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- PRESS RELEASE -

First-ever such contract by a California Community Choice Aggregator will maximize value for customers and support clean energy goals

OAKLAND, CALIF. – November 29, 2021 – Fluence, a leading provider of energy storage products and services and digital applications for renewables and storage, today announced that its AI-powered Fluence IQ Bidding Application has been selected to provide market bid optimization services for the East Bay Community Energy Authority’s (EBCE) 10 MW/40 MWh Henrietta battery energy storage system in Lemoore, California.

Using artificial intelligence, advanced price forecasting, portfolio optimization and market bidding algorithms, the software will ensure that EBCE’s Henrietta energy storage system is responding optimally to market and reliability needs in the California Independent System Operator (CAISO) wholesale market.

By providing asset and portfolio managers with updated price forecasts and optimized bids every hour, EBCE will maximize the value of the system for EBCE customers, improve grid reliability and efficiency, and support California’s transition to a more sustainable and resilient electric grid.

“We ran a competitive solicitation to find the best bid optimization provider,” noted Chris Eshleman, Senior Manager, Power Resources at EBCE. “Fluence’s optimization platform delivered superior results, a clean user interface and strategic risk management settings, while allowing us to meet our obligations without increasing the workload for EBCE personnel. We look forward to working with Fluence to maximize the value that the Henrietta asset generates for EBCE’s customers.”

“We are excited that EBCE has taken the first step in automating its assets’ bid formation in the CAISO marketplace,” noted Seyed Madaeni, Fluence SVP and Chief Digital Officer. “Our software-as-a-service platform is ideally suited to community choice aggregators’ lean operating model, and we share EBCE’s goal of decarbonizing California’s electricity sector.”

The Fluence digital applications team – including the former AMS, which was acquired by Fluence in 2020 – is one of the leading developers of AI-enabled optimized bidding software for grid-scale storage and renewable generation assets. The Fluence IQ Bidding Application, which can be used to optimize a variety of energy resources in the CAISO market, the Electric Reliability Council of Texas (ERCOT) market, and the Australian National Electricity Market (NEM), can increase revenue and operational efficiency for battery-based energy storage by 40 to 50 percent and revenue for standalone renewable energy assets by over 10 percent via optimized wholesale market bidding.

EBCE is Fluence’s second announced publicly-owned Bidding Application customer in the CAISO power market, in addition to Pacific Gas and Electric Company’s 182.5 MW/730 MWh battery energy storage system in Moss Landing, California. Outside of California, the platform is currently used by energy asset owners to optimize approximately 20 percent of all wind and solar energy assets bidding into Australia’s National Electricity Market, including one of the largest solar farms in the country.

 

About EBCE

East Bay Community Energy (EBCE) exists to provide more renewable energy at competitive rates to our customers. We reinvest the earnings back into the community to create local green energy jobs, local programs, and clean power projects. In 2018, the County of Alameda and 11 of its cities launched EBCE as a not-for-profit public agency that governs this Community Choice Energy service. The Joint Power Agency expanded in 2021. The cities currently served are: Albany, Berkeley, Dublin, Emeryville, Fremont, Hayward, Livermore, Newark, Oakland, Piedmont, Pleasanton, San Leandro, Tracy, and Union City. The unincorporated areas of Alameda County (including Ashland, Castro Valley, Cherryland, Fairview, San Lorenzo, and Sunol) are also served by EBCE.

To learn more about EBCE, please visit: ebce.org

 

About Fluence

Fluence, a Siemens and AES company, is a global market leader in energy storage products and services, and digital applications for renewables and storage. The company has more than 3.4 GW of energy storage deployed or contracted in 29 markets globally, and more than 4.5 GW of wind, solar, and storage assets optimized or contracted in Australia and California. Through our products, services and AI-enabled Fluence IQ platform, Fluence is helping customers around the world drive more resilient electric grids and a more sustainable future.

For more information about Fluence, please visit: fluenceenergy.com

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to the future business and financial performance and future events or developments involving Fluence. These statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning, which are generally not historical in nature. We may also make forward-looking statements in other reports, in prospectuses, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements.

Forward-looking statements are not intended to be a guarantee of future results. Such statements are based on the current expectations and certain reasonable assumptions of Fluence’s management, many of which are beyond Fluence’s control. These assumptions include, but are not limited to, our expectations regarding the successful implementation of the Italy projects described herein.

Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties, and other factors. Important factors that could affect actual results include, without limitation, the risks and uncertainties described under the caption “Risk Factors” in Fluence’s final prospectus filed with the Securities and Exchange Commission (the “SEC”) pursuant to Rule 424(b)(4) on October 29, 2021. Readers are encouraged to read Fluence’s SEC filings to learn more about the risk factors associated with its business. Any forward-looking statement speaks only at the date which it is made, and Fluence disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Undue reliance should not be placed on forward-looking statements.

 

Media Contact

Steven Goldman
Senior Manager, Marketing & Communications - Americas, Fluence
+
1 (703) 721-8673
s
teven.goldman@fluenceenergy.com

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