GlobeNewswire Inc | Dec 20, 2021 11:20AM EST

December 20, 2021

System will accelerate Taiwans energy transition by participating in Taipowers Automatic Frequency Control services with local partners.

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TAIPEI, Taiwan, Dec. 20, 2021 (GLOBE NEWSWIRE) -- Fluence (NASDAQ: FLNC), a global market leader in energy storage products and services, and digital applications for renewables and storage announced today that it has been chosen by the local renewable energy IPP, Ina Energy, subsidiary of the PJ Asset Management Group, as the solution provider to deliver a 6MW / 6MWh battery-based energy storage system (BESS) in Taoyuan, Taiwan. Fluence will cooperate with the Taiwan-based TECO Group and its subsidiary YATECto offer Automatic Frequency Control (AFC) services to the state-owned utility company Taiwan Power Company (Taipower) services that are vital to helping Taiwan meet its renewable energy targets and climate goals.

The global storage market is growing at an unprecedented pace. According to the latest forecast from BloombergNEF (BNEF), energy storage installationsaround the world will reach a cumulative 358 GW/1,028 GWh by the end of 2030, more than twenty times larger than the 17 GW/34 GWh online at the end of 2020. As part of to its pledge to achieve 20% of the countrys electricity from renewable sources by 2025, up from approximately 5% in 2020, Taiwan has developed an energy policy that calls for increased renewable energy and LNG, significantly less coal, and a nuclear-free homeland. Energy storage is needed to effectively integrate solar and wind power into the grid to seamlessly match power supply and demand.Taipower has made frequency control a top priority since the islands traditionally centralized grid system has faced growing challenges from intermittent renewable energy sources trying to connect to the grid.Taipower has recognized the importance of battery storage in providing ancillary services to stabilize the grid and has targeted to boost its storage capacity to 590 MWh by 2025.

Taiwan represents Fluences 30th market and demonstrates its commitment to utilizing its latest system technologyto help make Taiwans power network stronger and more resilient, prepare it to accommodate more renewable energy adoption, and set the example for further clean energy deployments in the Asia Pacific region, said Achal Sondhi, Vice President of market growth for Asia Pacific at Fluence, Fluence views Taiwan as a key market in the region, and we look forward to working with our customers and business partners there to enhance the energy storage efficiency of the islands overall power ecosystem and open a new chapter for sustainable energy in Taiwan.

The development of renewable energy and energy storage is an important step in the right direction to achieve the energy transition in Taiwan. This is not only a business opportunity and a market trend, but also a consensus for the whole industry. Ina Energy has been committed to the development of new energy such as solar energy, and we are looking forward to the cooperation with Fluence, the leading global energy storage company. At the same time, we are proud to be able to participate in Taipower's automatic frequency control services and contribute to Taiwan's power supply stability and the energy transition," said Cai Jiajin, Chairman of Ina Energy.

YATEC, a subsidiary of TECO Group, is Fluences business partner in delivering its first battery-based energy storage system in Taiwan. The companys Chairman, Lin Shengquan says, "We are honored to partner with Fluence, the pioneer and expert in the energy storage industry. Fluences energy storage systems and its advanced software controls will play a significant role in maintaining reliable and resilient grids and we look forward to leveraging Fluence's knowledge, expertise and proven industry experience globally to support driving the energy transition and create a sustainable future with renewable energy in Taiwan."

About Fluence Fluence, a Siemens and AES company, isaglobal market leader in energy storage products and services,and digital applications for renewables and storage.The company has more than3.6GW of energy storage deployed or contracted in 30 markets globally, and more than 4.7GW of wind, solar, and storage assets optimized or contracted in Australia and California. Through ourproducts, services and AI-enabled Fluence IQ platform, Fluence is helping customers around the world drive more resilient electric grids and a more sustainable future.For more information about Fluence, please visit: https://fluenceenergy.com/taiwan/

Media ContactAdele ZhangHead of Marketing & Communications, Asia Pacific, Fluence+61 (0) 406 529 688adele.zhang@fluenceenergy.com