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From: Julius Wong2/23/2024 8:48:18 AM
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Fluence Energy sinks amid Blue Orca short report (update)

Feb. 22, 2024 6:29 PM ET
By: Joshua Fineman, SA News Editor

Black_Kira/iStock via Getty Images

Update 6:30pm: Adds Fluence Energy response to short report.

Fluence Energy (NASDAQ: FLNC) dropped 13% amid a new short report from Blue Orca research.

Blue Orca said its short Fluence Energy ( FLNC). Blue Orca claims that Siemens Energy ( OTCPK:SMEGF), one of Fluence's largest holder with a more than 30% stake, is suing the company.

Fluence Energy ( FLNC) said in a statement Thursday that the short report contains "numerous inaccuracies and distortions." Fluence also said that the pending litigation between Siemens Energy ( OTCPK:SMEGF) is a "small, ordinary course commercial dispute" that arose from a single project.

"The short-seller's report wrongly implies AES is moving away from Fluence as a supplier," Fluence said in the statement. "In fact, Fluence continues to be AES’ preferred Battery Energy Storage Systems technology provider. Our robust pipeline of sales to other customers continues to grow. Contrary to the implications in the short-seller report, the diversification of our customer base reflects the financial strength of our business and is part of our long-term strategy."

Separately, Siemens AG also responsed to the short seller report.

"As a point of clarification, there is no legal case between Siemens AG and Fluence," acccording to a statement emailed to Seeking Alpha. "In response to inaccurate statements, Siemens AG and AES confirm their confidence that Fluence is well positioned to meet its financial commitments."

Fluence Energy ( FLNC) is an energy-storage joint venture of Siemens Energy ( OTCPK:SMEGF) and power-plant developer AES Corp. ( AES) that went public in 2021.

Fluence Enegy ( FLNC) shares dropped for 6 of the last 7 trading days before the short report was issued on Thursday, falling 24%.
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