Fluence is a global provider of utility-scale battery energy storage systems (BESS), serving IPPs, utilities, and energy developers across 33 markets in 25 countries. Customers use Fluence's systems to store and dispatch electricity to the grid, supporting renewable integration, grid services, and increasingly, data center power needs. Fluence operates an asset-light model, outsourcing manufacturing entirely to contract manufacturers in the U.S. and Southeast Asia, while focusing on system design, software, and integration. The company's core product lines are Gridstack Pro, a configurable MW-to-GW scale BESS platform, and the newly launched Smartstack, which features a split architecture separating battery packs from control systems and targets high-density applications like data centers and long-duration storage. All systems run Fluence's proprietary Fluence OS energy management software. Beyond hardware, Fluence offers O&M services for its installed base and two SaaS products — Mosaic, an AI-driven bid optimization tool for wholesale electricity markets, and Nispera, an asset performance management platform for storage and renewables. Revenue is primarily driven by fixed-price project contracts, recognized on milestone completion, and is lumpy and back-end loaded. Services and digital revenues provide a growing recurring layer, with combined ARR of $148M at the end of FY25. Fluence has invested heavily in a U.S. domestic supply chain to capture IRA tax incentives and serve customers avoiding Chinese-linked supply chains, which management views as a key competitive differentiator in the U.S. market.