Arlington energy storage company Fluence Energy LLC, formed as a joint venture between The AES Corp. and Siemens AG, has raised $125 million from the Qatar Investment Authority, the companies announced Dec. 30.
The investment, which will be used to build new products and deploy existing ones globally, values the company at more than $1 billion. AES and Siemens will each maintain a 44% ownership stake, according to a release.
Fluence CEO Manuel Perez Dubuc said energy storage serves as the “linchpin” to an electrical grid that does not rely on carbon, adding, “We believe the global problem of climate change can only be tackled by leveraging the combined capabilities of technologists and investors from around the world.”
The funding round is a milestone in Fluence's pursuit to eventually become a public company, AES CEO Andres Gluski said in an interview with Bloomberg. The company expected about $500 million in revenue in 2020 and planned to reach $3 billion in revenue by the end of 2025, according to the report.
Fluence was led from its founding in 2018 by CEO Stephen Coughlin, who left the top spot in May 1, taking a seat on the company’s board. Dubuc, himself a previous Fluence board member and former leader of other AES business units, took over. The company currently has approximately 2.4 gigawatts of projects working or awarded across 24 countries and territories.
