Arlington’s Fluence Energy Inc. (NASDAQ: FLNC) said Monday it has reached a deal to acquire Nispera AG, a software-as-a-service company from Switzerland focused on the renewable energy sector.
Terms of the deal were not disclosed.
Fluence, which develops software and digital products that boost the amount of stored battery energy to help relieve pressure on the electric grid, said it will build a broader portfolio of digital products by incorporating Nispera’s use of artificial intelligence and machine learning — its two areas of expertise. Nispera collects and analyzes data from wind, solar and hydro assets in more than 25 countries.
“[The acquisition] represents a powerful cross-selling opportunity to offer energy storage products to owners of existing renewable energy assets and portfolios,” Fluence President and CEO Manuel Perez Dubuc said in a statement. “As a result, we expect this transaction will enhance Fluence’s recurring revenue capture, adding visibility to future cash flow in the years to come.”
Fluence said it expects the deal to close between April and June. Nispera’s leadership will remain in place operating under the Fluence name from its offices in Zurich. Fluence said the agreement includes an all-cash buyout of existing private investors in Nispera for about $30 million. It will also issue restricted stock to Nispera’s management team that vests over three years.
Fluence was founded in 2018 as a joint venture between Arlington’s AES Corp. and New York’s Siemens AG. It is backed by a $125 million investment in January 2021 from QFH, an affiliate of the Qatar Investment Authority. In November, it raised more than $998 million in an initial public offering.
Shares in Fluence closed trading Friday at $11.54, down 5%. Its share price is down nearly 67% since the start of 2022.
New managing director for Imagination Stage
Bethesda’s Imagination Stage, one of the East Coast’s largest youth-oriented arts organizations, has named Jason Najjoum as its new managing director. His first day was April 4.
Najjoum will be responsible for overseeing all aspects of the organization, with a focus on strategic planning, fundraising, marketing, community relations, management and governance. He most recently worked as the managing director of Arlington’s Synetic Theater.
He will work in tandem with Janet Stanford, who is moving into the role of founding artistic director.
Imagination Stage also said last week it has brought on Triza Cox to the new position of associate artistic director of Theatre for Chance, the Imagination Stage program that explores issues of social justice.
Founded in 1979, Imagination Stage reaches about 75,000 children and families each year and has an operating budget of around $4.5 million.
Odds and ends
- The Maryland General Assembly voted to override Gov. Larry Hogan’s vetoes of paid leave and abortion access bills, enacting the measures into law. Lawmakers also overrode Hogan's veto of a measure to expand commuter rail options. (Maryland Matters, Washington Post)
- The D.C. Lottery has received $500,000 in compensation from Intralot, the operator of the city’s official sports-betting app, for lost revenue and reputation damage stemming from a mishap that kept the app offline during the Super Bowl. (DCist/WAMU)
- If the Washington Commanders relocate from Landover, some locals will say good riddance. (Washington Post)
- Democrats in the Virginia House are proposing $50 payments to drivers in lieu of Republican Gov. Glenn Youngkin's proposed gas tax suspension. (Richmond Times-Dispatch)
- A D.C. man pleaded guilty to wire fraud charges after successfully stealing $2.4 million in federal Covid-19 relief money. (WTOP)
- Former Washington Commanders quarterback Dwayne Haskins, a product of Bullis High School in Potomac, died Saturday in Miami after being struck by a truck. He was 24. (ESPN)
