By Colin Kellaher

 

Fluence Energy Inc., the energy-storage venture of AES Corp. and Siemens AG, on Tuesday said it plans to sell 31 million shares at between $21 and $24 apiece in its initial public offering.

At the $22.50 midpoint of that range, the Arlington, Va., company said it expects net proceeds of about $650.9 million, or roughly $750 million if the underwriters exercise an option to buy an additional 4.65 million shares.

Power-generation and utility company AES and Germany's Siemens launched Fluence as an energy-storage venture in January 2018. The Qatar Investment Authority, Qatar's sovereign wealth fund, late last year agreed to invest $125 million in Fluence at a valuation topping $1 billion, leaving AES and Siemens each with 44% stakes.

AES and Siemens would still hold more than 90% of Fluence's voting power after the IPO, according to a filing with the U.S. Securities and Exchange Commission.

Fluence said it has applied to list its shares on the Nasdaq Global Market under the symbol FLNC.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

October 19, 2021 08:06 ET (12:06 GMT)

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