AES and Siemens' energy storage venture, which also counts Qatar Investment Authority as an investor, priced the offering above its range.
Fluence, the Germany-based energy storage system provider launched by industrial equipment producer Siemens and electric utility AES, is floating on the Nasdaq Global Market today in an $868m initial public offering.
The company priced 31 million shares at $28.00 each, significantly higher than the $21 to $24 range it had set for the offering last week.
Founded in 2018 as a joint venture between the corporates, Fluence produces grid-scale battery storage systems which improve the efficiency of renewable energy installations.
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