-battery-prices-rise-for-first-time-to-151-kwh/">risen</a> for the first time since 2010 to $151/kWh in 2022, a 7% rise from the year before.</p>
<p>The senior executive noted that BESS technologies are at different stages of their lifecycle, while some are at a mature stage and others remain in the initial R&amp;D stages.</p>
<p>However, Dubey said that the cost of battery storage must be evaluated against all the value it adds to the overall system, including the reduced risk.</p>
<p>“CERC’s order last year prices on power exchanges had to be capped at ₹12 (~$0.15) /kWh, including the green day ahead market, because of the increase in demand and floor prices ranging way above the usual prices. This shows the willingness of the DISCOMs to pay that price for reliable peak-hour energy, which matches the prices realized with battery energy storage projects. The tariff discovered in the SECI bid concludes that the prices are below the capped energy exchange prices,” Dubey said.</p>
<p><strong>Way Forward</strong></p>
<p>Despite obvious challenges, the government’s policies and increasing demand for RTC power will likely ensure that investments and technological improvements will only pick up pace this year.</p>
<p>“We are seeing a wide acceptance of BESS by all the segments like residential, C&amp;I, and utility-scale. Currently, it is very difficult to forecast any reduction in the cost of battery cells, which makes up for approximately 80—85% of the BESS project cost, as there is a global supply-demand gap. But, in the coming years, it is expected that the price of lithium-ion and other raw materials should come down and affordability in India will increase,” Tomar said.</p>
<p>However, the executive said that while the government has brought in progressive regulations for the sector to grow, the impetus for accelerated adoption would come from financial support in terms of tax exemptions (custom duties, GST, etc.) and initial capital subsidy in the form of viability gap funding or performance-linked incentive.</p>
<p>Dubey hoped that the government’s backing to the sector would mirror what the solar and wind sectors received during their infancy.</p>
<p>The government&#8217;s projects need 51 GW of five hours BESS by 2030, which means India needs to add approximately 6 to 7 GW every year for the next eight years, but the boost in adoption can materialize if government support materializes through exemptions.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/annual-q4-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Annual and Q4 2022 Funding and M&amp;A Report for Storage, Grid and Efficiency</a>, corporate funding for energy storage companies rose 55% to $26.4 billion in 2022 — the highest ever — compared to $17 billion in 2021.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
<a href="https://mercomindia.com/author/satish-shetty/" rel="noopener noreferrer">More articles from Satish Shetty.</a></div>
</div></div><div class="clearfix"></div></div></div><div class='the_champ_sharing_container the_champ_vertical_sharing the_champ_hide_sharing the_champ_bottom_sharing' style='width:34px;left: -10px;top: 410px;-webkit-box-shadow:none;box-shadow:none;' data-super-socializer-href="https://cms.mercomindia.com/energy-storage-upbeat-2023-despite-supply-chain-challenges/"><div class="the_champ_sharing_ul"><a class="the_champ_facebook" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fcms.mercomindia.com%2Fenergy-storage-upbeat-2023-despite-supply-chain-challenges%2F" title="Facebook" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#3c589a;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-5 -5 42 42"><path d="M17.78 27.5V17.008h3.522l.527-4.09h-4.05v-2.61c0-1.182.33-1.99 2.023-1.99h2.166V4.66c-.375-.05-1.66-.16-3.155-.16-3.123 0-5.26 1.905-5.26 5.405v3.016h-3.53v4.09h3.53V27.5h4.223z" fill="#fff"></path></svg></span></a><a class="the_champ_button_linkedin" href="https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fcms.mercomindia.com%2Fenergy-storage-upbeat-2023-despite-supply-chain-challenges%2F&title=Energy%20Storage%20Sector%20Upbeat%20for%202023%20Despite%20Cost%2C%20Supply%20Chain%20Challenges" title="Linkedin" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg the_champ_s__default the_champ_s_linkedin" style="background-color:#0077b5;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="0 0 32 32"><path d="M6.227 12.61h4.19v13.48h-4.19V12.61zm2.095-6.7a2.43 2.43 0 0 1 0 4.86c-1.344 0-2.428-1.09-2.428-2.43s1.084-2.43 2.428-2.43m4.72 6.7h4.02v1.84h.058c.56-1.058 1.927-2.176 3.965-2.176 4.238 0 5.02 2.792 5.02 6.42v7.395h-4.183v-6.56c0-1.564-.03-3.574-2.178-3.574-2.18 0-2.514 1.7-2.514 3.46v6.668h-4.187V12.61z" fill="#fff"></path></svg></span></a><a class="the_champ_button_twitter" href="https://twitter.com/intent/tweet?text=Energy%20Storage%20Sector%20Upbeat%20for%202023%20Despite%20Cost%2C%20Supply%20Chain%20Challenges&url=https%3A%2F%2Fcms.mercomindia.com%2Fenergy-storage-upbeat-2023-despite-supply-chain-challenges%2F" title="Twitter" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg the_champ_s__default the_champ_s_twitter" style="background-color:#55acee;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-4 -4 39 39"><path d="M28 8.557a9.913 9.913 0 0 1-2.828.775 4.93 4.93 0 0 0 2.166-2.725 9.738 9.738 0 0 1-3.13 1.194 4.92 4.92 0 0 0-3.593-1.55 4.924 4.924 0 0 0-4.794 6.049c-4.09-.21-7.72-2.17-10.15-5.15a4.942 4.942 0 0 0-.665 2.477c0 1.71.87 3.214 2.19 4.1a4.968 4.968 0 0 1-2.23-.616v.06c0 2.39 1.7 4.38 3.952 4.83-.414.115-.85.174-1.297.174-.318 0-.626-.03-.928-.086a4.935 4.935 0 0 0 4.6 3.42 9.893 9.893 0 0 1-6.114 2.107c-.398 0-.79-.023-1.175-.068a13.953 13.953 0 0 0 7.55 2.213c9.056 0 14.01-7.507 14.01-14.013 0-.213-.005-.426-.015-.637.96-.695 1.795-1.56 2.455-2.55z" fill="#fff"></path></svg></span></a><a class="the_champ_email" href="https://cms.mercomindia.com/energy-storage-upbeat-2023-despite-supply-chain-challenges/" onclick="event.preventDefault();window.open('mailto:?subject=' + decodeURIComponent('Energy%20Storage%20Sector%20Upbeat%20for%202023%20Despite%20Cost%2C%20Supply%20Chain%20Challenges').replace('&', '%26') + '&body=' + decodeURIComponent('https%3A%2F%2Fcms.mercomindia.com%2Fenergy-storage-upbeat-2023-despite-supply-chain-challenges%2F'), '_blank')" title="Email" rel="nofollow noopener" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#649a3f;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-4 -4 43 43"><path d="M 5.5 11 h 23 v 1 l -11 6 l -11 -6 v -1 m 0 2 l 11 6 l 11 -6 v 11 h -22 v -11" stroke-width="1" fill="#fff"></path></svg></span></a><a class="the_champ_whatsapp" href="https://api.whatsapp.com/send?text=Energy%20Storage%20Sector%20Upbeat%20for%202023%20Despite%20Cost%2C%20Supply%20Chain%20Challenges https%3A%2F%2Fcms.mercomindia.com%2Fenergy-storage-upbeat-2023-despite-supply-chain-challenges%2F" title="Whatsapp" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#55eb4c;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-6 -5 40 40"><path class="the_champ_svg_stroke the_champ_no_fill" stroke="#fff" stroke-width="2" fill="none" d="M 11.579798566743314 24.396926207859085 A 10 10 0 1 0 6.808479557110079 20.73576436351046"></path><path d="M 7 19 l -1 6 l 6 -1" class="the_champ_no_fill the_champ_svg_stroke" stroke="#fff" stroke-width="2" fill="none"></path><path d="M 10 10 q -1 8 8 11 c 5 -1 0 -6 -1 -3 q -4 -3 -5 -5 c 4 -2 -1 -5 -1 -4" fill="#fff"></path></svg></span></a></div></div>

Energy Storage Sector Upbeat for 2023 Despite Cost, Supply Chain Challenges


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="http://mercomindia.com/wp-content/uploads/2022/10/amazon_polly_42498.mp3?version=1665119297">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>JSW Neo Energy </strong><a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/32c6fdf3-f95e-4136-9810-ca91cd44437b.pdf" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into a memorandum of understanding with the Government of Maharashtra to set up a 960 MW hydro-pumped storage project (PSP). </strong>JSW Neo Energy has been securing key resources for hydro PSPs in various resource-rich states for projects with a targeted capacity totaling up to 10 GW. The company has secured resources for ~6 GW hydro PSP. JSW Energy&#8217;s platform capacity stands at ~9.1 GW, including 1.75 GW of renewable assets under acquisition from Mytrah and about 2.5 GW of under-construction wind and hydro projects, which are likely to be commissioned in phases over the next 12-24 months.</p>
<p><strong>Netherlands-based green hydrogen company Lhyfe will </strong><a href="https://www.lhyfe.com/press/green-and-renewable-hydrogen-producer-lhyfe-to-develop-200-mw-plant-in-delfzijl-netherlands/" target="_blank" rel="noopener"><strong>develop</strong></a><strong> a 200 MW hydrogen production facility in the northeastern region of the Netherlands. </strong>The facility is expected to have access to offshore wind turbines to supply electricity for the hydrogen production process and the potential for hydrogen storage in an old salt cavern. Lhyfe is working on a rapid ramp-up of the green and renewable hydrogen market in many European countries. The company targets a total installed capacity of 3 GW by 2030. The company recently inaugurated an offshore renewable green hydrogen production pilot in Saint-Nazaire, France.</p>
<p><strong>DIF</strong><strong> Capital Partners will </strong><a href="https://www.dif.eu/news/dif-capital-partners-invests-in-leading-global-renewable-energy-platform-qair/" target="_blank" rel="noopener"><strong>invest</strong></a><strong> an undisclosed amount in France-based renewable power producer Qair through DIF Infrastructure VII. </strong>DIF Infrastructure VII is a target core and build-to-core infrastructure equity investment with long-term contracted or regulated income streams, including public-private partnerships, concessions, utilities, and energy transition projects. Qair is an independent power producer that develops, owns, and operates multi-technology renewable energy projects. The platform is focused on a wide range of technologies, including wind, solar, energy from waste, battery storage, hydrogen production, and tidal energy. The company benefits from strong development capabilities and foresees adding around 4 GW of renewable projects over the next five years.</p>
<p><strong>Rio Tinto-controlled titanium producer, Richards Bay Minerals, will be </strong><a href="https://www.businesswire.com/news/home/20221005005915/en/Rio-Tinto-partners-with-Voltalia-for-renewable-solar-power-at-Richards-Bay-Minerals" target="_blank" rel="noopener"><strong>supplied</strong></a><strong> with renewable solar power through an agreement with international energy company Voltalia </strong>and local Black Economic Empowerment (BEE) partners for its operation in KwaZulu-Natal, South Africa. The 20-year contract will supply around 300 GWh of renewable energy annually via a wheeling arrangement to RBM&#8217;s smelting and processing facilities in KwaZulu-Natal. Voltalia will begin construction of the Bolobedu Solar renewable energy project in 2023 at a site in the province of Limpopo. It is likely to begin generating in 2024. The renewable power supply is expected to cut RBM&#8217;s annual greenhouse gas emissions by at least 10%.</p>
<p><strong>Fluence Energy and TransnetBW will </strong><a href="https://www.globenewswire.com/news-release/2022/10/05/2528373/0/en/World-s-Largest-Storage-as-Transmission-Project-Announced-by-Fluence-and-TransnetBW-to-Strengthen-Energy-Security-and-Renewable-Integration-in-Germany.html" target="_blank" rel="noopener"><strong>deploy</strong></a><strong> a 250 MW battery-based energy storage-as-transmission project.</strong> The project will improve energy security and significantly support Germany&#8217;s energy transition pathway by increasing the efficiency of the existing grid infrastructure. It is planned for completion in 2025 and will reduce the operating costs of Germany&#8217;s transmission system. The Netzbooster<em> </em>project will lower the number of required preventive measures in system operation while also increasing the utilization of the electricity grid, thus reducing the need for traditional network reinforcement and expansion.</p>
<p><strong>Volvo Trucks will </strong><a href="https://www.volvogroup.com/en/news-and-media/news/2022/oct/news-4368131.html" target="_blank" rel="noopener"><strong>deliver</strong></a><strong> fully electric heavy-duty trucks to Amazon in Germany by year&#8217;s end.</strong> The 20 Volvo FH Electric are expected to drive more than one million road kilometers annually, fuelled with electricity instead of diesel. The electric versions of its most important product range – the heavy-duty Volvo FH, Volvo FM, and Volvo FMX trucks – will play a vital role in reaching Volvo Trucks&#8217; global target that in 2030 50% of all new trucks sold will be battery or fuel cell electric. These heavy-duty electric trucks can operate at a total weight of 44 tons, and the three models represent around two-thirds of the company&#8217;s sales. For Amazon, the trucks will replace their diesel counterparts and play a key role in electrification initiatives through its transportation chain.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
</div>
<div class="authorboxn">
<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
<p style="height: 17px">
</div>
</div></div><div class="clearfix"></div></div></div><div class='the_champ_sharing_container the_champ_vertical_sharing the_champ_hide_sharing the_champ_bottom_sharing' style='width:34px;left: -10px;top: 410px;-webkit-box-shadow:none;box-shadow:none;' data-super-socializer-href="https://cms.mercomindia.com/daily-news-wrap-up-jsw-inks-mou-with-maharashtra-for-960-mw-pumped-hydro-storage-project/"><div class="the_champ_sharing_ul"><a class="the_champ_facebook" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fcms.mercomindia.com%2Fdaily-news-wrap-up-jsw-inks-mou-with-maharashtra-for-960-mw-pumped-hydro-storage-project%2F" title="Facebook" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#3c589a;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-5 -5 42 42"><path d="M17.78 27.5V17.008h3.522l.527-4.09h-4.05v-2.61c0-1.182.33-1.99 2.023-1.99h2.166V4.66c-.375-.05-1.66-.16-3.155-.16-3.123 0-5.26 1.905-5.26 5.405v3.016h-3.53v4.09h3.53V27.5h4.223z" fill="#fff"></path></svg></span></a><a class="the_champ_button_linkedin" href="https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fcms.mercomindia.com%2Fdaily-news-wrap-up-jsw-inks-mou-with-maharashtra-for-960-mw-pumped-hydro-storage-project%2F&title=Daily%20News%20Wrap-Up%3A%20JSW%20Inks%20MoU%20with%20Maharashtra%20for%20960%20MW%20Pumped%20Hydro%20Storage%20Project" title="Linkedin" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg the_champ_s__default the_champ_s_linkedin" style="background-color:#0077b5;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="0 0 32 32"><path d="M6.227 12.61h4.19v13.48h-4.19V12.61zm2.095-6.7a2.43 2.43 0 0 1 0 4.86c-1.344 0-2.428-1.09-2.428-2.43s1.084-2.43 2.428-2.43m4.72 6.7h4.02v1.84h.058c.56-1.058 1.927-2.176 3.965-2.176 4.238 0 5.02 2.792 5.02 6.42v7.395h-4.183v-6.56c0-1.564-.03-3.574-2.178-3.574-2.18 0-2.514 1.7-2.514 3.46v6.668h-4.187V12.61z" fill="#fff"></path></svg></span></a><a class="the_champ_button_twitter" href="https://twitter.com/intent/tweet?text=Daily%20News%20Wrap-Up%3A%20JSW%20Inks%20MoU%20with%20Maharashtra%20for%20960%20MW%20Pumped%20Hydro%20Storage%20Project&url=https%3A%2F%2Fcms.mercomindia.com%2Fdaily-news-wrap-up-jsw-inks-mou-with-maharashtra-for-960-mw-pumped-hydro-storage-project%2F" title="Twitter" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg the_champ_s__default the_champ_s_twitter" style="background-color:#55acee;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-4 -4 39 39"><path d="M28 8.557a9.913 9.913 0 0 1-2.828.775 4.93 4.93 0 0 0 2.166-2.725 9.738 9.738 0 0 1-3.13 1.194 4.92 4.92 0 0 0-3.593-1.55 4.924 4.924 0 0 0-4.794 6.049c-4.09-.21-7.72-2.17-10.15-5.15a4.942 4.942 0 0 0-.665 2.477c0 1.71.87 3.214 2.19 4.1a4.968 4.968 0 0 1-2.23-.616v.06c0 2.39 1.7 4.38 3.952 4.83-.414.115-.85.174-1.297.174-.318 0-.626-.03-.928-.086a4.935 4.935 0 0 0 4.6 3.42 9.893 9.893 0 0 1-6.114 2.107c-.398 0-.79-.023-1.175-.068a13.953 13.953 0 0 0 7.55 2.213c9.056 0 14.01-7.507 14.01-14.013 0-.213-.005-.426-.015-.637.96-.695 1.795-1.56 2.455-2.55z" fill="#fff"></path></svg></span></a><a class="the_champ_email" href="https://cms.mercomindia.com/daily-news-wrap-up-jsw-inks-mou-with-maharashtra-for-960-mw-pumped-hydro-storage-project/" onclick="event.preventDefault();window.open('mailto:?subject=' + decodeURIComponent('Daily%20News%20Wrap-Up%3A%20JSW%20Inks%20MoU%20with%20Maharashtra%20for%20960%20MW%20Pumped%20Hydro%20Storage%20Project').replace('&', '%26') + '&body=' + decodeURIComponent('https%3A%2F%2Fcms.mercomindia.com%2Fdaily-news-wrap-up-jsw-inks-mou-with-maharashtra-for-960-mw-pumped-hydro-storage-project%2F'), '_blank')" title="Email" rel="nofollow noopener" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#649a3f;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-4 -4 43 43"><path d="M 5.5 11 h 23 v 1 l -11 6 l -11 -6 v -1 m 0 2 l 11 6 l 11 -6 v 11 h -22 v -11" stroke-width="1" fill="#fff"></path></svg></span></a><a class="the_champ_whatsapp" href="https://api.whatsapp.com/send?text=Daily%20News%20Wrap-Up%3A%20JSW%20Inks%20MoU%20with%20Maharashtra%20for%20960%20MW%20Pumped%20Hydro%20Storage%20Project https%3A%2F%2Fcms.mercomindia.com%2Fdaily-news-wrap-up-jsw-inks-mou-with-maharashtra-for-960-mw-pumped-hydro-storage-project%2F" title="Whatsapp" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#55eb4c;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-6 -5 40 40"><path class="the_champ_svg_stroke the_champ_no_fill" stroke="#fff" stroke-width="2" fill="none" d="M 11.579798566743314 24.396926207859085 A 10 10 0 1 0 6.808479557110079 20.73576436351046"></path><path d="M 7 19 l -1 6 l 6 -1" class="the_champ_no_fill the_champ_svg_stroke" stroke="#fff" stroke-width="2" fill="none"></path><path d="M 10 10 q -1 8 8 11 c 5 -1 0 -6 -1 -3 q -4 -3 -5 -5 c 4 -2 -1 -5 -1 -4" fill="#fff"></path></svg></span></a></div></div>

Daily News Wrap-Up: JSW Inks MoU with Maharashtra for 960 MW Pumped Hydro Storage Project

<p><a href="https://fluenceenergy.com/" target="_blank" rel="noopener">Fluence</a>, a provider of energy storage products and services, has announced the results for the first quarter (Q1) of the fiscal year (FY) 2022. The company reported total revenue of $175 million in Q1 FY 2022, up 50% year-over-year (YoY) from $116 million during Q1 FY 2021.</p>
<p>The company registered a net loss of $111 million in Q1 FY 2022, compared to $12 million in the same period last year.</p>
<p>The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $43 million, increasing by 291% compared to $11 million during Q1 FY2021.</p>
<p>The company reported a contracted backlog of $1.9 billion as of December 31, 2021, comprising nearly $1.6 billion from energy storage products and $300 million from recurring revenues. Contracted backlog represents signed purchase orders or minimum contractual purchase commitments with take-or-pay provisions.</p>
<p>The net loss was attributed to the supply chain disruptions due to COVID-19 and the project cost overruns from the company’s first Gen 6 product installations and commissioning.</p>
<p>However, the company witnessed some growth with the award of a 200 MW transmission and distribution enhancement contract following a successful 1 MW pilot with Litgrid AB.</p>
<p>Speaking on the performance, Manuel Perez Dubuc, the company’s President and CEO, said, “I’m pleased to report that we exceeded expectations for new customer orders of our energy storage products during the first fiscal quarter despite short-term headwinds. We take comfort in our $1.9 billion backlog that continues to grow and provide additional visibility to future cash flow. We also positioned ourselves for continued long-term success through several key initiatives executed in January 2022.”</p>
<p>“First, we signed a term sheet with ReNew Power, India’s leading renewable company, to form a 50:50 joint venture in India. By partnering with ReNew, a well-respected, established, and pure renewables player in India, Fluence has the first-mover advantage to capture Indian market share quickly. This independent joint venture will license and sell our products and services to anyone in India, including ReNew,” added Dubuc.</p>
<p>The company hopes to implement corrective measures to resolve the pandemic-caused disruptions and deliver against their backlog in the upcoming quarter.</p>
<p>Last month, Indian renewable energy developer ReNew Power <a href="https://mercomindia.com/renew-power-fluence-jv-energy-storage-solutions/" target="_blank" rel="noopener">announced</a> that it had entered into an agreement with Fluence to form a joint venture to meet customers’ demands across India. The new joint venture will cater to the market and expects to reach 27 GW/108GWh by 2030. The new enterprise will be managed and operated by an independent management team and board. The joint venture aims to bring market-leading energy storage solutions to customers by localizing and integrating Fluence’s energy storage products and packages in India.</p>
<p>Last October, Fluence had <a href="https://mercomindia.com/funding-and-ma-roundup-energy-storage-ipo/" target="_blank" rel="noopener">filed</a> a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC)<strong> </strong>relating to a proposed initial public offering (IPO) of its Class A common stock. Fluence Energy had applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol ‘FLNC.’</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
</div>
<div class="authorboxn">
<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a>
</div>
</div></div><div class="clearfix"></div></div></div><div class='the_champ_sharing_container the_champ_vertical_sharing the_champ_hide_sharing the_champ_bottom_sharing' style='width:34px;left: -10px;top: 410px;-webkit-box-shadow:none;box-shadow:none;' data-super-socializer-href="https://cms.mercomindia.com/storage-fluence-reports-50-rise-revenue-q1-fy-2022/"><div class="the_champ_sharing_ul"><a class="the_champ_facebook" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fcms.mercomindia.com%2Fstorage-fluence-reports-50-rise-revenue-q1-fy-2022%2F" title="Facebook" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#3c589a;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-5 -5 42 42"><path d="M17.78 27.5V17.008h3.522l.527-4.09h-4.05v-2.61c0-1.182.33-1.99 2.023-1.99h2.166V4.66c-.375-.05-1.66-.16-3.155-.16-3.123 0-5.26 1.905-5.26 5.405v3.016h-3.53v4.09h3.53V27.5h4.223z" fill="#fff"></path></svg></span></a><a class="the_champ_button_linkedin" href="https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fcms.mercomindia.com%2Fstorage-fluence-reports-50-rise-revenue-q1-fy-2022%2F&title=Energy%20Storage%20Company%20Fluence%20Reports%2050%25%20Rise%20in%20Revenue%20Q1%20FY%202022" title="Linkedin" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg the_champ_s__default the_champ_s_linkedin" style="background-color:#0077b5;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="0 0 32 32"><path d="M6.227 12.61h4.19v13.48h-4.19V12.61zm2.095-6.7a2.43 2.43 0 0 1 0 4.86c-1.344 0-2.428-1.09-2.428-2.43s1.084-2.43 2.428-2.43m4.72 6.7h4.02v1.84h.058c.56-1.058 1.927-2.176 3.965-2.176 4.238 0 5.02 2.792 5.02 6.42v7.395h-4.183v-6.56c0-1.564-.03-3.574-2.178-3.574-2.18 0-2.514 1.7-2.514 3.46v6.668h-4.187V12.61z" fill="#fff"></path></svg></span></a><a class="the_champ_button_twitter" href="https://twitter.com/intent/tweet?text=Energy%20Storage%20Company%20Fluence%20Reports%2050%25%20Rise%20in%20Revenue%20Q1%20FY%202022&url=https%3A%2F%2Fcms.mercomindia.com%2Fstorage-fluence-reports-50-rise-revenue-q1-fy-2022%2F" title="Twitter" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg the_champ_s__default the_champ_s_twitter" style="background-color:#55acee;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-4 -4 39 39"><path d="M28 8.557a9.913 9.913 0 0 1-2.828.775 4.93 4.93 0 0 0 2.166-2.725 9.738 9.738 0 0 1-3.13 1.194 4.92 4.92 0 0 0-3.593-1.55 4.924 4.924 0 0 0-4.794 6.049c-4.09-.21-7.72-2.17-10.15-5.15a4.942 4.942 0 0 0-.665 2.477c0 1.71.87 3.214 2.19 4.1a4.968 4.968 0 0 1-2.23-.616v.06c0 2.39 1.7 4.38 3.952 4.83-.414.115-.85.174-1.297.174-.318 0-.626-.03-.928-.086a4.935 4.935 0 0 0 4.6 3.42 9.893 9.893 0 0 1-6.114 2.107c-.398 0-.79-.023-1.175-.068a13.953 13.953 0 0 0 7.55 2.213c9.056 0 14.01-7.507 14.01-14.013 0-.213-.005-.426-.015-.637.96-.695 1.795-1.56 2.455-2.55z" fill="#fff"></path></svg></span></a><a class="the_champ_email" href="https://cms.mercomindia.com/storage-fluence-reports-50-rise-revenue-q1-fy-2022/" onclick="event.preventDefault();window.open('mailto:?subject=' + decodeURIComponent('Energy%20Storage%20Company%20Fluence%20Reports%2050%25%20Rise%20in%20Revenue%20Q1%20FY%202022').replace('&', '%26') + '&body=' + decodeURIComponent('https%3A%2F%2Fcms.mercomindia.com%2Fstorage-fluence-reports-50-rise-revenue-q1-fy-2022%2F'), '_blank')" title="Email" rel="nofollow noopener" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#649a3f;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-4 -4 43 43"><path d="M 5.5 11 h 23 v 1 l -11 6 l -11 -6 v -1 m 0 2 l 11 6 l 11 -6 v 11 h -22 v -11" stroke-width="1" fill="#fff"></path></svg></span></a><a class="the_champ_whatsapp" href="https://api.whatsapp.com/send?text=Energy%20Storage%20Company%20Fluence%20Reports%2050%25%20Rise%20in%20Revenue%20Q1%20FY%202022 https%3A%2F%2Fcms.mercomindia.com%2Fstorage-fluence-reports-50-rise-revenue-q1-fy-2022%2F" title="Whatsapp" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#55eb4c;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-6 -5 40 40"><path class="the_champ_svg_stroke the_champ_no_fill" stroke="#fff" stroke-width="2" fill="none" d="M 11.579798566743314 24.396926207859085 A 10 10 0 1 0 6.808479557110079 20.73576436351046"></path><path d="M 7 19 l -1 6 l 6 -1" class="the_champ_no_fill the_champ_svg_stroke" stroke="#fff" stroke-width="2" fill="none"></path><path d="M 10 10 q -1 8 8 11 c 5 -1 0 -6 -1 -3 q -4 -3 -5 -5 c 4 -2 -1 -5 -1 -4" fill="#fff"></path></svg></span></a></div></div>

Energy Storage Company Fluence Reports 50% Rise in Revenue Q1 FY 2022

<p>Indian renewable energy developer <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew Power</a> has announced that it has entered into an agreement with <a href="https://fluenceenergy.com/" target="_blank" rel="noopener">Fluence</a>, a provider of energy storage products and services, to form a joint venture to meet customers&#8217; demands across India.</p>
<p>The new company will be a 50:50 joint venture and cater to the market, which it expects to reach 27 GW/108GWh by 2030. The new enterprise will be managed and operated by an independent management team and board.</p>
<p>The joint venture aims to bring market-leading energy storage solutions to customers by localizing and integrating Fluence&#8217;s energy storage products and packages in India.</p>
<p>Fluence provides energy storage products and digital applications for renewables and storage. It has over 3.6 GW of energy storage deployed or contracted in 30 markets globally and more than 4.7 GW of wind, solar, and storage assets optimized or contracted in Australia and California.</p>
<p>ReNew Power has a head-start in India&#8217;s nascent energy storage space with its energy storage portfolio of 300 MW of peak-power projects and 400 MW of round-the-clock power projects.</p>
<p>With the help of the joint venture with Fluence, it aims to offer battery energy storage system (BESS) solutions to a wide range of customers in the Indian market, including engineering, procurement, and construction (EPC) players and asset management services.</p>
<p>Sharing his views on this new development, Sumant Sinha, Chairman and CEO of ReNew Power, said, &#8220;India&#8217;s energy transition and its ambition to achieve net-zero by 2070 calls for strong and rapid storage integration with the grid. We&#8217;re delighted to partner with Fluence to bring localized solutions to India. I expect it to set new milestones for the storage industry in India.&#8221;</p>
<p>The joint venture is expected to start its operations in the first half (1H) of 2022 and will kick off by providing a solution to its first customer, ReNew, with 150 MWh BESS required for its 300 MW peak power project in Karnataka.</p>
<p>As things stand, energy storage will be a key enabler in achieving India&#8217;s climate goal of 500 GW of renewable capacity by 2030.</p>
<p>Although the energy storage capacity addition was negligible in 2021, developers believe that the market will <a href="https://mercomindia.com/energy-storage-gain-ground-2022/" target="_blank" rel="noopener">take off</a> in 2022 and expect higher energy storage deployments in the country.</p>
<p>Recently, ReNew Power <a href="https://mercomindia.com/renew-power-raises-millions-green-bonds/" target="_blank" rel="noopener">announced</a> that its wholly-owned subsidiary, India Clean Energy Holdings, had raised $400 million at 4.5% by issuing senior secured dollar notes. Climate Bonds Initiative certified the dollar notes as green bonds, and the bonds would be listed on the Singapore Exchange.</p>
<p>Last August, the company was <a href="https://mercomindia.com/renew-power-lists-on-nasdaq/" target="_blank" rel="noopener">listed</a> on Nasdaq after completing a business combination with RMG Acquisition Corporation II, a special purpose acquisition company.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
</div>
<div class="authorboxn">
<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a>
</div>
</div></div><div class="clearfix"></div></div></div><div class='the_champ_sharing_container the_champ_vertical_sharing the_champ_hide_sharing the_champ_bottom_sharing' style='width:34px;left: -10px;top: 410px;-webkit-box-shadow:none;box-shadow:none;' data-super-socializer-href="https://cms.mercomindia.com/renew-power-fluence-jv-energy-storage-solutions/"><div class="the_champ_sharing_ul"><a class="the_champ_facebook" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fcms.mercomindia.com%2Frenew-power-fluence-jv-energy-storage-solutions%2F" title="Facebook" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#3c589a;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-5 -5 42 42"><path d="M17.78 27.5V17.008h3.522l.527-4.09h-4.05v-2.61c0-1.182.33-1.99 2.023-1.99h2.166V4.66c-.375-.05-1.66-.16-3.155-.16-3.123 0-5.26 1.905-5.26 5.405v3.016h-3.53v4.09h3.53V27.5h4.223z" fill="#fff"></path></svg></span></a><a class="the_champ_button_linkedin" href="https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fcms.mercomindia.com%2Frenew-power-fluence-jv-energy-storage-solutions%2F&title=ReNew%20Power%20and%20Fluence%20Form%20JV%20to%20Offer%20Energy%20Storage%20Solutions" title="Linkedin" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg the_champ_s__default the_champ_s_linkedin" style="background-color:#0077b5;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="0 0 32 32"><path d="M6.227 12.61h4.19v13.48h-4.19V12.61zm2.095-6.7a2.43 2.43 0 0 1 0 4.86c-1.344 0-2.428-1.09-2.428-2.43s1.084-2.43 2.428-2.43m4.72 6.7h4.02v1.84h.058c.56-1.058 1.927-2.176 3.965-2.176 4.238 0 5.02 2.792 5.02 6.42v7.395h-4.183v-6.56c0-1.564-.03-3.574-2.178-3.574-2.18 0-2.514 1.7-2.514 3.46v6.668h-4.187V12.61z" fill="#fff"></path></svg></span></a><a class="the_champ_button_twitter" href="https://twitter.com/intent/tweet?text=ReNew%20Power%20and%20Fluence%20Form%20JV%20to%20Offer%20Energy%20Storage%20Solutions&url=https%3A%2F%2Fcms.mercomindia.com%2Frenew-power-fluence-jv-energy-storage-solutions%2F" title="Twitter" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg the_champ_s__default the_champ_s_twitter" style="background-color:#55acee;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-4 -4 39 39"><path d="M28 8.557a9.913 9.913 0 0 1-2.828.775 4.93 4.93 0 0 0 2.166-2.725 9.738 9.738 0 0 1-3.13 1.194 4.92 4.92 0 0 0-3.593-1.55 4.924 4.924 0 0 0-4.794 6.049c-4.09-.21-7.72-2.17-10.15-5.15a4.942 4.942 0 0 0-.665 2.477c0 1.71.87 3.214 2.19 4.1a4.968 4.968 0 0 1-2.23-.616v.06c0 2.39 1.7 4.38 3.952 4.83-.414.115-.85.174-1.297.174-.318 0-.626-.03-.928-.086a4.935 4.935 0 0 0 4.6 3.42 9.893 9.893 0 0 1-6.114 2.107c-.398 0-.79-.023-1.175-.068a13.953 13.953 0 0 0 7.55 2.213c9.056 0 14.01-7.507 14.01-14.013 0-.213-.005-.426-.015-.637.96-.695 1.795-1.56 2.455-2.55z" fill="#fff"></path></svg></span></a><a class="the_champ_email" href="https://cms.mercomindia.com/renew-power-fluence-jv-energy-storage-solutions/" onclick="event.preventDefault();window.open('mailto:?subject=' + decodeURIComponent('ReNew%20Power%20and%20Fluence%20Form%20JV%20to%20Offer%20Energy%20Storage%20Solutions').replace('&', '%26') + '&body=' + decodeURIComponent('https%3A%2F%2Fcms.mercomindia.com%2Frenew-power-fluence-jv-energy-storage-solutions%2F'), '_blank')" title="Email" rel="nofollow noopener" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#649a3f;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-4 -4 43 43"><path d="M 5.5 11 h 23 v 1 l -11 6 l -11 -6 v -1 m 0 2 l 11 6 l 11 -6 v 11 h -22 v -11" stroke-width="1" fill="#fff"></path></svg></span></a><a class="the_champ_whatsapp" href="https://api.whatsapp.com/send?text=ReNew%20Power%20and%20Fluence%20Form%20JV%20to%20Offer%20Energy%20Storage%20Solutions https%3A%2F%2Fcms.mercomindia.com%2Frenew-power-fluence-jv-energy-storage-solutions%2F" title="Whatsapp" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#55eb4c;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-6 -5 40 40"><path class="the_champ_svg_stroke the_champ_no_fill" stroke="#fff" stroke-width="2" fill="none" d="M 11.579798566743314 24.396926207859085 A 10 10 0 1 0 6.808479557110079 20.73576436351046"></path><path d="M 7 19 l -1 6 l 6 -1" class="the_champ_no_fill the_champ_svg_stroke" stroke="#fff" stroke-width="2" fill="none"></path><path d="M 10 10 q -1 8 8 11 c 5 -1 0 -6 -1 -3 q -4 -3 -5 -5 c 4 -2 -1 -5 -1 -4" fill="#fff"></path></svg></span></a></div></div>

ReNew Power and Fluence Form JV to Offer Energy Storage Solutions

<p>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-fluence-files-for-ipo/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Fluence, a provider of energy storage products and services, </strong><a href="https://blog.fluenceenergy.com/fluence-files-registration-statement-sec-proposed-initial-public-offering" target="_blank" rel="noopener"><strong>has</strong></a><strong> filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) </strong>relating to a proposed initial public offering (IPO) of its Class A common stock. Fluence Energy has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol “FLNC.” The number of shares to be offered and the price range for the proposed offering have not yet been determined. J.P. Morgan Securities, Morgan Stanley &amp; Co., Barclays Capital, and BofA Securities will act as lead book-running managers for the proposed offering.</p>
<p><strong>Aulton, a battery-swapping solutions provider, </strong><a href="https://tinyurl.com/mercomcbss" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ¥1.5 billion (~$232 million) in Series B financing</strong>. The new funding round was led by Enze Fund, a flagship platform initiated and established by Sinopec Capital. It also attracted such investors as GuangDong Merchant Venture Capital Limited, CY Capital, and KIP (China). Upon completing the Series B round, Aulton has bagged a total of ¥3.5 billion (~$541.126 million). NIO Capital and BAIC BJEV are also among its investors.</p>
<p><strong>Clearway Energy Operating, a subsidiary of Clearway Energy, </strong><a href="https://www.globenewswire.com/news-release/2021/09/24/2303162/0/en/Clearway-Energy-Operating-LLC-a-Subsidiary-of-Clearway-Energy-Inc-Announces-Pricing-of-Offering-of-350-Million-Green-Bond.html" target="_blank" rel="noopener"><strong>priced</strong></a><strong> its offering of $350 million in aggregate principal amount of 3.750% senior notes at 100% of their face value.</strong> The New Notes will be senior unsecured obligations of Clearway Operating and guaranteed by Clearway Energy, Clearway Operating’s parent company, and by each of its current and future subsidiaries. The new notes will mature on January 15, 2032. The offering is expected to close on October 1, 2021.</p>
<p><strong>Flux Power Holdings, a developer of advanced lithium-ion battery packs for commercial and industrial equipment, </strong><a href="https://tinyurl.com/mercomfpac" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closing of its </strong>registered direct offering. It was priced at the market under Nasdaq rules for the sale of 2,142,860 shares of its common stock and warrants to purchase up to an aggregate of 1,071,430 shares of common stock, at a purchase price of $7 per share.</p>
<p><strong>Sunrun, a home solar, battery storage, and energy services company, </strong><a href="https://tinyurl.com/mercomscsa" target="_blank" rel="noopener"><strong>announced</strong></a><strong> it had closed the securitization of leases and power purchase agreements</strong>. Sunrun also announced the execution and closing of an additional subordinated financing. The financing is secured indirectly by the Class B Notes issued to a subsidiary of Sunrun and by a portion of Sunrun’s additional retained interest in the underlying collateral assets in the securitization transaction.</p>
<p><strong>bp ventures have made their first direct investment in India, </strong><a href="https://tinyurl.com/mercombpsa" target="_blank" rel="noopener"><strong>investing</strong></a><strong> $13 million in integrated EV ride-hailing and charging company BluSmart</strong>. It led a $25 million Series A round that also saw support from Mayfield India Fund, 9Unicorns, Survam Partners, and other existing investors.</p>
<p><strong>Synhelion, the Switzerland-based solar fuel company, </strong><a href="https://synhelion.com/about/news/synhelion-acquires-heliokon" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> German-based concentrated solar power technology company Heliokon.</strong> The acquisition will combine the two companies’ complementary technologies, allowing Synhelion to offer a complete system to produce solar fuels.</p>
<p><strong>VSB Group, a renewable energy project developer, </strong><a href="https://www.vsb.energy/de/de/newsroom/presse/presse-detail/commerzbank-ag-und-vsb-gruppe-unterzeichnen-konsortialkredit-in-hoehe-von-80-millionen-euro/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a syndicated loan with a volume of €80 million (~$94 million) with Commerzbank</strong> to finance the working capital of the VSB Group. The partners signed an agreement to secure the international growth strategy of the specialist in renewable energies.</p>
<p><strong>Urbio, an EPFL Valais Wallis spin-off that develops software to help energy providers plan for the global energy transition, </strong><a href="https://tinyurl.com/mercomurop" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $2 million in a pre-seed funding round</strong> co-led by Wingman Ventures and Contrarian Ventures.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-enpal-raises-322-million/" target="_blank" rel="noopener">roundup</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div><div class='the_champ_sharing_container the_champ_vertical_sharing the_champ_hide_sharing the_champ_bottom_sharing' style='width:34px;left: -10px;top: 410px;-webkit-box-shadow:none;box-shadow:none;' data-super-socializer-href="https://cms.mercomindia.com/funding-and-ma-roundup-energy-storage-ipo/"><div class="the_champ_sharing_ul"><a class="the_champ_facebook" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fcms.mercomindia.com%2Ffunding-and-ma-roundup-energy-storage-ipo%2F" title="Facebook" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#3c589a;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-5 -5 42 42"><path d="M17.78 27.5V17.008h3.522l.527-4.09h-4.05v-2.61c0-1.182.33-1.99 2.023-1.99h2.166V4.66c-.375-.05-1.66-.16-3.155-.16-3.123 0-5.26 1.905-5.26 5.405v3.016h-3.53v4.09h3.53V27.5h4.223z" fill="#fff"></path></svg></span></a><a class="the_champ_button_linkedin" href="https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fcms.mercomindia.com%2Ffunding-and-ma-roundup-energy-storage-ipo%2F&title=Funding%20and%20M%26A%20Roundup%3A%20Energy%20Storage%20Company%20Fluence%20Files%20for%20IPO" title="Linkedin" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg the_champ_s__default the_champ_s_linkedin" style="background-color:#0077b5;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="0 0 32 32"><path d="M6.227 12.61h4.19v13.48h-4.19V12.61zm2.095-6.7a2.43 2.43 0 0 1 0 4.86c-1.344 0-2.428-1.09-2.428-2.43s1.084-2.43 2.428-2.43m4.72 6.7h4.02v1.84h.058c.56-1.058 1.927-2.176 3.965-2.176 4.238 0 5.02 2.792 5.02 6.42v7.395h-4.183v-6.56c0-1.564-.03-3.574-2.178-3.574-2.18 0-2.514 1.7-2.514 3.46v6.668h-4.187V12.61z" fill="#fff"></path></svg></span></a><a class="the_champ_button_twitter" href="https://twitter.com/intent/tweet?text=Funding%20and%20M%26A%20Roundup%3A%20Energy%20Storage%20Company%20Fluence%20Files%20for%20IPO&url=https%3A%2F%2Fcms.mercomindia.com%2Ffunding-and-ma-roundup-energy-storage-ipo%2F" title="Twitter" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg the_champ_s__default the_champ_s_twitter" style="background-color:#55acee;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-4 -4 39 39"><path d="M28 8.557a9.913 9.913 0 0 1-2.828.775 4.93 4.93 0 0 0 2.166-2.725 9.738 9.738 0 0 1-3.13 1.194 4.92 4.92 0 0 0-3.593-1.55 4.924 4.924 0 0 0-4.794 6.049c-4.09-.21-7.72-2.17-10.15-5.15a4.942 4.942 0 0 0-.665 2.477c0 1.71.87 3.214 2.19 4.1a4.968 4.968 0 0 1-2.23-.616v.06c0 2.39 1.7 4.38 3.952 4.83-.414.115-.85.174-1.297.174-.318 0-.626-.03-.928-.086a4.935 4.935 0 0 0 4.6 3.42 9.893 9.893 0 0 1-6.114 2.107c-.398 0-.79-.023-1.175-.068a13.953 13.953 0 0 0 7.55 2.213c9.056 0 14.01-7.507 14.01-14.013 0-.213-.005-.426-.015-.637.96-.695 1.795-1.56 2.455-2.55z" fill="#fff"></path></svg></span></a><a class="the_champ_email" href="https://cms.mercomindia.com/funding-and-ma-roundup-energy-storage-ipo/" onclick="event.preventDefault();window.open('mailto:?subject=' + decodeURIComponent('Funding%20and%20M%26A%20Roundup%3A%20Energy%20Storage%20Company%20Fluence%20Files%20for%20IPO').replace('&', '%26') + '&body=' + decodeURIComponent('https%3A%2F%2Fcms.mercomindia.com%2Ffunding-and-ma-roundup-energy-storage-ipo%2F'), '_blank')" title="Email" rel="nofollow noopener" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#649a3f;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-4 -4 43 43"><path d="M 5.5 11 h 23 v 1 l -11 6 l -11 -6 v -1 m 0 2 l 11 6 l 11 -6 v 11 h -22 v -11" stroke-width="1" fill="#fff"></path></svg></span></a><a class="the_champ_whatsapp" href="https://api.whatsapp.com/send?text=Funding%20and%20M%26A%20Roundup%3A%20Energy%20Storage%20Company%20Fluence%20Files%20for%20IPO https%3A%2F%2Fcms.mercomindia.com%2Ffunding-and-ma-roundup-energy-storage-ipo%2F" title="Whatsapp" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#55eb4c;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-6 -5 40 40"><path class="the_champ_svg_stroke the_champ_no_fill" stroke="#fff" stroke-width="2" fill="none" d="M 11.579798566743314 24.396926207859085 A 10 10 0 1 0 6.808479557110079 20.73576436351046"></path><path d="M 7 19 l -1 6 l 6 -1" class="the_champ_no_fill the_champ_svg_stroke" stroke="#fff" stroke-width="2" fill="none"></path><path d="M 10 10 q -1 8 8 11 c 5 -1 0 -6 -1 -3 q -4 -3 -5 -5 c 4 -2 -1 -5 -1 -4" fill="#fff"></path></svg></span></a></div></div>

Funding and M&A Roundup: Energy Storage Company Fluence Files for IPO

<p><a href="https://www.agl.com.au/" target="_blank" rel="noopener noreferrer">AGL Energy</a>, an Australia-based energy company, has signed non-exclusive framework agreements with energy storage technology companies <a href="https://www.wartsila.com/" target="_blank" rel="noopener noreferrer">Wartsila</a> and <a href="https://fluenceenergy.com/" target="_blank" rel="noopener noreferrer">Fluence</a> to supply up to 1 GW of grid-scale battery storage.</p>
<p>AGL said in a statement, both energy storage companies were selected through a competitive tender process for their capability, experience, pricing, and alignment with AGL&#8217;s strategic objectives.</p>
<p>Last year, the company unveiled its plans to build several battery storage systems in Australia, including a 200 MW battery storage system at Loy Yang power station in Victoria; 150 MW at Liddel power station and 50 MW at Broken Hill in New South Wales; and a 250 MW system at Torrens Island in South Australia. The plans are part of the company&#8217;s commitment to achieving net-zero emissions by 2050.</p>
<p>AGL Energy said these grid-scale battery storage systems would allow the company to leverage excess solar and wind generation to provide capacity when renewable sources are not generating. This would also help provide the critical firming capacity to the energy market and energy industry&#8217;s shift over the coming decades.</p>
<p>Markus Brokhof, Chief Operating Officer at AGL, said, &#8220;This framework agreement is another example of AGL getting on with the business of energy transition and will enable delivery against our commitment to building 850 MW of grid-scale battery storage by FY2024.&#8221;</p>
<p>Jan Teichmann, Vice President of Global Markets at Fluence, said, &#8220;Australia&#8217;s grid is evolving quickly, and batteries can fill critical gaps left by coal and gas retirements, both the super-fast services needed to strengthen the grid and as a source of peak power.&#8221;</p>
<p>Global corporate funding &#8211; including venture capital funding, public market, and debt financing &#8211; for battery storage companies totaled $3.5 billion in 35 deals in the first nine months of 2020, 62% higher compared to $2.2 billion in 36 deals in the same period last year, according to Mercom&#8217;s <a href="https://mercomcapital.com/product/9m-q3-2020-funding-ma-report-storage-grid-efficiency/" target="_blank" rel="noopener noreferrer">9M and Q3 Funding and M&amp;A Report for Storage, Grid &amp; Efficiency</a>.</p>
<p>Recently, Fluence, along with Powercomm Group and Kirby Group, <a href="https://mercomindia.com/daily-news-wrap-up-sungrow-cumulative/" target="_blank" rel="noopener noreferrer">partnered</a> with Ireland-based ESB to develop grid-scale battery projects at its facilities in Inchicore, Dublin, and Aghada, Cork. The battery energy storage systems are to deliver 60 MWh of energy at Inchicore in Dubin and 38 MWh at Aghada generating station in Cork, supporting the national grid in providing storage capacity and stability for times of low wind.</p>
<p>Fluence has also <a href="https://tinyurl.com/mercomfaiq" target="_blank" rel="noopener noreferrer">entered</a> into a definitive agreement with the Qatar Investment Authority (QIA), under which QIA will commit to invest $125 million in Fluence through a private placement transaction<strong>.</strong></p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
</div></div><div class="clearfix"></div></div></div><div class='the_champ_sharing_container the_champ_vertical_sharing the_champ_hide_sharing the_champ_bottom_sharing' style='width:34px;left: -10px;top: 410px;-webkit-box-shadow:none;box-shadow:none;' data-super-socializer-href="https://cms.mercomindia.com/wartsila-fluence-supply-battery-storage/"><div class="the_champ_sharing_ul"><a class="the_champ_facebook" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fcms.mercomindia.com%2Fwartsila-fluence-supply-battery-storage%2F" title="Facebook" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#3c589a;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-5 -5 42 42"><path d="M17.78 27.5V17.008h3.522l.527-4.09h-4.05v-2.61c0-1.182.33-1.99 2.023-1.99h2.166V4.66c-.375-.05-1.66-.16-3.155-.16-3.123 0-5.26 1.905-5.26 5.405v3.016h-3.53v4.09h3.53V27.5h4.223z" fill="#fff"></path></svg></span></a><a class="the_champ_button_linkedin" href="https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fcms.mercomindia.com%2Fwartsila-fluence-supply-battery-storage%2F&title=Wartsila%20and%20Fluence%20to%20Supply%201%20GW%20of%20Grid-Scale%20Battery%20Storage%20to%20AGL%20in%20Australia" title="Linkedin" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg the_champ_s__default the_champ_s_linkedin" style="background-color:#0077b5;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="0 0 32 32"><path d="M6.227 12.61h4.19v13.48h-4.19V12.61zm2.095-6.7a2.43 2.43 0 0 1 0 4.86c-1.344 0-2.428-1.09-2.428-2.43s1.084-2.43 2.428-2.43m4.72 6.7h4.02v1.84h.058c.56-1.058 1.927-2.176 3.965-2.176 4.238 0 5.02 2.792 5.02 6.42v7.395h-4.183v-6.56c0-1.564-.03-3.574-2.178-3.574-2.18 0-2.514 1.7-2.514 3.46v6.668h-4.187V12.61z" fill="#fff"></path></svg></span></a><a class="the_champ_button_twitter" href="https://twitter.com/intent/tweet?text=Wartsila%20and%20Fluence%20to%20Supply%201%20GW%20of%20Grid-Scale%20Battery%20Storage%20to%20AGL%20in%20Australia&url=https%3A%2F%2Fcms.mercomindia.com%2Fwartsila-fluence-supply-battery-storage%2F" title="Twitter" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg the_champ_s__default the_champ_s_twitter" style="background-color:#55acee;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-4 -4 39 39"><path d="M28 8.557a9.913 9.913 0 0 1-2.828.775 4.93 4.93 0 0 0 2.166-2.725 9.738 9.738 0 0 1-3.13 1.194 4.92 4.92 0 0 0-3.593-1.55 4.924 4.924 0 0 0-4.794 6.049c-4.09-.21-7.72-2.17-10.15-5.15a4.942 4.942 0 0 0-.665 2.477c0 1.71.87 3.214 2.19 4.1a4.968 4.968 0 0 1-2.23-.616v.06c0 2.39 1.7 4.38 3.952 4.83-.414.115-.85.174-1.297.174-.318 0-.626-.03-.928-.086a4.935 4.935 0 0 0 4.6 3.42 9.893 9.893 0 0 1-6.114 2.107c-.398 0-.79-.023-1.175-.068a13.953 13.953 0 0 0 7.55 2.213c9.056 0 14.01-7.507 14.01-14.013 0-.213-.005-.426-.015-.637.96-.695 1.795-1.56 2.455-2.55z" fill="#fff"></path></svg></span></a><a class="the_champ_email" href="https://cms.mercomindia.com/wartsila-fluence-supply-battery-storage/" onclick="event.preventDefault();window.open('mailto:?subject=' + decodeURIComponent('Wartsila%20and%20Fluence%20to%20Supply%201%20GW%20of%20Grid-Scale%20Battery%20Storage%20to%20AGL%20in%20Australia').replace('&', '%26') + '&body=' + decodeURIComponent('https%3A%2F%2Fcms.mercomindia.com%2Fwartsila-fluence-supply-battery-storage%2F'), '_blank')" title="Email" rel="nofollow noopener" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#649a3f;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-4 -4 43 43"><path d="M 5.5 11 h 23 v 1 l -11 6 l -11 -6 v -1 m 0 2 l 11 6 l 11 -6 v 11 h -22 v -11" stroke-width="1" fill="#fff"></path></svg></span></a><a class="the_champ_whatsapp" href="https://api.whatsapp.com/send?text=Wartsila%20and%20Fluence%20to%20Supply%201%20GW%20of%20Grid-Scale%20Battery%20Storage%20to%20AGL%20in%20Australia https%3A%2F%2Fcms.mercomindia.com%2Fwartsila-fluence-supply-battery-storage%2F" title="Whatsapp" rel="nofollow noopener" target="_blank" style="font-size:24px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="the_champ_svg" style="background-color:#55eb4c;width:30px;height:30px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:24px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="-6 -5 40 40"><path class="the_champ_svg_stroke the_champ_no_fill" stroke="#fff" stroke-width="2" fill="none" d="M 11.579798566743314 24.396926207859085 A 10 10 0 1 0 6.808479557110079 20.73576436351046"></path><path d="M 7 19 l -1 6 l 6 -1" class="the_champ_no_fill the_champ_svg_stroke" stroke="#fff" stroke-width="2" fill="none"></path><path d="M 10 10 q -1 8 8 11 c 5 -1 0 -6 -1 -3 q -4 -3 -5 -5 c 4 -2 -1 -5 -1 -4" fill="#fff"></path></svg></span></a></div></div>

Fluence

Get the most relevant India solar and clean energy news.

RECENT POSTS