Fluence CEO says energy storage leader has record backlog that will push it to profitability this year
Rows of cabinets containing lithium ion batteries supplied by Fluence, a Siemens and AES Company, are seen inside the AES Alamitos Battery Energy Storage System, which provides stored renewable energy to supply electricity during peak demand periods, in Long Beach, California on September 16, 2022.
Patrick T. Fallon | AFP | Getty Images
Energy storage leader Fluence is seeing strong demand from the power hungry utility sector and will become profitable this year, CEO Julian Nebreda told CNBC in an interview Friday.
Fluence shares jumped 13% this week despite reporting a net loss in its most recent quarter. Orders, however, are strong, with the company booking a record quarterly intake of $1.1 billion, boosting its contracted backlog to an all-time high of $3.7 billion.
Nebreda said Fluence is preparing for “hypergrowth” as wind and solar play a growing role in the U.S. power grid. Solar energy, for example, is collected during the day but consumption peaks in the evening. Fluence’s technology helps balance supply and demand by storing energy for later use.
“Our technology is fundamental to ensure that we can all take advantage of the great benefits of renewables,” Nebreda said. Fluence is the energy storage leader in the U.S., he said.
Fluence swung to net loss for the three months ending Dec. 31 after reporting a profit of $4.8 million in the prior quarter. The $25.6 million loss the company reported was 31% lower than its loss in the year-ago period.
Fluence’s gross profit margin is now in the double digits, 10.5% on an adjusted basis, and its cost structure is stable, Nebreda said. About 70% of Fluence’s forecast revenue of $2.7 billion to $3.3 billion is backlogged toward the end of the year, the CEO said.
“As the revenue goes up during the year, we will become profitable and we will be profitable for the full year,” Nebreda predicted. Fluence expects $50 million to $80 in earnings before interest, taxes, depreciation and amortization in 2024.
Founded in 2018 by Siemens and AES, Fluence went public in October 2021 at $28 a share, quickly touching $35 on its first day of trading. The stock is down about 36% since then, to $22.43 at Friday’s close. Today, Siemens and AES still own 29% each, with the Government of Qatar controlling another 8%.
Fluence shares over the past year.
Wall Street has grown bullish on Fluence with 73% of analysts rating the company’s stock the equivalent of buy, with an average price target of some $32, implying 43% upside from Thursday’s close.
“Fluence continues to experience robust growth momentum, boosted by solid market fundamentals for energy storage, favorable legislation such as the IRA, and improving supply chains,” James West, an analyst with Evercore ISI, told clients in a note Thursday, referencing the Inflation Reduction Act.
West said Fluence has a “clean path to profitability,” and his price target of $59 implies 163% upside from Friday’s close. That price target is the highest on Wall Street, according to FactSet.
Nebreda said the cost of energy has been a long-standing problem for utilities, but batteries are becoming more effective, less costly and less prone to safety issues.
Industry demand for energy storage will grow at a 27% compound annual rate over the next six years to hit 150 gigawatt hours by 2030, according to Bloomberg NEF. That is enough to power 15 million households for one year based on average consumption, according to Fluence.
“It’s an immense number,” Nebreda said. “We design our capabilities for hypergrowth.”
Climate XChange’s Annual EV Raffle is back for the 10th year running – and for the first time ever, Climate XChange has two raffle options on the table! The nonprofit has helped lucky winners custom-order their ideal EVs for the past decade. Now you have the chance to kick off your holiday season with a brand new EV for as little as $100.
About half of the raffle tickets have been sold so far for each of the raffles – you can see the live ticket count on Climate XChange’s homepage – so your odds of winning are better than ever.
But don’t wait – raffle ticket sales end on December 8!
Climate XChange is working hard to help states transition to a zero-emissions economy. Every ticket you buy supports this mission while giving you a chance to drive home your dream EV.
Here’s how Climate XChange’s 10th Annual Raffle works:
The Luxury Raffle
- Grand Prize: The winner can choose any EV on the market, fully customized up to $120,000. This year, you can split the prize between two EVs if the total is $120,000 or less.
- Taxes covered: This raffle comes with no strings – Climate XChange also pays all of the taxes.
- Runner-up prizes: Even if you don’t win the Grand Prize, you still have a chance at the 2nd prize of $12,500 and the 3rd prize of $7,500.
- Ticket price: $250.
- Grand Prize Drawing: December 12, 2025.
- Only 5,000 tickets will be sold for the Luxury Raffle.
The Mini Raffle (New for 2025)
- Grand Prize: Choose any EV on the market, fully customized, up to $45,000. This is the perfect raffle if you’re ready to make the switch to an EV but aren’t in the market for a luxury model.
- Taxes covered: Climate XChange pays all the taxes on the Mini Raffle, too.
- Ticket price: $100.
- Only 3,500 tickets will be sold for the Mini Raffle.
Why it’s worth entering
For a decade, Climate XChange has run a raffle that’s fair, transparent, and exciting. Every ticket stub is printed, and the entire drawing is live-streamed, including the loading of the raffle drum. Independent auditors also oversee the process.
Plus, your odds on the Luxury and Mini Raffles are far better than most car raffles, and they’re even better if you enter both.
Remember that only 5,000 tickets will be sold for the Luxury Raffle and only 3,500 for the Mini Raffle, and around half of the available tickets have been sold so far, so don’t miss your shot at your dream EV!
Climate XChange personally works with the winners to help them build and order their dream EVs. The winner of the Ninth Annual EV Raffle built a gorgeous storm blue Rivian R1T.
How to enter
Go to CarbonRaffle.org/Electrek before December 8 to buy your ticket. Start dreaming up your perfect EV – and know that no matter what, you’re helping accelerate the shift to clean energy.
Who is Climate XChange?
Climate XChange (CXC) is a nonpartisan nonprofit working to help states pass effective, equitable climate policies because they’re critical in accelerating the transition to a zero-emissions economy. CXC advances state climate policy through its State Climate Policy Network (SCPN) – a community of more than 15,000 advocates and policymakers – and its State Climate Policy Dashboard, a leading data platform for tracking climate action across the US.
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The CSC Monterey – one of the most charming little electric scooters on the US market – has dropped to a shockingly low $1,699, down from its original $2,899 MSRP. That’s nearly half off for a full-size, street-legal electric scooter that channels major Honda Super Cub energy, but without the gas, noise, or maintenance of the original.
CSC Motorcycles, based in Azusa, California, has a long history of importing and supporting small-format electric and gas bikes, but the Monterey has always stood out as the brand’s “fun vibes first” model. With its step-through frame, big retro headlight, slim bodywork, and upright seating position, it looks like something from a 1960s postcard – just brought into the modern era with lithium batteries and a brushless hub motor.
I had my first experience on one of these scooters back in 2021, when I reviewed the then-new model here on Electrek. I instantly fell in love with it and even got one for my dad. It now lives at his place and I think he gets just as much joy from looking at it in his garage as riding it.
You can see my review video below.
The performance is solidly moped-class, which is exactly what it’s designed for. A 2,400W rear hub motor pushes the Monterey up to a claimed 30 mph or 48 km/h (I found it really topped out at closer to 32 mph or 51 km/h), making it perfect for city streets, beach towns, and lower-speed suburban routes.
A 60V, roughly 1.6 kWh removable battery offers around 30–40 miles (48-64 km) of real-world range, depending on how aggressively you twist the throttle. It’s commuter-ready, grocery-run-ready, and campus-ready right out of the crate.
It’s also remarkably approachable. At around 181 pounds (82 kg), the Monterey is light for a sit-down scooter, making it easy to maneuver and park. There’s a small storage cubby, LED lighting, and the usual simple twist-and-go operation. And it comes with full support from CSC, a company that keeps a massive warehouse stocked with components and spare parts.
My sister has a CSC SG250 (I’m still trying to convert her to electric) and has gotten great support from them in the past, including from their mechanics walking her through carburetor questions over the phone. So I know from personal experience that CSC is a great company that stands behind its bikes.
But the real story here is the price. Scooters in this class typically hover between $2,500 and $4,500, and electric retro-style models often jump well above that.
At $1,699, the Monterey is one of the least expensive street-legal electric scooters available from a reputable US distributor, especially one that actually stocks parts and provides phone support.
If you’ve been curious about swapping a few car errands for something electric – or you just want a fun, vintage-styled runabout for getting around town – this is one of the best deals of the year.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss a big Tesla Robotaxi setback, the new Mercedes-Benz CLA EV, Bollinger is over, and more.
Today’s episode is brought to you by Climate XChange, a nonpartisan nonprofit working to help states pass effective, equitable climate policies. Sales end on Dec. 8th for its 10th annual EV raffle, where participants have multiple opportunities to win their dream model. Visit CarbonRaffle.org/Electrek to learn more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.
Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:
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