AES and Siemens are each retaining nearly 35% of the energy storage system provider, which has closed an upsized initial public offering.
Fluence, the Germany-headquartered energy storage technology producer co-founded by energy utility AES and industrial technology and appliance provider Siemens, closed its initial public offering at just over $998m yesterday.
The company had raised an initial $868m in the offering last week, issuing 31 million shares priced at $28.00 each. Those shares have since risen to $35.32, leading the underwriters to buy another 4.65 million shares for a total of $130m.
Formed by the corporates in 2018, Fluence produces modular…
