The Qatar Investment Authority (QIA), a sovereign wealth fund of the government of Qatar, has committed to invest $125 million in Fluence, an energy storage company that’s a joint venture between the American electric power distribution company AES and German industrial conglomerate Siemens.

Qatar’s $125 million investment in Fluence gives it a 12% stake in the venture, leaving the remaining 88% split equally between AES and Siemens. The investment from QIA marks the first outside investment that Fluence has secured since it was formed in 2018.

Fluence is tackling the problem of efficient energy storage, working on the design, integration, and delivery of energy storage projects to global customers. The company says it’s secured deals for approximately 2.4 gigawatts of projects across 24 countries and territories worldwide.

The Qatar Investment Authority’s investment in Fluence furthers the country’s goal of backing green technologies both for development needs and making money in the process. Although the $125 million seems big at face value, it’s actually a drop in the bucket for QIA, which is known to have over $300 billion under its management.

Since it was founded in 2005, QIA has grown into one of the world’s top-ten sovereign wealth funds and made its mark as an active sector in key sectors including technology, finance, and industrial operations. 

The investment in Fluence wrapped up the year for QIA, having been announced on the 30th of December, 2020, just two days before the globe entered into another year.

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