Energy Storage Provider Fluence Energy Plans To Go Public on the Nasdaq

Fluence Energy, an energy storage provider, has announced the terms of its upcoming IPO, which is set to raise nearly $700 million.

Kathryn Underwood - Author

Oct. 20 2021, Published 10:02 a.m. ET

Fluence Energy storage units with mountains in the background
Source: Fluence Energy Facebook

Fluence Energy, a company enabling the global transition to clean energy through its storage services, has set the official terms for its coming IPO. In addition to offering energy storage, the company offers digital applications to facilitate renewables and storage.

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When Fluence Energy goes public, it plans to trade on the Nasdaq. The pricing terms have not yet been set, but the company expects to price the offering in the last week of Oct. 2021. Fluence leaders are likely hoping to capitalize on the current environmental trends and grow along with other clean energy stocks.

Fluence Energy's company history

AES and Siemens launched Fluence Energy in 2018. The company’s stated mission is “to create a more sustainable future by transforming the way we power our world.” Fluence focuses on energy storage solutions to help drive the global clean energy transition, along with digital applications related to renewables and storage.

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fluence energy storage
Source: Fluence Energy Facebook

Currently the company has 150 energy storage products in 24 countries and territories. Fluence Energy says its customers include AusNet Services, Statkraft, San Miguel Corporation, AES, and Siemens. Its target customers include major utilities, developers, and commercial and industrial businesses.

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The company says that it has the “largest deployed fleet of energy storage products of any company.” Its headquarters are in the D.C. Metro area, though it has sales offices and representatives at other locations around the globe.

Some awards and recognition the company has garnered include:

  • The CREF (Caribbean Renewable Energy Forum) 2018 Industry Award.

  • Navigant Research #1 Global Energy Storage System Integrator 2019.

  • #3 in Energy Sector for Fast Company’s Most Innovative Companies of 2019.

  • 2020 Green Power Leadership Awards: International Green Power Market Development.

  • S&P Global Platts Global Energy Awards 2020 Finalist.

  • Guidehouse’s #1 Utility-Scale Energy Storage Systems Integrator.

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Fluence Energy’s suite of products and services includes configurable energy storage product, service, and digital application packages. It also has the Fluence IQ Platform, which uses AI to optimize renewable and third-party storage assets.

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Fluence Energy's IPO date, price, and stock symbol

Joint bookrunners for the IPO are JPMorgan Chase, Morgan Stanley, Barclays, BofA Securities, Citi, Credit Suisse, UBS Investment Bank, Evercore ISI, HSBC, and RBC Capital Markets.

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MarketWatch reported that the company had net losses of $74.8 million in the nine months ended June 30, 2021, up year-over-year from a loss of $45.6 million. The company booked $732 million in revenue for the 12 months ended June 30, and its total revenue for the fiscal year ended Sept. 30 is projected to land between $650 million and $699 million.

Fluence plans to raise $698 million through its IPO, offering 31 million shares priced at $21–$24 each. Its market value would be $3.8 billion if the IPO is priced at the midpoint of the proposed range. The new ticker symbol will be "FLNC".

As part of the IPO terms, a new investor, BNP Paribas Energy Transition Fund, intends to purchase $70 million in shares in the offering, which will equate to about 10 percent of the total deal.


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