Fluence Secures $125 Mn From QIA to Accelerate Energy Storage Technology

Jan 4, 2021 12:04 PM ET
  • QIA has actually devoted to invest USD 125 million in Fluence, which intends to utilize the internet profits to accelerate the advancement of its offerings

Fluence, a leading international energy storage space solutions carrier, has introduced that it has actually participated in a conclusive contract with the Qatar Investment Authority (QIA) pursuant to which QIA will certainly dedicate to spend USD 125 million in the storage firm with a private positioning transaction. Fluence plans to use the net earnings from the personal positioning to additional accelerate the development of its product offerings, especially electronic products, and also release of existing products in even more markets internationally

QIA's financial investment brings another strong financial companion to The AES Corporation (AES) as well as Siemens joint endeavor, further sustaining the firms' goal to change the means we power our globe for an extra sustainable future. AES as well as Siemens will remain significant investors, each preserving an around 44 percent stake complying with the conclusion of the deal and will remain to sustain Fluence's long-term development.

" We think the global trouble of climate adjustment can only be tackled by leveraging the combined abilities of technologists as well as investors from around the world," claimed Manuel Perez Dubuc, Fluence's Chief Executive Officer. "We see energy storage space as the cornerstone of a decarbonized grid and also adding QIA to our worldwide shareholder base will allow Fluence to introduce even much faster and also address the substantial global market for large-scale battery-based energy storage."

QIA is just one of six charter member of the One Planet Sovereign Wealth Fund Initiative, which is constructing environment become economic decision making, and the suggested financial investment further highlights QIA's expanding concentrate on the development of green modern technologies. Fluence's objective and also technology-driven offering straightens with QIA's financial investment viewpoint as well as QIA's other recent environment-friendly modern technology financial investments.

" We are proud to partner with Fluence, which is at the forefront of the global drive to offer power storage options," said Mansoor bin Ebrahim Al-Mahmoud, QIA's Chief Executive Officer. "We believe energy storage space will play a crucial role in providing cleaner, a lot more sustainable and also extra resilient electric grids all over the world. This financial investment further underpins our commitment to accountable investing for a low-carbon future."

Consummation of the deal is subject to the satisfaction of normal closing conditions, including governing clearances.

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