Qatar Investment Authority Invests $125 Million in Fluence to Promote Energy Storage Technology

Fluence is an AES Energy Storage and Siemens energy storage company specializing in energy storage solutions and services. In a current press release, Fluence announced that a definitive agreement has been signed with the Qatar Investment Authority (QIA) for a $125 million investment. Fluence intends to use the net proceeds from the financing to further accelerate the development of its product offerings, particularly digital products, and to launch existing products in more markets worldwide. AES and Siemens will remain major shareholders after the closing of the transaction, each with a stake of approximately 44 percent.

Fluence has been active in the global energy storage industry for more than a decade. This summer, the company announced its sixth-generation Tech Stack, which consists of integrated hardware, operating software and digital intelligence engines. The Tech Stack enables faster deployment of standardized, modular systems, lower system costs and highly customizable solutions for individual customer requirements. In October, Fluence announced the acquisition of AMS' AI-driven renewable energy and energy storage software and digital intelligence platform, which can improve the yield of energy storage assets in wholesale markets.

Matthias Rebellius, CEO of Siemens Smart Infrastructure and member of the Managing Board of Siemens AG describes QIA's investment in Fluence as a future-proof decision: "Energy storage is a key pillar of the energy transition. Siemens has defined this as a significant long-term growth area. QIA's investment will support Fluence with its successful development in a dynamic market."

 

Source: AES │www.aescorp2020cr.q4web.com
Image: Pexels│www.pexels.com

 

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