Fluence Responds to Misleading Short Seller Report

ARLINGTON, Va., Feb. 22, 2024 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (“Fluence” or “the Company”) (NASDAQ: FLNC), a leading global provider of energy storage products, services, and optimization software for renewables and storage, today issued a statement in response to a report published by a known short-seller. The Company believes that the report is an attempt by a self-interested short-seller to profit at the expense of Fluence’s shareholders by manipulating Fluence’s stock price.

We believe that the report contains numerous inaccuracies and distortions. The Company believes it is important to set the record straight regarding three blatant misrepresentations:

• The short-seller's report references pending litigation between Fluence and Siemens Energy, attempting to characterize it as a "critical and dramatic development." While any dispute with a customer is unfortunate, this is a small, ordinary course commercial dispute arising from a single project. Fluence brought the action to collect approximately $2 million in unpaid amounts due, and Siemens Energy responded with counterclaims of approximately $9 million. Fluence strongly denies Siemens Energy’s counterclaims and the case is progressing in the ordinary course. 
  

• Siemens AG and its German retirement fund are investors in Fluence. Siemens AG has a minority ownership interest in Siemens Energy – it is not the same company and there is no legal case between Siemens AG and Fluence. We believe the litigation with Siemens Energy has no effect on our strong relationship with Siemens AG.
  

• The short-seller's report wrongly implies AES is moving away from Fluence as a supplier. In fact, Fluence continues to be AES’ preferred Battery Energy Storage Systems technology provider. Our robust pipeline of sales to other customers continues to grow. Contrary to the implications in the short-seller report, the diversification of our customer base reflects the financial strength of our business and is part of our long-term strategy.

The Company reiterates its commitment to maintaining high standards of corporate governance and internal controls, as well as transparent and timely disclosure in compliance with applicable rules and regulations.