ARLINGTON, Va., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (“Fluence”) (NASDAQ: FLNC), a leading global provider of energy storage products and services, and cloud-based software for renewables and storage, today announced that Fluence Mosaic™, an intelligent bidding software for grid-scale energy storage and renewable assets, has launched in the Electric Reliability Council of Texas (ERCOT) wholesale power market, starting with over 350 MW of battery-based energy storage assets scheduled to commence operations with Mosaic in 2023. Through state-of-the-art machine learning, Mosaic allows scheduling entities to navigate increasingly complex electricity markets so energy storage assets can maximize revenue in wholesale power markets. The announcement reflects Mosaic’s first project in ERCOT with the bid optimization software tailored specifically to the market rules and products within the complex Texas energy market.
As part of a framework agreement with a large energy company for all its new energy storage assets in ERCOT, Mosaic will optimize energy and ancillary services bids and offers in ERCOT’s electricity market, starting with two assets anticipated to come online in 2023. Mosaic leverages artificial intelligence to automate development of advanced price forecasts and optimal hourly and intra-hour (up to five minute) bids. This helps asset owners and traders navigate ERCOT’s complex electricity market and enables energy storage systems to react quickly and efficiently to grid needs and optimize revenue from market participation. Mosaic for ERCOT currently supports energy storage systems from any technology provider.
Also available in the California ISO (CAISO) market and the Australian National Electricity Market (NEM), Mosaic incorporates detailed market rules and real-time data to enable asset owners and traders to maximize participation in wholesale electricity markets and capitalize on the full value of their assets. The software is currently optimizing more than 5 GW of clean energy assets globally, with a total of over 9 GW deployed or awarded.
“We are excited to expand the footprint of our Mosaic Software-as-a-Service product into the ERCOT market and appreciate the trust that our customers have placed in Fluence to optimize and automate bidding for these storage assets,” said Krishna Vanka, Fluence Senior Vice President and Chief Digital Officer. “First released in the NEM, next in CAISO, and now in ERCOT, we look forward to Mosaic’s continued expansion into some of the world’s most dynamic and complex deregulated electricity markets.”
Fluence currently offers two Software-as-a-Service products as part of the Fluence IQ™ Digital Platform: Mosaic and Fluence Nispera™, with a combined portfolio of more than 18 GW of assets contracted or under management globally. Nispera is an AI-powered asset performance management software that enables wind, solar, hydro, and storage asset owners and managers to uncover hidden performance issues, minimize downtime, and maximize energy production. Nispera can support assets of any technology provider and in any location globally.
Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader in energy storage products and services, and cloud-based software for renewables and storage. With a presence in over 40 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.
The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the anticipated operational performance of the Mosaic application and its ability to optimize trading in ERCOT. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as such as “may,” “possible,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions and variations thereof and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments, as well as a number of assumptions concerning future events, and their potential effects on our business. These forward-looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, unforeseen circumstances outside of Fluence’s control which may cause the Mosaic application to terminate or not perform as anticipated and factors set forth under Part I, Item 1A.“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, filed with the Securities and Exchange Commission (“SEC”) on December 14, 2022 and in other filings we make with the SEC from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.
Shayla Ebsen, Director of Communications
Phone: +1 (605) 645-7486
Lexington May, Vice President of Investor Relations
Phone: +1 (713) 909-5629