By Joshua Kirby

The Qatar Investment Authority has agreed to invest $125 million for a minority stake in energy-storage company Fluence, a joint venture between Siemens AG and AES Corp., the companies said in a joint release Wednesday.

German industrial conglomerate Siemens and U.S. energy company AES will retain a stake of around 44% each in Fluence, the companies said. Fluence will use the investment from QIA to develop its energy-storage offering and market existing products in more markets around the world.

The transaction is subject to customer closing conditions and regulatory approval. The investment values Fluence at more than $1 billion, the companies said.

Fluence Chief Executive Manuel Perez Dubuc said that adding QIA as an investor would help the company innovate and meet demand from the "enormous" global market for large-scale battery-based energy storage.

Write to Joshua Kirby at joshua.kirby@dowjones.com; @joshualeokirby

(END) Dow Jones Newswires

December 30, 2020 09:00 ET (14:00 GMT)

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