System integrator Fluence and lithium-ion battery OEM Eve Energy have struck a massive 206GWh battery supply framework agreement for 2027-31, one of the largest deals of its kind ever announced.
The firms have committed to 16GWh of capacity in 2027, with 190GWh reserved for 2028-2031, Eve Energy announced in a filing on the Shenzen stock exchange last week (18 September).
China-based Eve Energy said it could not yet estimate the boost to its finances that the deal would bring, but its share price saw a sharp 6-7% jump when it made the announcement.
Eve added that framework agreement was subject to change, including from industry policies or market conditions which could prevent the co-operation proceeding as expected.
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The announcement came a few days after Fluence revised down its fiscal year 2026 (FY2026) guidance, reducing forecast revenues by US$600 million and widening its expected EBITDA loss from US$10 million to closer to US$200 million.
It mainly attributed this to delays in its US manufacturing ramp-up. Its US manufacturing ecosystem is key to delivering on US BESS projects, following the past few years of increased tariffs on Chinese batteries and new Foreign Entity of Concern (FEOC) rules meaning that projects using Chinese battery tech cannot avail of clean energy tax credits. Fluence has positioned itself as a first-mover on securing a fully FEOC-compliant battery and BESS supply chain.
Fluence hasn’t communicated anything to the market regarding the Eve deal, so nothing is certain, but its agreement with Eve would therefore presumably cover projects outside of the US.
While it has increasingly focused on the US, Fluence still has lots of business elsewhere, including two projects totalling 1.1GW/4.4GWh on which it started construction for power firm LEAG in Germany recently.
Eve Energy mainly manufactures in China, with its only non-China facilities to-date serving the EV market. The firm is one of the more recent entrants to the BESS space but it has aggressively moved into the top three BESS cell suppliers in the past few years, according to Benchmark Mineral Intelligence.
