Fluence Energy

Fluence builds the giant battery systems that store electricity for the power grid. Created in 2018 as a joint venture between the utility AES and the industrial group Siemens, it designs, installs and operates grid-scale energy storage, the banks of batteries that soak up power when supply is high, from solar farms at midday or wind at night, and release it when demand peaks. As renewables take a bigger share of the grid, that ability to shift energy across hours becomes essential, which is the long-term case for the business. Based in Arlington, Virginia, and public since 2021, Fluence also sells software to manage storage and renewable assets. The company has struggled with thin margins, supply-chain costs and competition, so despite a strong end market its profitability has been uneven. The stock is a bet on the energy-storage boom, tempered by the hard economics of a young, capital-intensive industry.

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