Fluence IPO could put ESS on the map
Fluence, the JV between US utility AES Corp. (NYSE:AES) and German conglomerate Siemens (ETR:SIE), has filed for an IPO on NASDAQ. It’s interesting that the company has declined to go the SPAC route favoured by many of its pre-revenue peers, and instead is targeting an old-school IPO. The listing document refers to an aggregate of 2.5GW of renewable energy assets utilising its software and a 1.3GW backlog, while in batteries it boasts a 20GWh backlog to 2024. The IPO is likely to bring the ESS space to a much larger proportion of investors compared to the recent SPAC deals for...