AES - Fluence Energy pops more than 20% after IPO values battery-storage firm at ~$4.7B

Fluence Energy (NASDAQ:FLNC) soared more than 20% Thursday following an IPO that priced well above its expected range, valuing the industrial energy-storage firm at some $4.7B. FLNC traded as high as $34.49 intraday, up 23.2% from its $28-a-share initial public offering price. The company’s IPO priced far above the $21-$24/share price that Fluence (FLNC) had expected. Shares later pulled back slightly, but were still changing hands at $34.39 shortly before 1:15 p.m. ET, ahead 22.8% on the session. FLNC provides industrial-sized battery-storage systems and technology to utilities and similar large customers. Experts view such advanced battery technology as key to green-energy systems like wind and solar power, as utilities will have to store electricity created during windy or sunny conditions for use at other times. Fluence (FLNC) is a joint venture of Siemens (OTCPK:SIEGY) and AES Corp. (NYSE:AES), which will continue to hold a majority of the company’s shares. This

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Fluence Energy pops more than 20% after IPO values battery-storage firm at ~$4.7B