Fluence Energy Inc., an energy storage company focused on sustainability, will soon go public.
According to a SEC report filed by the company on Tuesday, Fluence plans to sell 31 million shares of Class A common stock. An additional 4.56 million shares will also be put aside for underwriters. The price of the shares will range from $21 to $24, and the company expects to raise a maximum of $855.6 million. According to Reuters, this would bring the company’s valuation to nearly $4 billion.
While Fluence has yet to set a date for its IPO, it hopes to trade on the Nasdaq Global Market and has applied to do so under the symbol “FLNC.” The company expects to retain somewhere between $650.9 million and $750 million in net proceeds, depending on the underwriters purchasing additional shares. These funds will then be put toward repaying debts.
Fluence provides comprehensive energy storage services, including developing software that allows batteries to hold more energy and take pressure off the electric grid. Its mission is to create a more sustainable energy market. Fluence’s AI-backed IQ Digital Platform maximizes the value of renewables and storage by optimizing wind, solar and energy from any provider.
The past year has been a big one for Fluence. In addition to filing for its IPO, Fluence hit unicorn status — reaching a valuation of more than $1 million — after raising $125 million from the Qatar Investment Authority in private equity in December of 2020. Last October, the company also acquired Advanced Microgrid Solutions, a leading provider of AI-enabled optimized bidding software, for an undisclosed amount.