Qatar Investment Authority Invests In Energy Storage Provider Fluence (AES-Siemens JV)

December 30, 2020

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Reporting by Paul Ring • ring@energychoicematters.com

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Fluence, an energy storage solutions provider, announced today that it has entered into a definitive agreement with the Qatar Investment Authority (QIA) pursuant to which QIA will commit to invest $125 million in Fluence through a private placement transaction.

Fluence is a joint venture of The AES Corporation (AES) and Siemens

Consummation of the transaction is subject to the satisfaction of customary closing conditions, including regulatory clearances.

AES and Siemens will remain major shareholders, each maintaining an approximately 44 percent stake following the completion of the transaction and will continue to support Fluence's long-term growth.

Fluence intends to use the net proceeds from the private placement to further accelerate development of its product offerings, particularly digital products, and deployment of existing products in more markets globally.

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