Fluence Declares Force Majeure Over Battery Supply-Chain Woes
Shares plunge after firm says China lockdowns are crimping supplies.
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Fluence Energy Inc. has declared force majeure with three customers as China’s coronavirus lockdown disrupted battery supplies, forcing them to look elsewhere for alternative sources.
The US developer of large-scale energy storage projects aims to get 30% of its batteries from sources outside China by year end and half by the end of 2024, company executives said Thursday during an earnings call. That will include batteries made by Europe’s Northvolt AB, following an agreement between the two companies last year. Fluence hasn’t lost any customers due to force majeure, the executives said.