Fluence Stands by its Work on the Diablo Plant, and Will Vigorously Pursue the Payments it is Owed for its Work and Dispute the Allegations in the Counterclaim Filed by the Operator of the Plant

ARLINGTON, Va., Dec. 20, 2023 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (“Fluence”) (NASDAQ: FLNC), a leading global provider of energy storage products and services, and optimization software for renewables and storage, became aware of an article published today by Energy Storage News reporting that Fluence is the defendant in a counterclaim relating to its contract with Diablo Energy Storage, LLC. This information was disclosed in our recent Annual Report on Form 10–K for the fiscal year ended September 30, 2023 filed on November 29, 2023 with the Securities and Exchange Commission (the “SEC”).

The article only focuses on the counterclaim which was filed in reaction to Fluence’s original claim against Diablo Energy Storage, LLC (“Diablo”), even mentioning the law firm which filed it. Fluence’s original claim was for Diablo’s failure to comply with the terms of their contract, including payment of the remaining balance owed to Fluence and for other related damages. Instead of discussing Fluence’s position, set forth in its complaint, the article focused on the counterclaim.

Fluence is pleased with the work it accomplished on the Diablo Plant, which is the subject of the complaint, and it wants and expects to be paid for its work. Fluence believes the counterclaim is without merit, and Fluence will vigorously pursue its affirmative claims as well as defend against the claims by the defendant Diablo Energy Storage, LLC.

Additional details are available in Fluence’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023 filed on November 29, 2023 with the Securities and Exchange Commission and available on the company’s website. There have been no material developments in the litigation since the filing of the 10-K.

About Fluence

Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader in energy storage products and services, and optimization software for renewables and storage. With a presence in 47 markets globally, Fluence provides an ecosystem of offerings to drive the clean energy transition, including modular, scalable energy storage products, comprehensive service offerings, and the Fluence IQ Platform, which delivers AI-enabled SaaS products for managing and optimizing renewables and storage from any provider. The Company is transforming the way we power our world by helping customers create more resilient and sustainable electric grids.

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Forward-Looking Statements

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