Fluence Signed an MOU with EGAT to Develop Thailand Energy Storage Market, Expand Footprint in Southeast Asia – EQ Mag
BANGKOK, Thailand : Fluence Energy, Inc. (“Fluence”) (NASDAQ: FLNC), a leading global provider of energy storage products and services, and cloud-based software for renewables and storage, and the Electricity Generating Authority of Thailand (EGAT), today announced a memorandum of understanding to develop the battery-based energy storage market in Thailand. Fluence and EGAT aim to increase the deployment of energy storage to support the increased integration of renewables into the power grid and achieve Thailand’s clean energy targets.
“Thailand is an important market in Southeast Asia. We are excited to collaborate with EGAT and leverage our global experience delivering complex solutions for energy storage,” said Fluence Senior Vice President and President, APAC Jan Teichmann. “This engagement is a testament to the strong relationship between our organizations and provides a platform to identify energy storage opportunities in Thailand to help accelerate the country’s energy transition.”
According to International Renewable Energy Agency (IREA), at current usage levels, Thailand’s existing oil and gas resources will deplete within the next decade. Facing rising energy demand coupled with increasing reliance on imported sources of energy, Thailand’s government raised the country’s non-hydro renewable target from 20 to 30 percent by 2036. With this rapid projected penetration of renewable energy into the energy mix, energy storage can play a key role in stabilizing and strengthening the future grid. For example, storage can provide greater flexibility in the management of generation resources and optimize electricity costs.
“EGAT plans to collaborate with Fluence on developing Thailand’s energy storage services,” said Dr. Narin Phoawanich, Assistant Governor-Fuel Management at EGAT. “Storage is critical for allowing increased renewable energy integration while maintaining power grid stability and flexibility. We are moving in the right direction towards achieving our clean energy target.”
About Fluence
Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader in energy storage products and services, and cloud-based software for renewables and storage. With a presence in over 40 markets globally, Fluence provides an ecosystem of offerings to drive the clean energy transition, including modular, scalable energy storage products, comprehensive service offerings, and the Fluence IQ Platform, which delivers AI-enabled SaaS products for managing and optimizing renewables and storage from any provider. The company is transforming the way we power our world by helping customers create more resilient and sustainable electric grids.
About EGAT
EGAT is a state-owned enterprise under the supervision of Ministry of Energy and Ministry of Finance. The principal mission of EGAT is electricity generation, electricity acquisition, and electricity sales to the Metropolitan Electricity Authority (MEA), the Provincial Electricity Authority (PEA), direct customers by law, and neighboring countries. EGAT is also responsible for other related businesses as stipulated by the EGAT Act.
