CMPDI Invites Bids for 10 MW Solar Project at Mahanadi Coalfields

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Hyundai to Source 118 MW Power from Fourth Partner’s Solar and Wind Projects

India Adds an Unprecedented 16 GW Solar Capacity in 9M 2024

Daily News Wrap-Up: UPNEDA Tenders 2 MW Rooftop Solar Projects

Maxeon Solar Modules Detained by US Customs Authority

Sungrow, TBEA, FIMER Dominate Solar Inverter Rankings in First Half of 2024

ReNew’s Revenue, Profit Up in Q2 FY25 as Commissioned Renewable Capacity Grows

MNRE Sets Terms for Real Estate Developers to Avail CFA Under PM Surya Ghar

ENGIE to Build 22 MW Solar Project for Saudi Cement Factory


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					</table><p><a href="https://www.mercomindia.com/oriano-waaree-prozeal-companies-in-2023" target="_blank" rel="noopener"><strong>Oriano</strong><strong>, </strong><strong>Waaree Renewable Technologies</strong><strong>, </strong><strong>Prozeal Green Energy</strong><strong>, </strong><strong>Tata Power Solar</strong><strong>, and </strong><strong>Gensol Engineering</strong><strong> emerged as the top utility-scale solar engineering</strong></a>, procurement, and construction (EPC) service providers in the calendar year (CY) 2023, according to Mercom’s India Solar Market Leaderboard CY 2023. Oriano was the top EPC player with a market share of 14.8%, followed by Waaree Renewable Technologies and Prozeal Green Energy with 13.7% and 13.6%, respectively.</p>
<p><a href="https://www.mercomindia.com/thdc-invites-bids-for-pumped-storage-projects" target="_blank" rel="noopener"><strong>THDC India</strong><strong> has invited bids for the development of 600 MW to 2,000 MW on/off stream pumped storage projects on a turnkey basis with operation and maintenance</strong></a> for 15 years in various states in India. The last date for the submission of bids is May 13, 2024. Bids will be opened the next day. The scope of work includes selecting sites, conducting all relevant studies and investigations, and preparing preliminary feasibility reports and detailed project reports.</p>
<p><a href="https://www.mercomindia.com/first-solars-thin-film-modules-dcr" target="_blank" rel="noopener"><strong>The Ministry of New and Renewable Energy (</strong><strong>MNRE</strong><strong>) has approved the use of thin film solar modules produced at </strong><strong>First Solar’s</strong><strong> (FS India Solar Ventures)</strong></a> vertically integrated solar manufacturing facility in Tamil Nadu in projects that have a Domestic Content Requirement (DCR) mandate. DCR solar modules refer to those in which both the solar cells and modules are manufactured within India. MNRE introduced this policy to promote local manufacturing and support the ‘Make in India’ initiative.</p>
<p><a href="https://www.mercomindia.com/grew-energy-solar-facility-jammu-kashmir" target="_blank" rel="noopener"><strong>Grew Energy</strong><strong>, a renewable energy venture of the </strong><strong>Chiripal Group</strong><strong>, announced plans to set up a 3.2 GW solar module manufacturing facility in Kathua, Jammu &amp; Kashmir</strong></a>. The company will invest ₹45 billion (~$ 538.8 million) to establish the fully integrated three-stage facility on 80 acres of land. Upon completion, the plant will have an annual production capacity of 3.2 GW of high-efficiency solar modules and 2.8 GW of solar ingots, wafers and cells.</p>
<p><a href="https://www.mercomindia.com/east-central-railway-rooftop-solar-projects" target="_blank" rel="noopener"><strong>East Central Railway</strong><strong> has invited bids to empanel agencies to implement 1.1 MW rooftop solar projects for the Samastipur division. The last date for submitting bids</strong></a> is June 10, 2024. Bids will be opened the same day. The selected solar power developer will oversee all aspects of the project, including engineering, design, procurement, installation (including civil and structural components), testing, and commissioning of the solar systems.</p>
<p><a href="https://www.mercomindia.com/central-railway-empanel-rooftop-solar" target="_blank" rel="noopener"><strong>The Pune Division of </strong><strong>Central Railway</strong><strong> has invited bids for state-wise empanelment of agencies to implement grid-connected rooftop solar power projects</strong></a> in Maharashtra through public-private partnerships and on a design, build, finance, operate, and transfer basis. The projects would be developed in two capacity ranges — (i) above 10 kW and up to 100 kW, and (ii) above 100 kW and up to 500 kW. Bidders can quote for one or all the capacities.</p>
<p><a href="https://www.mercomindia.com/india-third-solar-power-producer" target="_blank" rel="noopener"><strong>India’s power sector emissions rose 7.2% in 2023 from the previous year as a decline in hydropower generation due to droughts, particularly in the second half</strong></a> of the year, offset gains from wind and solar output, according to a report from energy think tank Ember. Hydropower generation fell by 15% in 2023, forcing an increased reliance on coal-fired power plants to meet demand. India’s weakened monsoon spell, coupled with the country’s strong GDP growth, added nearly 190 million tons of CO2 to global emissions in 2023.</p>
<p><a href="https://www.mercomindia.com/reduction-water-use-solar-cell-manufacturing" target="_blank" rel="noopener"><strong>In a recent paper published in </strong><strong>Solar Energy</strong><strong>, researchers said they collected data from a solar cell factory to develop and evaluate water recycling strategies</strong></a> in the manufacture of solar Passivated Emitter and Rear Cells. A team of researchers from Fraunhofer Institute for Solar Energy Systems ISE, Technische Universität Berlin, RENA Technologies, and the University of Freiburg have, for the first time, developed a comprehensive water model of a solar cell factory to reduce water consumption and minimize wastewater production.</p>
<p><strong><a href="https://www.mercomindia.com/flux-powers-q3-net-loss" target="_blank" rel="noopener">Lithium-ion storage solutions provider Flux Power Holdings’ net loss for the third quarter of the financial year 2023-24 widened 83% year-over-year</a></strong>  to $2.64 million on higher operating and interest expenses. The adjusted earnings before interest, taxes, depreciation, and amortization loss for the quarter was ₹1.38 million compared to a loss of $676,000, primarily attributable to the impact of lower revenue.</p>
<p><a href="https://www.mercomindia.com/array-technologies-swings-to-q1-loss" target="_blank" rel="noopener"><strong>Array Technologies</strong><strong>, a utility-scale solar tracker supplier, reported a net loss of $11.3 million in Q1 2024 from a net income of $17.2 million in the same quarter</strong></a> last year due to lower sales and declining average selling prices. Revenue came in at $153.4 million, down 59% from $376.8 million in the prior year quarter. The timing of project deliveries drove the YoY decline in revenue.</p>
<p><a href="https://www.mercomindia.com/canadian-solars-q1-profits-dip-85-lower-module-demand" target="_blank" rel="noopener"><strong>Solar module manufacturer </strong><strong>Canadian Solar</strong><strong> posted a net income of $12.35 million in the first quarter (Q1) of 2024, an 85.25% YoY drop from $83.71 million</strong></a> as the company continued to tackle pricing pressures in light of lower module average selling prices. The drop in profit was offset by the lower manufacturing costs and higher contribution from battery energy storage solutions sales. Canadian Solar’s operating expenses during the quarter increased to $203.68 million, an 18.15% YoY increase from $172.4 million.</p>
<p><a href="https://www.mercomindia.com/sma-solar-net-income-plunges-on-increased-costs" target="_blank" rel="noopener"><strong>Germany-based solar energy equipment supplier </strong><strong>SMA Solar Technology</strong><strong> reported a net income of €28.5 million (~$30.6 million), down by 44.8% YoY from €51.7 million</strong></a> (~$55.6 million) in Q1 2023. Earnings before interest, taxes, depreciation, and amortization amounted to €49.9 million (~$53.6 million), down by 16.8% YoY from €60.0 million (~$64.5 million) in the corresponding quarter of the previous year.</p>
<p><a href="https://www.mercomindia.com/fluence-energy-q2-net-loss-narrows" target="_blank" rel="noopener"><strong>Fluence Energy</strong><strong>, a utility-scale energy storage firm, reported a 66% narrower net loss of $12.9 million in the second quarter of FY 2023-24 from $37.4 million</strong></a> last year as it reigned in its operating expenses. Despite an 11% fall in quarterly revenue from $698 million last year to $623 million in the second quarter, Fluence’s gross profit more than doubled from $30 million last year to $64 million. Gross profit margin improved to about 10.3%, compared to 4.4% for the same quarter last year.</p>
<p><a href="https://www.mercomindia.com/sunrun-narrows-loss-in-q1-2024" target="_blank" rel="noopener"><strong>U.S-based solar energy, battery, and storage service provider </strong><strong>Sunrun</strong><strong> incurred a net loss of $87.8 million in Q1 of 2024 due to the company transitioning</strong></a> from traditional tax equity to tax credit sales, causing it to invest $181 million in working capital. The company expects to recover this investment in the next quarter as cash from tax credit sales is recovered via arrears, while cash from tax credit allocation is earned back at the time of installation.</p>


Daily News Wrap-Up: Leading Solar EPC Companies in 2023


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					</table><p>Energy storage technology and solutions provider <a href="https://fluenceenergy.com/" target="_blank" rel="noopener">Fluence Energy</a> recorded a revenue of $364 million in the first quarter (Q1) of the fiscal year (FY) 2023-24, registering a 17% year-over-year (YoY) increase. This was attributed to the company’s contracted backlog and project pipeline.</p>
<p>The recent quarter made it the ninth consecutive quarter where the volume of order intakes outpaced revenue due to the growth in utility-scale energy storage.</p>
<p>The company reported a record intake of new orders amounting to $1.1 billion this quarter, with its solution business contracting 2.7 GWh, service business adding 2.3 GWh, and digital business adding another 400 MW of new contracts.</p>
<p>The company’s net loss narrowed to $25.6 million, compared to the $37.2 million in the corresponding quarter of 2023, driven by the increased sales.</p>
<p>The adjusted Earnings Before Interest, Tax, depreciation, and Amortization (EBITDA) stood at a loss of $18.3 million for Q1 FY24, improving from a loss of $26 million in the same quarter last year. This was due to flattened operating costs this quarter.</p>
<p>The contracted backlog for this quarter touched a record $3.7 billion, which was driven by an 80% decrease in lithium carbonate prices, which in turn lowered the battery prices and allowed for more projects to be included.</p>
<p>“We have locked in battery supply at fixed prices for all our projects in our backlog,” said Julian Nebreda, the CEO of Fluence, at the earnings call.</p>
<p>The pipeline increased to $13.4 billion, representing the company&#8217;s uncontracted potential revenue from products and solutions that will be executed in the next two years.</p>
<p>The company’s battery module production at its Utah manufacturing facility will begin production in the summer of 2024, enabling Fluence Energy to provide a product that meets the U.S. domestic contact requirements for battery and energy storage.</p>
<p>Fluence currently utilizes five battery suppliers located in China, South Korea, Sweden, and the United States. This is to ensure multiple geographies support its growth to mitigate disruptions.</p>
<p>The battery manufacturing module will enable the company to provide a product that aligns with the U.S. domestic contact requirements for battery and energy storage, he adds. Fleunce’s diversity of suppliers is reflected in its ability to take advantage of favorable terms and battery prices.</p>
<p>“In order to capitalize on the growing demand, the company aims to secure a multiyear guarantee battery capacity from these suppliers. We will be manufacturing our own battery models in the U.S., which represents two-thirds of our global business. It also enables us to introduce our proprietary battery management system,” states Nebreda.</p>
<p>The company also <a href="https://www.mercomindia.com/fluence-energy-records-income-surges-91-4-in-q4" target="_blank" rel="noopener">achieved</a> profitability for the first time when its net income surged to $4.82 million in Q4 FY23, a YoY increase of 91.4%.</p>
<p>In an exclusive interview with Mercom last February, Julian Nebreda <a href="https://www.mercomindia.com/energy-storage-fluence-plans-manufacturing-in-india" target="_blank" rel="noopener">mentioned</a> the company’s plans to step up manufacturing in India in an attempt to add value to the ambitions of transition economies like India, which are committed to clean energy.</p>


Fluence Energy Reports Record Order Intake of $1.1 Billion in Q1 FY24


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					</table><p>Energy storage technology and solutions provider <a href="https://fluenceenergy.com/" target="_blank" rel="noopener">Fluence Energy</a> recorded a net income of $4.82 million for the fourth quarter (Q4) of the fiscal year (FY) 2022-23, a year-over-year (YoY) increase of 91.4%, achieving profitability for the first time.</p>
<p>During the quarter from July to September, Fluence recorded a revenue of $673 million, a YoY increase of 52.2%</p>
<p>The company witnessed a strong order intake in the quarter, reaching $737 million, resulting in a total backlog of $2.9 billion as of September 30, 2023.</p>
<p>Fluence Energy provides energy storage products, services, and cloud-based software for renewable energy companies.</p>
<p>In October 2023, the company launched Gridstack Pro, a larger battery pack with enhanced density, faster installation, improved performance, and safety. Simultaneously, Fluence OS7, the latest operating system, was introduced and integrated with the Fluence battery management system.</p>
<p>To strengthen the supply chain, all battery requirements for fiscal years 2024 and 2025 were secured, turning the supply chain into a competitive advantage.</p>
<p>The company secured a $400 million Asset-Backed Lending facility backed by inventory to provide additional tools for effective working capital management during continued growth and to enhance operational capabilities.</p>
<p><strong>Full Fiscal 2023</strong></p>
<p>For the full fiscal year, the company recorded a net loss of $104.82 million, a YoY improvement of 63.7%.</p>
<p>The company’s revenue was recorded at $2.22 billion, a YoY increase of 85% from $1.2 billion.</p>
<p>The original annual revenue guidance was surpassed by over $600 million, attributed to enhanced execution, streamlined supply chains, and accelerated project timelines. Substantially reducing the legacy lower margin backlog, the company also diversified its supply chain, securing US-made battery cells with AESC.</p>
<p>Furthering technological capabilities, India&#8217;s technology center was expanded.</p>
<p>Fluence said by fast-tracking specific projects, substantial gains in revenue and margins were achieved during this period.</p>
<p>A major focus has been on enhancing organizational speed with the aim of shortening these project cycle times from 18 to 12 months.</p>
<p>The company said the momentum continues in its services and digital businesses, constituting a recurring revenue stream. In the digital business sector, a robust quarter is evidenced by contracting 1.8 GW and increasing digital assets under management. The total stands at 15.5 GW as of September 30.</p>
<p>The company’s net loss <a href="https://www.mercomindia.com/fluence-narrow-losses-in-q3-as-deployments-surge" target="_blank" rel="noopener">narrowed</a> to $35.05 million in the third quarter of the fiscal year 2022-23, a 42% YoY improvement from $60.83 million.</p>
<p>Earlier this year, Julian Nebreda, the company&#8217;s president and CEO, <a href="https://www.mercomindia.com/energy-storage-fluence-plans-manufacturing-in-india" target="_blank" rel="noopener">discussed</a> the battery manufacturing process in an exclusive interview with Mercom. He outlined plans to localize their products in India by the end of 2024, though the process in the country might extend further.</p>
<p>Jan Teichmann, Fluence&#8217;s SVP and president for APAC, shared insights into the company&#8217;s collaboration with ReNew and its plans in India.</p>


Fluence Energy Records First-Time Profits as Net Income Surges 91.4% in Q4


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					</table><p><a href="https://www.mercomindia.com/seci-800-mw-ists-renewable-projects" target="_blank" rel="noopener"><strong>Solar Energy Corporation of India (SECI) has invited bids to select renewable energy developers to supply 800 MW firm and dispatchable power from Inter-State Transmission System-</strong></a>connected renewable energy projects, including energy storage systems, under tariff-based competitive bidding. The projects will be developed under SECI’s Firm and Dispatchable Renewable Energy-III program. The renewable energy developers will be responsible for securing land and connectivity. The last date for the submission of bids is September 29, 2023.</p>
<p><a href="https://www.mercomindia.com/maharashtra-invites-bids-charging-stations" target="_blank" rel="noopener"><strong>Mahatma Phule Renewable Energy and Infrastructure Technology has invited bids to empanel agencies for two years to set up 310 electric vehicle charging stations in Maharashtra.</strong></a> The last date for the submission of bids is August 31, 2023. Bids will be opened the same day. Mahatma Phule Renewable Energy and Infrastructure Technology will secure the land locations from government organizations. The agreed-upon land rights will span ten years, and there is a potential for an extension of an additional five years. Bidders must submit an earnest money deposit of ₹50,000 (~$600).</p>
<p><strong><a href="https://www.mercomindia.com/cerc-requisition-power-needs" target="_blank" rel="noopener">In response to a significant surge in power demand and subsequent reports of load-shedding incidents, the Central Electricity Regulatory Commission has taken a series of strategic measures</a></strong> to mitigate the current power shortage and enhance the grid’s efficiency. During a high demand period, specifically on August 11, 2023, states across the grid reportedly experienced load shedding of approximately 6-7 GW. These incidents occurred despite the availability of substantial generation capacity, including 3 GW from reserve shutdown units and operational units.</p>
<p><strong><a href="https://www.mercomindia.com/cabinet-program-to-boost-urban-electric-mobility" target="_blank" rel="noopener">In a move towards promoting sustainable urban transportation and economic growth, the Union Cabinet has approved the “PM-eBus Sewa” program, under which 10,000 electric buses</a></strong> will be deployed across the nation. The program will have a budget of ₹576.13 billion (~$6.9 billion). The PM-eBus Sewa program focuses on cities with a population of 300,000 and above per the 2011 census, encompassing all union territory capitals, the northeastern region, and the hilly states.</p>
<p><strong><a href="https://www.mercomindia.com/merc-discom-procure-7-gw-solar" target="_blank" rel="noopener">The Maharashtra Electricity Regulatory Commission has approved the Maharashtra State Electricity Distribution Company’s (MSEDCL) petition seeking approval to initiate a competitive</a></strong> bidding process to procure 7,000 MW of solar power under the Mukhyamantri Saur Krishi Vahini Yojana 2.0 initiative, to manage the rising demand in the agricultural sector. The Commission also approved most of the 34 amendments petitioned to be introduced in the request for selection document and the draft power purchase agreement by MSEDCL.</p>
<p><a href="https://www.mercomindia.com/canara-bank-policy-deploy-green-deposits-renewable-projects" target="_blank" rel="noopener"><strong>In a sign that India’s financial institutions are getting serious about contributing to the country’s energy transition goals, public sector bank Canara Bank has issued a Green Deposit Policy</strong></a> and Lending Framework designed for green initiatives, including solar and wind energy projects. The framework is on the lines of the Reserve Bank of India’s guidance document for financial institutions to offer ‘green deposits’ to customers, address ‘greenwashing’ concerns, and help augment the flow of credit to green activities and projects.</p>
<p><a href="https://www.mercomindia.com/fluence-narrow-losses-in-q3-as-deployments-surge" target="_blank" rel="noopener"><strong>Energy storage technology and solutions provider Fluence Energy’s net loss narrowed to $35.05 million in the third quarter of the fiscal year (FY) 2022-23, a 42% year-over-year (YoY)</strong></a> improvement from $60.83 million. The improvement was attributed to the increased energy storage solution deployments and higher order backlog. The company’s revenue grew 124.41% YoY to $536.35 million as select projects were deployed before their scheduled timeline.</p>
<p><a href="https://www.mercomindia.com/reliance-others-invest-12-million-perovskite-firm-caelux" target="_blank" rel="noopener"><strong>Caelux, a U.S.-based perovskite solar cell technology firm, has announced the closure of a $12 million series A3 funding round led by Temasek, a global investment company, to support the company’s</strong></a> factory expansion, research and development, and new product launch. Reliance New Energy, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures were the other participants in the financing round. With the recent round, the total Series A funding raised by the company comes to $24 million.</p>
<p><a href="https://www.mercomindia.com/increased-module-shipments-jinko-solars-income-q2" target="_blank" rel="noopener"><strong>China-based solar cell and module manufacturer Jinko Solar reported a net income of RMB2.41 billion (~$331.38 million) in Q2 2023, a considerable improvement from a net</strong></a> loss of RMB346.48 million (~$47.64 million) in Q2 2022. The net income increased by 73% quarter-over-quarter. The considerable improvement in the net income was attributed to increased module shipments by the company.</p>
<p><a href="https://www.mercomindia.com/rec-silicons-q2-net-loss-yoy-signaling-recovery" target="_blank" rel="noopener"><strong>Polysilicon manufacturer REC Silicon recorded a net loss of $14.7 million during Q2 2023, a YoY improvement of 37.7% from a loss of $23.6 million.</strong></a> The improvement was attributed to the improved silicon gas sales during the quarter. The company recorded a revenue of $36.7 million, a YoY decrease of 18.4% compared to $45 million, as polysilicon prices continued to drop in the second quarter. Revenue, however, increased from Q1 due to greater sales of silicon gas and increased prices for semiconductor-grade poly.</p>
<p><a href="https://www.mercomindia.com/interest-expense-dents-eos-earnings-q2-23" target="_blank" rel="noopener"><strong>Energy storage solutions provider Eos Energy Enterprises‘ net loss widened to $131.6 million for Q2 FY 2023 from $56.7 million YoY</strong></a>, mainly due to higher interest and other expenses, even though the cost of goods came down. The cost of goods sold during the April-June quarter totaled $11.2 million, a 69% YoY dip in per unit cost driven by decreased volume related to the shift to the new battery module. It helped narrow the operational losses for the quarter to $34.6 million compared to $57.4 million YoY.</p>
<p><a href="https://www.mercomindia.com/shoals-net-income-surges-product-demand" target="_blank" rel="noopener"><strong>Shoals Technologies Group, a manufacturer of electrical balance of systems (EBOS) for solar, energy storage, and eMobility recorded a net income of $18.92 million during Q2</strong></a> of 2023, a YoY increase of 159% compared to $7.3 million. The revenue was recorded at $119.21 million, a YoY increase of 62.2%. The increase in revenue stemmed from elevated sales quantities due to a heightened need for solar EBOS overall and the company&#8217;s customizable Combine-As-You-Go System Solutions in particular.</p>
<p><a href="https://www.mercomindia.com/chloride-ion-green-batteries-store-renewable-energy" target="_blank" rel="noopener"><strong>In a new study on using seawater green batteries to store renewable energy, researchers developed a new chloride ion-based redox chemistry. Xiaowei Teng, the James H. Manning professor of Chemical</strong></a> Engineering at the Worcester Polytechnic Institute, and his team, inserted chloride, the richest negatively charged ion in seawater, into iron hydroxide (Fe(OH)2) layered double hydroxide. Seawater green batteries are a sustainable and cost-effective alternative to lithium-ion batteries.</p>


Daily News Wrap-Up: SECI’s Tender for 800 MW of ISTS-Connected Renewable Energy Projects


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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>


Energy Storage Firm Fluence Continues to Narrow Losses in Q3, as Deployments Surge


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					</table><p>U.S.-based global energy storage technology and services provider <a href="https://fluenceenergy.com/" target="_blank" rel="noopener">Fluence</a> recorded revenue of $239 million for the third quarter (Q3) of the financial year (FY) 2022 against $278 million in Q3 2021, a drop of 14%.</p>
<p>Revenue fell 30% quarter-over-quarter from $343 million.</p>
<p>Fluence attributed the dip in revenue to Covid-19-driven lockdowns in China, resulting in delayed shipments of batteries and project completion.</p>
<p>The company posted a net loss of $61 million in Q3, a year-over-year (YoY) increase of 57% from $39 million. Pandemic-related supply chain issues disrupted the shipments, which were reflected in the losses incurred by the energy storage company.</p>
<p>Fluence’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for Q3 totaled $48 million, a YoY increase of 37% from $35 million.</p>
<p>Fluence posted a gross profit of $5 million for the period, a YoY fall of 67% from $15.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-40024" src="https://mercomindia.com/wp-content/uploads/2022/08/Fluence-Q3-results.png" alt="Fluence Q3 results" width="576" height="399" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Fluence-Q3-results.png 576w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Fluence-Q3-results-300x208.png 300w" sizes="(max-width: 576px) 100vw, 576px" />Fluence&#8217;s energy storage product order intake for the first nine months (9M) of 2022 stood at 1,493 MW, a YoY leap of 14% from 1,311 MW last year. The company contracted 311 MW of energy storage products in Q3 and 81 MW of energy storage services in FY 22.</p>
<p>Fluence’s CEO Manuel Perez Dubuc observed, “While we remain under force majeure with many of our battery suppliers, we are encouraged by the increasing volumes we are seeing as our battery suppliers begin to recover from the recent Covid-19-related lockdowns in China. We will continue to explore ways to diversify our battery supply as we engage with players throughout the value chain, and we remain committed to reducing our project costs. We are excited about our future and look forward to showing further progress on our margins in the fourth quarter.”</p>
<p>Fluence had an order backlog of $2.1 billion by the end of Q3, which comprises ~$1.8 billion from energy storage products and ~$0.3 billion from recurring revenues businesses — energy storage services and Fluence IQ.</p>
<p>Under the energy storage services category, Fluence had 1,511 MW of assets under management until June 2022, with a contracted backlog of 1,853 MW. The company deployed 1,580 MW of energy storage products until June with a contracted backlog of 3,564 MW.</p>
<p>To further the capacity of energy storage until the end of the decade by over 14 GW, Fluence said that the Inflation Reduction Act would help grow the demand for energy storage solutions in the U.S. The Act will bring over 20% incremental growth in America’s energy storage sector.</p>
<p>“We are encouraged by the progress we&#8217;re seeing in U.S. policies with the proposed Inflation Reduction Act of 2022. There are several elements of this proposed legislation that would provide significant upside for Fluence, namely the 30% investment tax credit for standalone energy storage,” the CEO said.</p>
<p>Fluence had <a href="https://mercomindia.com/storage-fluence-reports-50-rise-revenue-q1-fy-2022/" target="_blank" rel="noopener">posted</a> revenue of $175 million in the first quarter of FY 22 compared to $116 million in the same period last year.</p>
<p>In July, Fluence<a href="https://mercomindia.com/daily-news-wrap-up-fluence-opens-technology-centre-bengaluru/" target="_blank" rel="noopener"> announced</a> the launch of a new global technology center in Bengaluru to support the company’s global product strategy by growing engineering capabilities, scaling global talent, and bolstering Fluence’s presence in India.</p>


Energy Storage Firm Fluence Posts 14% Drop in Revenue at $239 Million for Q3 FY 2022


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					</table><p>Energy storage company <a href="https://www.bing.com/ck/a?!&amp;&amp;p=85615eb52498721dbd522a7926ecdb96870a0781bc7f196f6f6064807f040e7fJmltdHM9MTY1Nzg2NjMxNCZpZ3VpZD0zYTAyMGEyYS1iYmY2LTRmMDktOTA4NS0zMjhhZGQ3YjNlZDgmaW5zaWQ9NTE1Nw&amp;ptn=3&amp;fclid=e2b97d78-0406-11ed-866b-bdf9a744940f&amp;u=a1aHR0cHM6Ly9mbHVlbmNlZW5lcmd5LmNvbS8&amp;ntb=1" target="_blank" rel="noopener">Fluence Energy</a> and nine other energy market organizations have written to European policymakers to rethink the structure of European energy markets and the REPowerEU plan.</p>
<p>In a letter, they outlined why Europe needs a rapid rollout of technologies to increase grid flexibility and strong targets and policy frameworks to encourage the near-term adoption of these technologies.</p>
<p><strong>What is the REPowerEU plan?</strong></p>
<p>REPowerEU plan is the European Commission&#8217;s plan to make Europe independent from Russian fossil fuels well before 2030, considering Russia&#8217;s invasion of Ukraine. The plan sets out a series of measures to rapidly reduce dependence on Russian fossil fuels and fast forward the green transition while increasing the resilience of the EU-wide energy system.</p>
<p>The signatories highlighted the urgent need to rethink the structure of European energy systems in light of the current geopolitical situation across the continent, combined with high dependency on imported natural gas and growing electricity demand.</p>
<p>The companies argued that for this plan to be successful, it must be accompanied by adequate targets and policy frameworks to deploy energy storage and other flexibility technologies. They were necessary to enable renewables&#8217; safe and efficient integration into the electric grid.</p>
<p>While welcoming REPowerEU Plan, the signatories said that if the accelerated near-term deployment of renewable energy sources was to be successful, Europe needed a rapid rollout of proven and scalable technologies to increase grid flexibility and enable the safe and efficient integration of renewable generation.</p>
<p>To this end, battery-based energy storage was a quickly deployed, cost-effective, and low-emissions solution with the potential to become a backbone of modern, resilient, and decarbonized energy systems. Other technologies, such as demand side response, the improved utilization of existing storage potential of pumped hydroelectric, and other energy storage technologies, as well as the interconnectivity between national electricity markets, were all critical to enabling the European energy transition, they said.</p>
<p>The companies believe that battery-based energy storage can enhance network stability and ease congestion on transmission lines, reducing renewable curtailment and its high costs. It can provide capacity and ancillary services that balance supply and demand, often more efficient and cheaper than other technologies. It can also limit price volatility and, thereby, the overall electricity cost in the wholesale energy markets through energy arbitrage.</p>
<p>The signatories argued that the European energy market should be designed to provide clear price signals to generators and customers in line with the system&#8217;s needs at any moment in time. Energy prices should be low at times of high renewable generation and higher during periods of low generation. Similarly, the cost of using the grid should be higher when it is congested, providing price signals to local generation and consumption that helps to lower the congestion on the grid.</p>
<p>The signatories also suggest that the carbon intensity of peaking power plants needs to be addressed in capacity market design and through new policy measurements such as clean peaking standards. Grid connections for energy storage should be prioritized. Introducing flexible connection agreements in congested areas can speed up the integration of storage, which in turn can help reduce congestion based on market signals.</p>
<p>The group argued that the existing barriers to storage in national markets, such as charging of fees, levies, or taxes were not cost-reflective and disadvantageous to storage technologies.</p>
<p>The European Commission is <a href="https://mercomindia.com/european-commission-invest-1-8-billion-innovative-clean-energy/" target="_blank" rel="noopener">investing</a> €1.8 billion (~$1.804 billion) in 17 large-scale innovative clean energy projects worldwide. The investment is part of the second call of the Commission’s Innovation Fund with a 60% increase in the budget. The 17 selected projects will bring breakthrough technologies in energy-intensive industries, hydrogen, renewable energy, carbon capture, and storage infrastructure, and manufacturing key components for energy storage and renewables.</p>
<p>Last month, the EU <a href="https://mercomindia.com/eu-grants-e2-4-billion-to-seven-european-nations-to-modernize-energy-systems/" target="_blank" rel="noopener">provided</a> £2.4 billion (~$2.405 billion) to seven European nations to modernize energy systems, reduce greenhouse gas emissions and support them in meeting their 2030 climate and energy goals. Under the program, funds will be provided for eight solar parks in Romania.</p>


European Union Urged to Rethink the Structure of its Energy Markets


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					</table><p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>Fluence Energy, a U.S.-based energy storage company, </strong><a href="https://ir.fluenceenergy.com/news-releases/news-release-details/fluence-announces-india-technology-centre-underscoring" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the opening of a new global technology center in Bengaluru.</strong> The center is expected to support the company’s global product strategy by growing engineering capabilities, scaling global talent, and strengthening Fluence’s local presence in the country. The technology team is expected to be the key to expanding the company’s sixth-generation product line, which is delivering a range of grid services to customers worldwide and creating next-generation products.</p>
<p><strong>The Prime Minister’s office </strong><a href="https://www.pib.gov.in/PressReleasePage.aspx?PRID=1839786" target="_blank" rel="noopener"><strong>outlined</strong></a><strong> the details of the PM GatiShakti-National Master Plan (NMP) for infrastructure development, launched in October 2021.</strong> The plan was launched to bring different ministries/utilities and infrastructure planning under a single unified vision across all sectors such as Highways, Railways, Aviation, Gas, Power Transmission, and Renewable Energy. The GatiShakti NMP portal will provide a ‘One-click Comprehensive view’ to steer and simplify the planning and implementation process by reducing the time and cost of implementation in power transmission projects.  It would also aid in improving logistics efficiency through a single digital and multi-modal portal. In developing power transmission projects, the portal is expected to play a critical role in the planning, tendering, implementation, and approval stages.  The portal will map the requisite details of the nine high-impact projects by the Ministry of Power by creating a separate layer of ISTS transmission lines incorporating primary data like Line route, tower location, location of substation, and name of the owner.</p>
<p><strong>Azure Power, a renewable power producer in India, </strong><a href="https://www.prnewswire.com/news-releases/azure-power-becomes-the-first-renewable-energy-company-in-india-to-be-sa8000-certified-301582168.html" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it was awarded SA8000:2014 certification, an international standard for social accountability. </strong>The company claims to be India&#8217;s first renewable energy company to have been awarded this certification. SA8000 is the world&#8217;s leading social certification program and is an auditable standard that requires organizations to develop, maintain, and apply socially acceptable practices in the workplace, including the supply chain.</p>
<p><strong>IIT Kharagpur </strong><a href="https://www.pib.gov.in/PressReleasePage.aspx?PRID=1839484" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it has developed an indigenous, efficient, affordable, and certified BLDC (Brushless DC) motor and smart controller for e-Rickshaws</strong> under the Indigenous Development of Electric Vehicle Sub-systems program. The technology was transferred to Brushless Motor India for commercial production. The program was initiated by the Ministry of Electronics and Information Technology to address the challenge of having to import most of the EV components and to increase local manufacturing.</p>
<p><strong>Nordic Solar, a Denmark-based energy company, </strong><a href="https://nordicsolar.eu/en/nordic-solar-enters-sweden-with-four-new-solar-parks-in-the-south/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a partnership agreement with Helios Nordic Energy to develop and establish four solar parks in southern Sweden</strong> with a combined capacity of 220 MW. The four solar parks are expected to generate energy for private consumers or businesses equivalent to the consumption of 44,000 private households. The solar parks are expected to be completed in 2023, 2024, and 2025. Nordic Solar, which develops, builds, and operates solar parks on an industrial scale, is now in 12 European countries.</p>


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