Fluence, a provider of energy storage products and services and digital applications for renewables and storage, has agreed to acquire Nispera, a Zurich-based company providing data intelligence services for renewable energy projects.
The company uses its technology to develop an AI-driven utility-scale asset performance management platform that currently has 8 GW of assets under management across 450 wind and solar projects globally.
Nispera’s suite of five applications will enable the combined firm to offer its customers a user-centric “manage app,” including its SaaS product, a predictive maintenance app, an operations and maintenance app, a portfolio management app, and an app that provides enhanced power generation forecasting services for energy assets.
Closing of the transaction is expected in Fluence’s fiscal third quarter, subject to customary closing conditions. Following the closing, Nispera will maintain its leadership team operating under the Fluence brand name from its headquarters in Zurich, Switzerland.
The transaction includes an all-cash buyout provision of approximately $30 million for existing private investors in Nispera. In addition to the cash payment, Fluence will also issue restricted stock to Nispera’s management team that vests over three years for retention purposes.
“With this acquisition, we are primed to expand our portfolio of digital products and services for customers around the world. Furthermore, it represents a powerful cross-selling opportunity to offer energy storage products to owners of existing renewable energy assets and portfolios. As a result, we expect this transaction will enhance Fluence’s recurring revenue capture, adding visibility to future cash flow in the years to come,” said Manuel Perez Dubuc, Fluence’s President and Chief Executive Officer.
According to Mercom Research, in Q4 2021, Fluence closed its initial public offering of 35,650,000 shares of its Class A common stock, including the exercise in full of the underwriters’ option to purchase additional shares of its Class A common stock at an initial public offering price of $28.00 per share. Proceeds from the initial public offering were $998.2 million before deducting underwriting discounts and commissions and other offering expenses.