The Qatar Investment Authority invests $ 125 million in energy storage systems integrator and power management technology developer, Fluence, to value the company at over $ 1 billion.
The joint venture between the American independent power producer AES Corp. and the German industrial conglomerate Siemens According to Marek Wolek, vice president of strategy and partnerships at Fluence, the value before the transaction was already $ 900 million.
With the new money, Fluence will seek to develop and acquire software and services that will expand the company’s offering to its core customers at utility companies and independent energy project developers, Wolek said.
And it might not be long before the company seeks additional liquidity in the public markets, Wolek said. He noted that QIA is already backing battery company QuantumScape. which was acquired by a special purpose vehicle at the end of November and whose shares are …