ARLINGTON, Va., Nov. 27, 2023 (GLOBE NEWSWIRE) — Fluence Energy, Inc. (Nasdaq: FLNC), a leading global provider of energy storage products and services and optimization software for renewables and storage, today announced that it has entered into a new four-year $400 million Asset Backed Lending credit facility maturing in November 2027.
The ABL is secured by the Company’s eligible inventory and other assets and replaces the Company’s existing $200 million Revolving Credit Facility (“RCF”), which was terminated today.
The transition from the RCF to the larger ABL facility will improve Fluence’s ability to manage working capital, significantly enhancing the Company’s already strong liquidity position. The ABL facility provides a more flexible solution to enhance control over inventory-related financing.
“We expect the enhanced liquidity to be utilized to finance our growth plan as we continue to scale globally,” said Fluence President and Chief Executive Officer Julian Nebreda. “Our team expects to continue to build upon our market leading position in utility-scale energy storage solutions in the U.S. and worldwide, while establishing a strong foundation for annual recurring revenues from the services and digital business through our hardware solutions.”
Barclays is serving as Administrative Agent, Joint Lead Arranger, and Joint Bookrunner. J.P. Morgan is serving as Joint Lead Arranger and Joint Lead Bookrunner.
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 over 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. Fluence is transforming the way we power our world by helping customers create more resilient and sustainable electric grids.
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