Global energy storage provider Fluence faces counterclaim related to Diablo Energy Storage contract, as reported by Energy Storage News. Fluence asserts its original claim against Diablo for contract non-compliance, emphasizing its contributions to the Diablo Plant and pursuit of owed payments.
Background Disclosure and Media Focus
Fluence, a prominent global energy storage solutions provider, responds to recent coverage by Energy Storage News highlighting a counterclaim against the company. The counterclaim, prompted by Fluence’s original complaint against Diablo Energy Storage, LLC, has been outlined in Fluence’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on November 29, 2023.
Original Claim by Fluence
Fluence initiated legal action against Diablo, citing the latter’s failure to adhere to contractual terms, specifically non-payment of the outstanding balance owed to Fluence and related damages. While Fluence emphasizes the merits of its original claim, the media coverage has predominantly focused on Diablo’s counterclaim, generating a one-sided narrative.
Fluence Stands by Its Work
Fluence expresses satisfaction with its contributions to the Diablo Plant, the subject of the legal dispute, underscoring the quality of work delivered. The company emphasizes its expectation and entitlement to receive due compensation for its contributions, expressing confidence in the validity of its original claim.
Counterclaim Deemed Without Merit
Fluence categorically dismisses Diablo’s counterclaim, labeling it as lacking merit. The company asserts its commitment to vigorously pursue its original claims against Diablo Energy Storage, LLC, aiming to secure rightful compensation and defend its position in the legal proceedings.
Detailed Information in Annual Report
Fluence directs stakeholders to refer to its Annual Report on Form 10-K for the fiscal year ending September 30, 2023, filed with the SEC on November 29, 2023, for comprehensive details on the ongoing litigation. The company assures stakeholders that there have been no material developments in the legal proceedings post the 10-K filing.
About Fluence
Fluence Energy, Inc. (Nasdaq: FLNC) stands as a leading global provider of energy storage solutions and optimization software for renewable energy and storage applications. With a global presence spanning 47 markets, Fluence offers a comprehensive ecosystem, including modular energy storage products, service solutions, and the Fluence IQ Platform, facilitating AI-enabled SaaS products for managing and optimizing renewables and storage across diverse providers.
Forward-Looking Statements Disclaimer
The press release concludes with a disclaimer on forward-looking statements, emphasizing that statements not strictly related to historical facts are subject to uncertainties and risks. Fluence commits to updating stakeholders on material developments and remains focused on advancing its position in the evolving energy storage landscape.
Source: koreabizwire.com
