Qatar Investment Authority invests $125M in Arlington company
Fluence to use funding toward new energy storage products
Arlington-based energy storage provider Fluence announced last week that the Qatar Investment Authority (QIA) will invest $125 million in the company.
Fluence is a joint venture of Arlington-based energy company AES Corp. and industrial manufacturing giant Siemens. The company will use the investment to develop digital products and deploy existing products to additional global markets. AES and Siemens will continue as major shareholders, each with approximately a 44% stake in the company.
“We see energy storage as the linchpin of a decarbonized grid and adding QIA to our international shareholder base will allow Fluence to innovate even faster and address the enormous global market for large-scale battery-based energy storage,” Fluence CEO Manuel Perez Dubuc said in a statement.
The QIA is one of six founding members of the One Planet Sovereign Wealth Fund Initiative, which focuses on climate change issues related to financial decisions.
“We believe energy storage will play a key role in delivering cleaner, more sustainable and more resilient electric grids around the world,” QIA CEO Mansoor bin Ebrahim Al-Mahmoud said in a statement. “This investment further underpins our commitment to responsible investing for a low-carbon future.”
Fluence has more than 2.4 gigawatts of projects in operation or awarded across 24 countries and territories worldwide.