Siemens, AES JV Secures $125 Million Qatar Investment
30 Dezembro 2020 - 11:15AM
Dow Jones News
By Joshua Kirby
The Qatar Investment Authority has agreed to invest $125 million
for a minority stake in energy-storage company Fluence, a joint
venture between Siemens AG and AES Corp., the companies said in a
joint release Wednesday.
German industrial conglomerate Siemens and U.S. energy company
AES will retain a stake of around 44% each in Fluence, the
companies said. Fluence will use the investment from QIA to develop
its energy-storage offering and market existing products in more
markets around the world.
The transaction is subject to customer closing conditions and
regulatory approval. The investment values Fluence at more than $1
billion, the companies said.
Fluence Chief Executive Manuel Perez Dubuc said that adding QIA
as an investor would help the company innovate and meet demand from
the "enormous" global market for large-scale battery-based energy
storage.
Write to Joshua Kirby at joshua.kirby@dowjones.com;
@joshualeokirby
(END) Dow Jones Newswires
December 30, 2020 09:00 ET (14:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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