Siemens, AES-Backed Energy Storage Provider Files for IPO

(Bloomberg) -- Fluence Energy Inc., an energy-storage joint venture of Siemens and international power-plant developer AES Corp., said it has filed for an initial public offering for common stock in the U.S. 

The Arlington, Virginia-based company said the number of shares to be offered and the price range has yet to be determined, according to a statement Tuesday. The company will list its stock on the Nasdaq Global Select Market under the symbol “FLNC.” 

Fluence was one of the early entrants into the business of providing battery storage to utilities needing to integrate an increasing amount of intermittent renewable energy onto their grids. Some battery companies including Stem Inc. have gone public in recent months via special purpose acquisition companies, or SPACs, amid public-market enthusiasm for companies involved in electric vehicles and the energy transition. 

Fluence had a net loss of $74.8 million on revenue of $492.6 million for the nine months ended June 2021, compared with a $45.6 million shortfall on revenue of $321.9 million for the same period a year earlier, according to the filing.   

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., and BofA Securities will act as lead book-running managers for the proposed offering, according to the statement. 

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