Siemens, AES-backed Fluence files for U.S. IPO – EQ Mag Pro
Fluence Energy Inc, an energy storage technology company backed by industry giants Siemens AG (SIEGn.DE) and AES Corp (AES.N), on Tuesday filed regulatory paperwork for an initial public offering in the United States.
The listing plan comes at a time when global investors and lawmakers alike are pushing for more sustainable and environment friendly ways of doing business amid heightened climate change concerns.
Fluence, which makes energy storage products and services besides digital applications for renewables and storage, was created in January 2018 through a joint venture that brought together AES’ Energy Storage division and Siemens’ battery-based energy storage solutions group.
Fluence’s offerings are used by major utilities, developers, commercial and industrial customers to deliver electric power grids in a sustainable way.
Based on the megawatts deployed by the company as of May, Fluence estimates its storage products have eliminated 145,000 metric tons of carbon per year, the equivalent of taking 30,000 cars off the road each year, it said.
The Arlington, Virginia-based company expects to list on the Nasdaq under the symbol “FLNC”. J.P. Morgan, Barclays, Morgan Stanley and BofA Securities are the lead bookrunners for the offering.
Source: Reuters
