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Fluence expects 2022 revenues to be in excess of US$1 billion

Rendering of Fluence’s 150MW Hazelwood project in Australia, on which work has just begun. Image: Fluence via Twitter.

Fluence has offered revenue guidance for the 2022 fiscal year of between US$1.1 billion and US$1.3 billion as the company reported its Q4 and full-year 2021 results.

The energy storage technology provider, which went public via a billion-dollar IPO in October, said its 2021 revenues were a record US$680,766 million, up from US$561 million for 2020. 

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The company entered into 1,311MW of energy storage product contracts, 1,959MW of energy services contracts and 2,744MW of contracts for its Fluence IQ digital software contracts; all of which were also record figures for it. 

However, net losses also increased significantly. From US$47 million net losses recorded in the 2020 fiscal year, Fluence delivered a 2021 net loss of US$162 million. 

According to the company this was driven by a number factors including capacity constraints in the shipping industry and increased shipping costs, which are hitting industries across multiple sectors around the world, caused largely by the COVID-19 pandemic. 

Some projects under construction also had cost overruns and delays, while growth and expansion of the company has driven increased expenses in areas including general, administrative, sales, marketing and R&D. 

There was also an incident the company reported earlier in the year which caused the company to record an inventory loss of US$11.4 million: an emergency onboard a vessel carrying Fluence inventory caused damage to its cargo. However the company expects to receive much of this sum back through insurance.  

The company also expects many of the problems such as delays and COVID-related temporary closure of customer sites, to be resolved next year and that this will be reflected in revenues for 2022. 

Fluence is also now debt free following the IPO and opened a US$190 million revolving credit facility has reported on many of Fluence’s projects and awarded contracts throughout the year. Most recently, preliminary work got underway on a 200MW / 200MWh, four system portfolio in Lithiuania which will act as virtual transmission network resources.

At the beginning of this month, work began on a 150MW / 150MWh privately-funded battery energy storage system (BESS) project in Australia with ENGIE and Macquarie’s Green Investment Group, which also earned the company a contract for optimisation using Fluence IQ and a 20-year service contract.

Other large-scale battery storage projects by the company in territories including the Philippines, Italy, Ireland and Germany have been reported on by this site in the last few months, in addition to coverage of Fluence’s digital and software services offerings.

The company’s leadership will host an earnings call to talk through results later today (9 December). 

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