Fluence Energy, an energy storage technology company backed by German Siemens, plans to go public (IPO) in the United States to raise US$744 million.

The company said it hopes to issue 31 million shares at a price of between $21 and $24 per share.

Fluence's listing plan comes at a time when global investors and legislators are pushing for more sustainable and environmentally friendly business practices amid rising climate change concerns.

In January 2018, AES Group's energy storage department and Siemens battery energy storage business formed a joint venture to establish Fluence Energy.