Fluence and Rich Electric Announce Deployment Partnership

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See the press release in Traditional Chinese

TAIPEI, Taiwan, 04 Jul. Feb. 20, 2022 (GLOBE NEWSWIRE) — Fluence Energy, Inc. (“Fluence”) (NASDAQ: FLNC), a leading global provider of energy storage products and services and digital applications for renewable energy and storage, announcing today announced a strategic partnership with Rich Electric, a Taiwanese company specializing in power conversion and battery energy storage systems. Through this partnership, Fluence and Rich Electric will deploy a 100MW battery energy storage system in Hualien to support Taipower’s Automatic Frequency Control (AFC) services. With a completion target of mid-2023, the project will be the first 100 MW level system in Taiwan and is expected to be one of Fluence’s largest AFC projects in the country.

“Taiwan has become one of the most active energy storage markets in the Asia-Pacific region. The growth momentum of the energy ecosystem is driven by a clear goal and targets for renewable energy and net zero emissions set by the local government,” said Fluence SVP & President APAC Jan Teichmann. “Through this partnership with Rich Electric, we look forward to building a more resilient smart grid in Taiwan and accelerating the local energy transition.”

Taiwan is actively deploying energy storage systems to improve electricity dispatch flexibility and avoid recurring power outages caused by intermittent renewable energy supplies. Taipower’s AFC services play a vital role in stabilizing Taiwan’s power grid. In Taiwan, Taipower has announced a storage capacity target of 1,000 MW by 2025, while the Energy Bureau of the Ministry of Economic Affairs plans 500 MW of storage capacity through ground-mounted photovoltaic systems.

“Energy storage systems are critical to the deployment of grid-connected renewable energy systems,” said Eric Chen, president of Rich Electric. “As a manufacturer with 35 years of experience in power electronics R&D, Rich Electric specializes in the development and integration of power conversion systems, battery management systems and power management systems. energy. Our company is dedicated to creating grid-level energy storage and distribution solutions to provide stable power supply. We are delighted to work with Fluence, leveraging their rich industry experience and its state-of-the-art technology to deliver quality power supply that meets Taipower’s standards. Together with Fluence, we look forward to creating a sustainable future in Taiwan.”

In April 2022, Fluence won the Taoyuan Longtan ultra-high voltage substation project. With an investment of over TWD 2.6 billion and a capacity of 60 MW, it will be Taiwan’s largest public sector energy storage project and account for 37.5% of Taipower’s total storage capacity. To date, Fluence has deployed or contracted over 4.8 GW of energy storage systems worldwide. Fluence tops a recent global list of energy storage vendors with an 18% market share, according to IHS Markit’s 2021 survey.

About Fluence

Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader in energy storage products and services and digital applications for renewable energy and storage. With a presence in 30 global markets, Fluence provides an ecosystem of offerings to drive the clean energy transition, including modular and scalable energy storage products, comprehensive service offerings and the Fluence IQ platform, which provides AI-based digital applications for managing and optimizing renewable energy and storage from any supplier. Fluence is transforming the way we power our world by helping our customers create more resilient and sustainable power grids. For more information, visit our websitesubscribe to our blog or follow us on LinkedIn Where Twitter.

Media Contact

Edelman Taiwan
Andrea Yu
02-2757-6568 #110
Andrea.Yu@edelman.com

Michael Hsu
02-2757-6568 #112
Michael.Hsu@edelman.com

Forward-looking statements

The information in this press release includes a “forward-looking statement” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements, including, without limitation, partnering with Rich Electric in developing the Taiwanese storage market. energy and the expected delivery schedule of Fluence products and technology for Taipower’s AFC services and project completion, and Taiwan’s plans for storage capacity in the future.

The forward-looking statements in this press release are based on our current expectations and beliefs regarding future developments, as well as a number of assumptions regarding future events and their potential effects on our business. These forward-looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we anticipate. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are beyond Fluence’s control and are difficult to predict. Factors that could cause such differences in expected results include, but are not limited to: Taiwan’s milestones and progress towards its storage capacity targets, delays in completing the commissioning phase due to the COVID-19 pandemic, severe weather conditions and delays related to the preparation of the integration of AFC services of Taipower in Hualien into the network, and the result of testing and commercial operation of AFC services from Taipower to Hualien. Fluence cautions that the foregoing list of factors is not exclusive. Additional information about factors that could materially affect Fluence is set forth in the “Risk Factors” section of its annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission and available on the SEC website. at www.sec.gov.

Except as otherwise required by applicable law, Fluence disclaims any obligation to update the forward-looking statements contained in this press release, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. . If underlying assumptions prove incorrect, actual results and projections could differ materially from those expressed in the forward-looking statements.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/77937076-7874-4d86-b9e5-14c1426e531d


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