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Qatar Wealth Fund Invests $125 Million in Battery Firm Fluence

  • Fluence is a joint venture of Siemens and power developer AES
  • AES CEO says plans call for Fluence to eventually go public
Fluence Gridstack energy storage systems.
Fluence Gridstack energy storage systems.Source: Fluence

Fluence, a global battery storage joint venture of Siemens AG and AES Corp., said it reached an agreement with the sovereign wealth fund of Qatar for a $125 million investment.

The funding will give the Qatar Investment Authority a 12% stake in Fluence and values the battery company at more than $1 billion, the companies said Wednesday in a joint statement. Siemens and AES will retain a 44% stake each following completion of the deal, the companies said.