ARLINGTON, Va. and DOHA, Qatar and MUNICH, Dec. 30, 2020 /PRNewswire/ — Fluence, the main international vitality storage options supplier, introduced at present that it has entered right into a definitive settlement with the Qatar Funding Authority (QIA) pursuant to which QIA will commit to take a position $125 million in Fluence by way of a personal placement transaction. Consummation of the transaction is topic to the satisfaction of customary closing circumstances, together with regulatory clearances. QIA’s funding brings one other sturdy monetary associate to The AES Company (AES) and Siemens three way partnership, additional supporting Fluence’s mission to rework the way in which we energy our world for a extra sustainable future. Fluence intends to make use of the online proceeds from the personal placement to additional speed up growth of its product choices, significantly digital merchandise, and deployment of current merchandise in additional markets globally. AES and Siemens will stay main shareholders, every sustaining an roughly 44 % stake following the completion of the transaction and can proceed to help Fluence’s long-term development.
“We imagine the worldwide downside of local weather change can solely be tackled by leveraging the mixed capabilities of technologists and traders from all over the world,” mentioned Manuel Perez Dubuc, Fluence’s Chief Government Officer. “We see vitality storage because the linchpin of a decarbonized grid and including QIA to our worldwide shareholder base will permit Fluence to innovate even sooner and deal with the big international marketplace for large-scale battery-based vitality storage.”
QIA is one in every of six founding members of the One Planet Sovereign Wealth Fund Initiative, which is constructing local weather develop into monetary determination making, and the proposed funding additional highlights QIA’s rising concentrate on the event of inexperienced applied sciences. Fluence’s mission and technology-driven providing aligns with QIA’s funding philosophy and QIA’s different latest inexperienced know-how investments. With nations all over the world setting more and more formidable targets to chop carbon emissions, Fluence helps speed up the adoption of renewables and is permitting utilities and energy producers to include renewables at scale. Its revolutionary applied sciences present storage options for vitality produced by wind farms and different renewable sources – a important issue within the transfer in direction of a low-carbon economic system.
“We’re proud to associate with Fluence, which is on the forefront of the worldwide drive to supply vitality storage options,” mentioned Mansoor bin Ebrahim Al-Mahmoud, QIA’s Chief Government Officer. “We imagine vitality storage will play a key function in delivering cleaner, extra sustainable and extra resilient electrical grids all over the world. This funding additional underpins our dedication to accountable investing for a low-carbon future.”
“Power storage is enjoying an important function in enabling markets and organizations to realize their targets for a carbon-free vitality future,” mentioned Andrés Gluski, AES President and Chief Government Officer. “We’re more than happy with Fluence’s success and at present’s announcement is a crucial milestone towards sustaining Fluence’s international management in vitality storage and attaining its development potential.”
“Power storage is a key pillar of the vitality transition. Siemens has outlined this as a big long-term development space,” mentioned Matthias Rebellius, CEO of Siemens Good Infrastructure and member of the Managing Board of Siemens AG. “QIA’s funding will help Fluence with its profitable growth in a dynamic market.”
The Fluence staff has been a driving pressure within the international vitality storage trade for greater than a decade, repeatedly opening new markets and pioneering new purposes. This summer time, the corporate introduced its sixth-generation Tech Stack, comprised of built-in {hardware}, working software program and digital intelligence engines. Constructed on 12 years of proprietary working knowledge from techniques within the subject, the Tech Stack permits sooner deployment of standardized, modular techniques, decrease steadiness of system prices, and extremely customizable options to fulfill particular person buyer wants. In October, Fluence introduced its acquisition of AMS’ AI-driven software program and digital intelligence platform for renewables and vitality storage, which may considerably enhance income of vitality storage property in wholesale markets, and plans to speed up funding in its digital differentiation.
About Fluence
Fluence, a Siemens and AES firm, is the worldwide market chief in vitality storage know-how options and providers, combining the agility of a know-how firm with the experience, imaginative and prescient and monetary backing of two well-established and revered trade giants. Constructing on the pioneering work of AES Power Storage and Siemens vitality storage, the corporate’s objective is to create a extra sustainable future by reworking the way in which we energy our world. Offering design, supply and integration, Fluence gives confirmed vitality storage know-how options that deal with the varied wants and challenges of consumers in a quickly reworking vitality panorama. The corporate presently has roughly 2.4 gigawatts of tasks deployed or awarded throughout 24 nations and territories worldwide. Fluence topped the Navigant Analysis utility-scale vitality storage leaderboard in 2018 and was named one in every of Quick Firm’s Most Modern Firms in 2019. Its sixth-generation Tech Stack received Industrial Know-how of the 12 months on the twenty second annual S&P World Platts World Power Awards. To study extra about Fluence, please go to: fluenceenergy.com
About Qatar Funding Authority (QIA)
Qatar Funding Authority (“QIA”) is the sovereign wealth fund of the State of Qatar. QIA was based in 2005 to take a position and handle the state reserve funds. QIA is among the many largest and most lively sovereign wealth funds globally. QIA invests throughout a variety of asset courses and areas in addition to in partnership with main establishments all over the world to construct a worldwide and diversified funding portfolio with a long-term perspective that may ship sustainable returns and contribute to the prosperity of the State of Qatar. For extra info, please go to www.qia.qa
About AES
The AES Company (NYSE: AES) is a Fortune 500 international vitality firm accelerating the way forward for vitality. Along with our many stakeholders, we’re bettering lives by delivering the greener, smarter vitality options the world wants. Our numerous workforce is dedicated to steady innovation and operational excellence, whereas partnering with our clients on their strategic vitality transitions and persevering with to fulfill their vitality wants at present. For extra info, go to www.aes.com
About Siemens
Siemens AG (Berlin and Munich) is a worldwide know-how powerhouse that has stood for engineering excellence, innovation, high quality, reliability and internationality for greater than 170 years. Lively all over the world, the corporate focuses on clever infrastructure for buildings and distributed vitality techniques and on automation and digitalization within the course of and manufacturing industries. Siemens brings collectively the digital and bodily worlds to profit clients and society. Via Mobility, a number one provider of clever mobility options for rail and highway transport, Siemens helps to form the world marketplace for passenger and freight providers. Through its majority stake within the publicly listed firm Siemens Healthineers, Siemens can be a world-leading provider of medical know-how and digital well being providers. As well as, Siemens holds a minority stake in Siemens Power, a worldwide chief within the transmission and technology {of electrical} energy that has been listed on the inventory change since September 28, 2020. In fiscal 2020, which ended on September 30, 2020, the Siemens Group generated income of €57.1 billion and internet earnings of €4.2 billion. As of September 30, 2020, the corporate had round 293,000 workers worldwide. Additional info is accessible on the Web at www.siemens.com
SOURCE AES
