The AES and Siemens-owned energy storage system provider’s proposed IPO on the Nasdaq Global Market has a $100m placeholder figure.

Fluence Energy, a Germany-based energy storage technology developer formed by electric utility AES Corporation and industrial technology and appliance producer Siemens, filed for an initial public offering yesterday.

The offering has a placeholder target of $100m and is set to take place on the Nasdaq Global Market. The company did not disclose the number of shares to be issued or the IPO’s price range.

Founded in 2018, Fluence provides artificial intelligence-equipped renewable energy storage systems that help its customers build sustainable electric grids. It has stored over 3.4 GW of energy across 29 international markets and will use the proceeds of the offering to settle debt and replenish working capital.

The state-backed Qatar Investment Authority invested $125m in Fluence in December 2020, lifting its valuation past the $1bn mark. AES and Siemens each held a 44% stake in the company after the deal.

JP Morgan Securities, Morgan Stanley & Co, Barclays Capital and BofA Securities will serve as lead underwriters for the offering, and are joined by joint bookrunning managers Citigroup Global Markets, Credit Suisse Securities, UBS Securities, Evercore Group, HSBC Securities and RBC Capital Markets.

Nomura Securities International, Robert W Baird, Raymond James & Associates, Seaport Global Securities, Penserra Securities and Siebert Williams Shank will be co-managers for the IPO.

Photo courtesy of Fluence Energy, Inc.