Fluence Energy, a energy storage products and services provider formed by Siemens and AES, raised $868 million by offering 31 million shares at $28, above the range of $21 to $24. New investor BNP Paribas Energy Transition Fund had indicated on $70mm of the IPO (8% of the deal). At pricing, the company commands a market value of $4.7 billion.
Established in 2018 as a joint venture between Siemens and AES, Fluence states that it is enabling the global clean energy transition with market-leading energy storage products and services and digital applications for renewables and storage. The company provides configurable energy storage product, service, and digital application packages, as well as its AI-enabled Fluence IQ Platform to optimize renewable and third-party storage assets. Its customers include major utilities, developers, and commercial and industrial businesses around the world.
Fluence Energy plans to list on the Nasdaq under the symbol FLNC. J.P. Morgan, Morgan Stanley, Barclays, BofA Securities, Citi, Credit Suisse, UBS Investment Bank, Evercore ISI, HSBC, and RBC Capital Markets acted as lead managers on the deal.
