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(Updated 9:30 p.m.) Ballston-based Fluence is ramping up its efforts to tackle climate change with energy storage systems for renewable energy.
The energy storage company was founded three years ago this month as the joint venture of Berlin-based Siemens and Arlington-based Fortune 500 company, AES Corp. It enjoyed torrid growth over the course of 2020: About 100 staff came on, including a new CEO, and it acquired a company in October.
This year is off to a great start, too, with a pledge of $125 million in investment from the Qatar Investment Authority.
January 7
th, 2021 – Enel Green Power S.p.A. ( EGP ), signed an agreement with a subsidiary of Qatar Investment Authority (“QIA”) for a joint venture partnership aimed at financing, building and operating renewable projects in Sub-Saharan Africa. The parties also signed an agreement whereby QIA will acquire 50% of EGP’s stake in projects in operation and under construction in South Africa and Zambia with approximately 800 MW capacity.
Francesco Starace, Enel CEO and General Manager, said: “
Through this new partnership, we will combine our Group’s sustainable strategy, enhanced by our industrial expertise in business development, engineering & construction, as well as operation & maintenance of renewable plants, with QIA’s long term investment strategy, in line with the two companies’ sustainability and decarbonization targets. We will work together to accelerate the creation of an extensive green energy footprint in Sub-Saharan Africa, contributing to the continue
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.
Fluence, the energy storage systems developer, is now worth over $1 billion after QIA investment
The Qatar Investment Authority is investing $125 million into energy storage systems integrator and power management tech developer, Fluence, in a deal that will value the company at over $1 billion.
The joint venture between the American independent power producer, AES Corp. and the German industrial conglomerate Siemens, was already worth $900 million prior to the transaction, according to Marek Wolek, the vice president of strategy and partnerships at Fluence.
With the new cash, Fluence will look to develop and acquire software and services that can expand the company’s offerings to its core clients among utilities and independent power project developers, Wolek said.