Fluence Energy, a global pure-play provider of energy storage technology that was launched as an AES joint venture with Siemens, has raised $868 million in an IPO. The pricing gives Fluence a market value of $4.7 billion.
Fluence Energy sold 31 million shares at $28 apiece, pricing them above the expected range of $21 to $24, according to various news sources. BNP Paribas Energy Transition reportedly contributed $70 million of the IPO, according to Renaissance Capital.
“Almost 15 years ago, AES started working on developing lithium-ion battery systems to improve the efficiency and flexibility of the grid and enable the broader expansion of renewables,” said Andrés Gluski, president and CEO of AES. “In 2018, we joined together with Siemens to create Fluence to drive global adoption of energy storage systems. Today’s transaction will further accelerate the growth of Fluence and its leadership in bringing new energy storage and AI-enabled bidding systems
