Qatar wealth fund in $125m investment boost for battery storage firm Fluence
|
'Funding underpins responsible investing in low-carbon future'. Photo: Fluence
|
US-based battery storage multinational Fluence has secured a $125m (£92m) investment pledge from the sovereign wealth fund of Qatar.
The funding, which is subject to various regulatory approvals, will give the Qatar Investment Authority (QIA) a stake of around 12% in Fluence – a joint venture of Siemens and AES – who will remain major shareholders each with a stake of about 44%.
Fluence intends to use the net proceeds from the private placement to "further accelerate development” of products including its lithium-ion battery storage line and push into new global markets.
QIA chief executive officer Mansoor bin Ebrahim Al-Mahmoud said: "We believe energy storage will play a key role in delivering cleaner, more sustainable and more resilient electric grids around the world. This investment further underpins our commitment to responsible investing for a low-carbon future.”
'Faster innovation'
Fluence CEO Manuel Perez Dubuc said: "We see energy storage as the linchpin of a decarbonised grid and adding QIA to our international shareholder base will allow Fluence to innovate even faster and address the enormous global market for large-scale battery-based energy storage.”
QIA is one of six founding members of the One Planet Sovereign Wealth Fund Initiative, which is building climate change into financial decision making.
Last October, Fluence acquired the digital intelligence platform of Advanced Microgrid Solutions – a San Francisco-based supplier of software systems for batteries and renewables.
Related article in our archive:
Fluence to expand energy storage with Advanced Microgrid Solutions' AI tech acquisition
The funding, which is subject to various regulatory approvals, will give the Qatar Investment Authority (QIA) a stake of around 12% in Fluence – a joint venture of Siemens and AES – who will remain major shareholders each with a stake of about 44%.
Fluence intends to use the net proceeds from the private placement to "further accelerate development” of products including its lithium-ion battery storage line and push into new global markets.
QIA chief executive officer Mansoor bin Ebrahim Al-Mahmoud said: "We believe energy storage will play a key role in delivering cleaner, more sustainable and more resilient electric grids around the world. This investment further underpins our commitment to responsible investing for a low-carbon future.”
'Faster innovation'
Fluence CEO Manuel Perez Dubuc said: "We see energy storage as the linchpin of a decarbonised grid and adding QIA to our international shareholder base will allow Fluence to innovate even faster and address the enormous global market for large-scale battery-based energy storage.”
QIA is one of six founding members of the One Planet Sovereign Wealth Fund Initiative, which is building climate change into financial decision making.
Last October, Fluence acquired the digital intelligence platform of Advanced Microgrid Solutions – a San Francisco-based supplier of software systems for batteries and renewables.
Related article in our archive:
Fluence to expand energy storage with Advanced Microgrid Solutions' AI tech acquisition