ImpactAlpha, October 4 — Storage for wind, solar and other renewable energy sources is critical for a more reliable grid. The market for energy storage is expected to grow at an annual rate of nearly 25% through 2026.
Arlington, Virginia-based Fluence, backed by Siemens and AES Corp., is among a wave of startups targeting this market opportunity. The company, which offers energy storage products and software, filed for an initial public offering.
Others, such as Energy Vault, EOS Energy Storage and ESS Inc. are seeking to go public via special purpose acquisition companies, or SPACs. Energy Vault raised $100 million for its gravity storage system in August.
Investors, including Breakthrough Energy Ventures and Apollo Global Management, are looking for green battery and storage investments as prices fall and demand rises.