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Energy storage provider Fluence Energy sets terms for $698 million IPO

October 19, 2021

Fluence Energy, an energy storage products and services provider formed by Siemens and AES, announced terms for its IPO on Tuesday.

The Arlington, VA-based company plans to raise $698 million by offering 31 million shares at a price range of $21 to $24. New investor BNP Paribas Energy Transition Fund intends to purchase $70 million worth of shares in the offering (10% of the deal). At the midpoint of the proposed range, Fluence Energy would command a market value of $3.8 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 was founded in 2018 and booked $732 million in revenue for the 12 months ended June 30, 2021. It 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 are the joint bookrunners on the deal. It is expected to price during the week of October 25, 2021.