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.”
Stellantis is recalling over 375,000 Jeep Wrangler and Grand Cherokee 4xe plug-in hybrids, telling owners to avoid charging and park away from any buildings due to a potential fire risk.
Stellantis recalls Jeep Wrangler, Grand Cherokee PHEVs
After an internal investigation found 19 reports of fires, Stellantis said it was recalling about 320,065 Jeep plug-in hybrid SUVs in the US.
The recall affects certain model-year 2020-2025 Jeep Wrangler 4xe and 2022-2026 Jeep Grand Cherokee 4xe models.
Stellantis is recalling another 20,753 Jeep PHEVs in Canada, 2,653 in Mexico, and 32,238 in markets outside of North America.
Until the remedy is available, the company is urging owners to refrain from charging and to park away from buildings or other vehicles. The risk of a fire is less when the battery is drained, the company said.
The batteries were produced by Samsung SDI, the same defect that led to the recall of 154,000 Jeep plug-in hybrids in 2024. Vehicles included in that recall will still need the new remedy.
According to Stellantis, nine of the reported fires were from Jeep Wranglers and Grand Cherokees included in the 2024 recall.
Stellantis said a remedy “is imminent,” and affected drivers will be notified when they can schedule a service appointment.
Until then, owners can call customer care at 1-800-853-1403 with questions or concerns. You can also visit recalls.mopar.com for more information.
The recall comes after Stellantis issued one for nearly 25,000 Jeep Wrangler PHEVs less than two weeks ago due to a software glitch that left drivers stranded with bricked vehicles. Some had to be towed to dealers.
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Zero Motorcycles, long known for its powerful electric motorcycles, is diving deeper into the world of urban mobility with the launch of the all-new LS1 electric scooter. Unveiled today at EICMA 2025 in Milan, the LS1 is designed to expand Zero’s reach beyond motorcycles and into the increasingly important city commuter segment.
The LS1 marks a key milestone in Zero’s “All-Access” initiative, aimed at making electric two-wheelers available to a broader range of riders. Compact, lightweight, and built for life in dense city environments, the LS1 brings Zero’s signature electric performance into a much more approachable and user-friendly package.
Powered by a mid-mounted motor and fueled by two swappable floorboard-mounted batteries, the LS1 offers up to 115 km (71 miles) of range in standard configuration. Riders looking to go further can add an optional third battery, stored under the seat, to extend range to 170 km (106 miles).
With a top speed of 100 km/h (62 mph), ABS, traction control, and a low seat height, the LS1 seems to offer the kind of versatility and rider confidence needed for navigating tight European streets.
For charging, the removable batteries can be topped up indoors using the included 800W charger (0–95% in 4.5 hours or 20–80% in 3 hours), or more quickly with an optional 1,500W fast charger that cuts those times nearly in half. That ease of off-board charging, combined with under-seat storage big enough for a helmet or groceries, seeks to make the LS1 a practical daily driver for urban riders and apartment dwellers.
Built as part of Zero’s expanding partnership with Zongshen, which also saw Zero roll out two trail-oriented e-motos, the LS1 seems to offer a nice balance between Zero’s design and more affordable Chinese production. And with a projected price of roughly €5,200 depending on the country/market, it seems reasonably priced to sell.
“The LS1 is designed for the people we see every day in cities like Paris, Milan, or Barcelona,” said Zero CEO Pierre-Martin Bos. “It’s simple, stylish, and makes electric riding accessible to a whole new group of riders.”
Bos recently replaced Sam Paschal as Zero’s new CEO, part of significant shifts lately at Zero that saw the company move its base of operations out of the US and reduce its workforce. A representative of Zero at the EICMA booth also explained that Zero’s former CTO Abe Askenazi is also no longer with the company.
Electrek’s Take
This is an interesting move by Zero, and probably a smart one. Flagship electric motorcycles may feature impressive performance, but they aren’t bringing in big profits right now. Smaller, modest e-motos that fit into more lifestyles are where the volume is at right now.
The LS1 brings the brand’s premium engineering and EV know-how to a format that more riders actually want, and can use every day. It’s lightweight, nimble, and doesn’t try to be a motorcycle in disguise. For city riders who’ve wanted a legit, high-quality electric scooter from a trusted brand, this could be an answer.
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After teasing another new vehicle, Toyota said “a major unveiling” is set for next week. Is this Toyota’s electric truck?
What new vehicle is Toyota teasing now?
After stealing the spotlight at the Japan Mobility Show last week with the Corolla Concept, Land Cruiser FJ, and ultra-luxe Century brand, Toyota is at it again.
Toyota is teasing another new vehicle ahead of what it’s calling a “major unveiling” set for next week. “Get ready to embark on a new journey together,” the company said.
The image appears to be of the new Hilux, Toyota’s compact midsize Hilux pickup truck. The Hilux is the best-selling pickup outside of North America, going head-to-head with the Ford Ranger and other smaller trucks. It’s even Toyota’s most popular vehicle in some markets across Southeast Asia and Africa.
Currently in its eighth generation, Toyota’s pickup is due for an overhaul. Toyota teased the new vehicle, revealing slim LED headlights and a rugged front-end design.
A video from Toyota Thailand offers a better look at the pickup from the back and side. The rear features redesigned taillights similar to those on the front end. You can also see it’s a four-door pickup, or Double Cab.
Toyota said the major unveiling is set for November 10. We have yet to learn the prices or any powertrain specs (or even officially what vehicle it is), but it could arrive with a battery-electric (BEV) powertrain.
According to Drive, Toyota’s plans to release an electric Hilux pickup leaked during the Tokyo Motor Show. A slide shown to Malaysian media was leaked on Instagram, revealing two pickups, one clearly marked as a BEV. The other vehicles included the new bZ4X, Land Cruiser FJ, and Yaris Ativ.
The leaked image comes after Toyota Thailand president Noriaki Kamashita told reporters during last year’s Bangkok International Motor Show that the Hilux EV would launch by the end of 2025.
Although an electric variant is a possibility, the Hilux is expected to continue to be offered with its current mild-hybrid 2.8-liter turbo diesel engine.
We will learn more next week. Check back on November 10 for the full details.
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