Qatar SWF Invests in Fluence Energy
Posted on 12/30/2020
Arlington, Virginia-based Fluence Energy, LLC is a global battery storage joint venture of Siemens AG and AES Corporation. Qatar Investment Authority invested US$ 125 million in Fluence Energy for a 12% ownership stake. The deal values Fluence Energy at more than US$ 1 billion. Siemens and AES will retain a 44% stake each following completion of the deal. AES and Siemens was keen to get a higher valuation for Fluence Energy for a potential public offering in two to three years.
AES and Siemens were keen on selling an ownership stake in Fluence Energy earlier in 2020. Fluence Energy has about 2.4 gigawatts of battery capacity installed or under development. Battery energy storage is growing of importance as the growth of intermittent power increases such as solar and wind power.
