BrightNight and Cordelio Power Secure $414 Million for Solar Project

Fluence, a provider of energy storage products and services, announced that it has entered into a four-year $400 million Asset Backed Lending (ABL) credit facility maturing in November 2027. The funding 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.

“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 an Administrative Agent, Joint Lead Arranger, and Joint Bookrunner. J.P. Morgan is serving as Joint Lead Arranger and Joint Lead Bookrunner.

The company’s earnings for the third quarter (Q3) of the fiscal year (FY) 2022-23 saw a 124.4% increase in revenue Year over year (YoY) to $536.4 million. Their loss narrowed to 35.05 million, showing a 42% YoY improvement.

According to Mercom’s 9M And Q3 2023 Funding and M&A Report for Storage & Smart Grid announced debt and public market financing for Energy Storage companies in 9M 2023 decreased 63% YoY with $6.6 billion in 26 deals compared to $18 billion in 19 deals in 9M 2022.

Northvolt, a Sweden-based manufacturer of lithium-ion batteries, recently raised $1.2 billion in convertible notes to support its expansion plans across Europe and North America.