According to a clean energy finance specialist, Fluence’s initial public offering (IPO), as well as NASDAQ Global Select Market listing, might be a “landmark” event that opens a door for the energy storage and renewable energy industries.
Charles Lesser, who is a partner at the Apricum, a consulting company for renewable energy and cleantech industries, informed Energy-Storage. News that energy storage system solution provider’s statement earlier this week was no surprise, thanks in large part to industry’s rapid expansion. “Energy storage [sector] milestones come and go so quickly now that they’re barely noticeable – this IPO is going to be another,” Lesser adds.
The United States Securities and Exchange Commission (SEC) has received Fluence’s Form S-1 for the IPO. The Form puts the intended maximum aggregate bid price at $100 million, while the price of the Class A Common Shares that will be sold and the total amount of the transaction has yet to be decided.
The company notes in its S-1 that it is at the forefront of the energy storage sector that has progressed from “a few launches of the single-function systems below 10 megawatts to multiple implementations of systems above 100MW with the broad functionality optimized by digital intelligence and advanced software.”
The Fluence brand was inaugurated in the early 2018 as the joint venture (JV) which is between Siemens and AES Corporation. The foundation for the Fluence brand was laid by both companies’ respective energy storage companies, and leadership includes members of AES Energy Storage set up team, which deployed the world’s first grid-linked lithium-ion battery storage system in 2007.
Last year, the business introduced its sixth-generation energy storage solution stack, which builds on years of work and experience. From modular ESS (energy storage system) ‘Cube’ hardware through the Fluence OS operating system as well as the artificial intelligence-permitted digital platform, Fluence IQ, the stack integrates energy storage software and hardware.
Fluence has recently enhanced its digital software platform capabilities, in addition to its installation of 0.9GW of the energy storage assets as well as a 1.9GW planned backlog as of the close of June internationally.
The Fluence Bidding Application was born out of the acquisition of Advanced Microgrid Systems’ software as well as digital intelligence platform, which was made possible in part by the investment valued at $125 million by Qatari sovereign wealth fund QFH.
This is a standalone service from Fluence that enables energy storage systems and renewable energy assets that are going to be regulated and dispatched to give optimum value for asset owners & greatest benefit to energy networks. It is incorporated into Fluence IQ platform.