AES and Siemens' joint energy storage venture is valued at a little over $1bn in the Qatar Investment Authority-funded transaction.
The state-owned Qatar Investment Authority (QIA) agreed yesterday to invest $125m in Fluence, a Germany-based energy storage joint venture between power producer AES Corporation and industrial technology and appliance manufacturer Siemens.
QIA’s investment will value Fluence at just over $1bn, with AES and Siemens each retaining a stake of approximately 44% in the company.
Founded in 2018, Fluence has developed modular, cube-shaped systems that store energy from renewable energy installations sized from 1 MW to 500 MW. They use digital…
