Fluence, the global battery energy storage system integrator, is changing CEO with Julian Nebreda replacing incumbent Manuel Pérez Dubuc next month.
Current board member since September 2021 Nebreda will succeed Dubuc as president and CEO of the company, effective 1 September, 2022. This will follow a transition period with Dubuc, who has been at the helm since May 2020, to ensure a smooth handover.
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Nebreda comes from 15 years at AES Corporation, one of the two companies which Fluence was spun out of, along with Siemens, which together still hold a majority of the company’s shares.
His most recent position was executive VP and president of US & Global Business Lines, before which he headed up geographic segments of South America, Brazil and Europe (in descending chronological order).
A press release said that his latest role gave Nebreda responsibility for AES’ renewables’ growth in the US through its clean energy business, including ‘development and implementation of robust supply chain strategies’.
Herman Bulls, Fluence chairman, said: “I want to thank Manuel for his leadership through Fluence’s expansion into Fluence Digital’s AI-enabled technologies, Fluence’s addition of key strategic shareholders, and Fluence’s initial public offering last year. As we look ahead, Julian brings decades of experience in driving transformational change in the energy sector that will benefit Fluence and ultimately deliver value to our shareholders.”
Nebreda will have an annual base salary of US$600,000 per year with a target annual cash bonus opportunity of 100% of that, meaning total potential remuneration of US$1.2 million. He is also receiving a a one-time grant of $2,500,000 of stock which will vest over three years.
Dubuc’s base salary for 2021 was US$450,000 with a bonus opportunity of 75% of that, or US$375,000, meaning a total potential remuneration of US$825,000.
Dubuc also came from a tenure at AES Corporation, of which a big chunk was heading up divisions in South America, including eight months as president of its South America business unit and five years as president of the Mexico, Central America and the Caribbean business unit.
The company grew revenues 250% in its second quarter (January-March), it announced in May when it revealed that it had brought raw material indices-based (RMI) pricing to hedge against price fluctuations (something which has existed in the EV sector for many years).
Fluence topped research firm IHS Markit’s ranking of the largest system integrators globally for 2021. It is also one of the most internationally diversified operators, with projects delivered or announced in the last month alone in Ireland, Taiwan and Lithuania. Growth and market development director for EMEA Julian Jansen recently explained the benefits of being international in an interview with Energy-Storage.news.
But, as Energy-Storage.news reported yesterday, it is also aiming to improve delivery times in its home market of the US with a new assembly facility in Utah.