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(Bloomberg) — Battery storage company Fluence Energy Inc. said it can work with US Senate Republicans’ latest version of President Donald Trump’s fiscal package, which would preserve tax credits for the industry while gutting incentives for wind and solar power.
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The rules coming out of the Senate bill are “workable,” Fluence Chief Executive Officer Julian Nebreda said in an interview at Bloomberg headquarters in New York. “We believe that they are something that we can support.” About 50% of the company’s business is in the US, he said.
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Fluence, backed by AES Corp. and Siemens, recently cut its full-year revenue guidance after pausing certain US projects due to uncertainty around tariff policy. But analysts with JPMorgan Chase & Co. said the Senate version of the tax bill is “positive” for companies like Fluence. The current bill allows battery systems put in service before 2036 to qualify for credits.
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Lawmakers have an incentive to support the credits because battery storage is the only way the US can add energy to the grid fast enough to support soaring power demand from artificial intelligence, Nebreda said.
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Trump’s fluctuating tariff policies have created uncertainty for the industry, however, he said. About 92% of the components in Fluence’s energy storage systems are manufactured in the US, although its sensing boards are made in Hungary and some sub-components are made in China and other countries, he added.
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While the company is working to shift the production of those inputs to the US, a domestic supply chain for batteries isn’t possible without government support, Nebreda said. Chinese batteries used for energy storage now face a 40.9% tariff after accounting for duties imposed prior to the Trump administration and paused reciprocal tariffs, according to BloombergNEF.
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—With assistance from Mark Chediak and Michelle Ma.
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