ASX, FLC, Fluence, Capital Raise

Net cash positive balance sheet following completion of successful A$40.7M capital raising

Highlights:

• Cash balance exceeds debt by over US$5M following completion of successful A$40.7M capital raising
• Balance sheet strength provides new management team with flexibility to deliver on strategy
• US$13M of Term Loan repaid to Upwell Water LLC and balance expected to be repaid on maturity in July 2024
• Capital raising strongly supported by existing shareholders, Australian and international family offices and institutional investors, Directors and management
• Chairman Doug Brown contributed A$11M to the capital raising and now owns 14% of company
• Management to focus on revised strategy of higher margin Smart Product Solutions and Recurring Revenue with a primary focus in North America