Fluence Energy, a provider of energy storage products and services and optimization software for renewables and storage, entered into a four-year, $400 million asset-backed lending credit facility, maturing in November 2027.
The ABL is secured by the company’s eligible inventory and other assets and replaces the company’s existing $200 million revolving credit facility, which was terminated
The transition from the revolver to the larger ABL facility will improve Fluence’s ability to manage working capital, enhancing the company’s already liquidity position. The ABL facility provides a more flexible solution to enhance control over inventory-related financing.
“We expect the enhanced liquidity to be utilized to finance our growth plan as we continue to scale globally,” Julian Nebreda, president and CEO of Fluence, said. “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 administrative agent, joint lead arranger and joint bookrunner for the transaction. J.P. Morgan is serving as joint lead arranger and joint lead bookrunner.
