Energy storage technology and services provider Fluence’s net loss narrowed to $37.4 million for the second quarter (Q2) of the financial year (FY) 2023 from a loss of $60.7 million in Q2 2022 on the back of increased deployments of energy storage solutions.

Higher energy storage deployments increased Fluence’s revenue by 104% year-over-year (YoY) to $698 million. The company said the revenue growth was also due to a few projects ahead of schedule.

Fluence’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) loss narrowed to $24.8 million compared to $53.2 million in Q2 2022.

The company deployed approximately 2 GWh of energy storage solutions during the quarter, up 92% from 1.2 GWh in Q2 2022.

The company received orders for 2.8 GWh of energy storage services during Q2, up from 1.1 GWh in the same period last year. The services attachment for the projects increased to 263% from 70% in Q2 2022.

Fluence received a 200 MW binding award during the January-March quarter for energy-storage-as-transmission, making it the company’s third transmission award.

It also signed a master supply agreement with utility and power generation company AES Corporation, under which Fluence plans to procure battery cells, adding another battery cell supplier to its portfolio.

Fluence was awarded a 400 MWh contract in Australia for Shell Energy’s Rangebank battery energy storage project. It also signed a long-term service agreement with Orsted for a 1,200 MWh energy storage contract.

The company’s CEO, Julian Nebreda, said, “We delivered a record quarter highlighted by our highest quarterly revenue. Our financial results reflect our success in accelerating project execution ahead of schedule. As a result of our exceptional performance, we are now closer to reaching profitability on an Adjusted EBITDA basis.”

The U.S.-based firm recorded a quarterly order intake of $847 million for Q2, which includes 1.1 GWh of storage solutions, 2.8 GWh of storage services, and 2.7 GW of orders for digital applications.

Fluence’s storage assets under management stood at 5.3 GWh by the end of Q2 2023, up from 2.8 GWh in the same quarter a year ago.

In an interview with Mercom India earlier this year, Nebreda said the company is working on localizing its products in India as quickly as possible. He said, “Batteries are almost half the project cost. So, we plan to have half the components needed in a storage system made in India and the other half – batteries – imported into the country. But we are committed to having a fully Indian product soon.”

Fluence‘s net loss for the first quarter of 2023 narrowed to $37 million compared to $111.5 million YoY, primarily driven by the highest-ever quarterly order intake of $856 million.