Qatar invests $125M in energy storage company Fluence
Fluence, the global energy storage solutions joint venture between Siemens and AES, announced that it has entered into a definitive agreement with the Qatar Investment Authority (QIA) pursuant to which QIA will commit to invest $125 million in Fluence through a private placement transaction.
Consummation of the transaction is subject to the satisfaction of customary closing conditions, including regulatory clearances.
Fluence intends to use the net proceeds from the private placement to further accelerate development of its product offerings, particularly digital products, and deployment of existing products in more markets globally. AES and Siemens will remain major shareholders, each maintaining an approximately 44% stake following the completion of the transaction and will continue to support Fluence’s long-term growth.