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					</table><p>Energy storage technology and solutions provider <a href="https://fluenceenergy.com/" target="_blank" rel="noopener">Fluence Energy</a>’s net loss narrowed to $35.05 million in the third quarter (Q3) of the fiscal year (FY) 2022-23, a 42% year-over-year (YoY) improvement from $60.83 million.</p>
<p>The improvement was attributed to the increased energy storage solution deployments and higher order backlog.</p>
<p>The company’s revenue grew 124.41% YoY to $536.35 million as select projects were deployed before their scheduled timeline.</p>
<p>Fluence Energy provides energy storage products, services, and cloud-based software for renewable energy companies.</p>
<p>The company’s order intake was recorded at $565 million, and the order backlog stood at a cumulative $2.9 billion as of June 30, 2023.</p>
<p>Fluence deployed a total of 1.4 GWh of solutions which include 0.4 GW of energy storage and production solutions and digital contracts of 1 GW during the quarter.</p>
<p>The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q3 FY 2023 witnessed an improvement of 50.25% to a loss of $26.2 million from $52.67 million reported during the same period last year.</p>
<p>The company reported the total cash availability at $416 million, with no recourse debt at the end of the quarter.</p>
<p>In April, the company announced the completion of a 570 MW battery-based energy storage portfolio supplied to SMC Global Power Holdings Corporation in the Philippines.</p>
<p>In June, the company <a href="https://www.mercomindia.com/australia-retired-thermal-power-project-150-mwh-bess" target="_blank" rel="noopener">collaborated</a> with ENGIE and Eku Energy to commission a 150 MW/ 150 MWh battery energy storage system at the former Hazelwood Power Station site in the Latrobe Valley of Victoria in Australia.</p>
<p>Julian Nebreda, Fluence Energy’s President and Chief Executive Officer, said, “The demand for energy storage continues to accelerate. Our pipeline now sits at $12.4 billion, which is an increase of more than $1 billion from last quarter. Additionally, we saw our backlog increase to approximately $2.9 billion. We expect to see some initial project awards in the second half of this calendar year that are directly attributed to the Inflation Reduction Act.”</p>
<p><strong>9M FY 2023</strong></p>
<p>Fluence Energy reported a net loss of $109.64 million during the first nine months (9M) of FY 2023, a 52% YoY improvement from a loss of $233 million.</p>
<p>The company’s revenue grew by 104.2% to 1.55 billion from 756.62 million during the same period last year.</p>
<p>The improvement in revenue and net loss was attributed to the increased deployments and execution of the legacy backlog.</p>
<p>The company deployed 7.2 GWh of solutions, comprising 1.6 GW of energy storage products and solutions, 1.2 GW of service contracts, and 4.4 GW of digital contracts.</p>
<p>The company’s adjusted EBITDA in 9M FY 2023 improved by 59% to 78.96 million from 192.74 million in 9M FY 2022.</p>
<p>In April, the company was selected by Macquarie Asset Management’s Green Investment Group and Shell Energy Operations to deliver the 200 MW/400 MWh Rangebank Battery-based Energy Storage System in Cranbourne, Melbourne, Australia. The project will be developed by GIG and Shell Energy Australia, and it will be built, serviced, and maintained by Fluence. Construction will commence later this year and is expected to be completed in late 2024.</p>
<p>In Q2 FY 2023, Fluence’s net loss <a href="https://www.mercomindia.com/energy-storage-fluence-cuts-q2-loss-higher-deployments" target="_blank" rel="noopener">narrowed</a> to $37.4 million from a loss of $60.7 million in Q2 FY 2022 on the back of increased deployments of energy storage solutions.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
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Energy Storage Firm Fluence Continues to Narrow Losses in Q3, as Deployments Surge


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					</table><p>U.S-based sustainable zinc-based energy storage solutions provider <a href="https://eosenergystorage.com/" target="_blank" rel="noopener">Eos Energy Enterprises</a> reported a net loss of $70.7 million for the third quarter (Q3) of 2022 due to the ongoing production ramp-up of Z3 batteries, higher logistics costs, and challenges posed by strained supply chains and staffing shortages.</p>
<p>According to Eos Energy, the company’s welder deliveries were delayed by 8-12 weeks owing to the global chip and personnel shortages at manufacturers of capital equipment, resulting in losses.</p>
<p>The company’s new battery frame molds and resin supplier qualification were delayed due to the capacity expansion resulting in lower yield, and higher scrap clubbed with rework.</p>
<p>Eos Energy’s revenue for Q3 stood at $6.1 million, a sequential surge of 3.3% from $5.9 million.</p>
<p>The company said it shipped 258 energy blocks, including over 80 MWh of blocks, to the Pine Gate Eastover project, which it said is Eos’ largest project to date, with 184 energy blocks delivered. Eos has discharged total energy of 640 MWh for the project, of which over 50% was from its assets in the field.</p>
<p>Eos said it has $324.8 million booked orders in the pipeline representing a capacity of 123 GWh, with an order backlog for 1.8 GWh capacity totaling $452.2 million. The company projects that by the end of 2022, it will have booked orders worth $500 million, as its current opportunity pipeline is up from $323 million in the previous quarter.</p>
<p>The company’s CEO, Joe Mastrangelo, said, “We continued to ramp up production in the most challenging supply chain environment of my career. We have produced 258 Energy Blocks since opening our factory in August 2019. It took 33 months to produce our first 100 and just six months to manufacture the next 158. At the same time, our technology team took our time-tested chemistry and packaged it into our Eos Z3 product that will double performance at 50% lower cost.”</p>
<p>Eos affirmed that it aims to reduce output on its current generation product and launch Eos Z3 in 2023 to utilize better benefits of the Inflation Reduction Act (IRA) for the company and its customers.</p>
<p>With the <a href="https://mercomindia.com/inflation-reduction-act-a-gamechanger-solar/" target="_blank" rel="noopener">introduction</a> of the IRA, Eos expects to avail $35 kWh as a tax credit for producing battery cells and $10/ kWh as a tax credit for battery module manufacturing.</p>
<p>The company aims for cost reduction in producing modules as the cells in the new modules have an improved voltage with 12.5% higher discharge and will have a 33% increased output.</p>
<p>Eos said it reduced its capital expenditure by $3 million by aligning processes to increase the output over the current asset base.</p>
<p>Eos Energy <a href="https://mercomindia.com/energy-storage-solutions-provider-eos-energy-revenue/" target="_blank" rel="noopener">reported</a> a net loss of $45.1 million in the first quarter of 2022, while its revenue rose by 6.5% to $3.1 million.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Zinc Battery Maker Eos Energy Reports $70.7 Million Loss in Q3, Ramps Production

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