Munich & Arlington, Va.: Siemens AG and The AES Corporation announced their agreement July 11 to form a new global energy storage technology and services company under the name Fluence.
The joint venture will bring together AES’ ten years of experience deploying energy storage in seven countries with over a century of Siemens’ energy technology leadership and its sales presence in more than 160 countries.
Combining the AES Advancion and Siemens Siestorage energy storage platforms with expanded services, Fluence will offer customers a wider variety of options to meet the challenges of a rapidly transforming energy landscape. The company says it will empower customers around the world to better navigate the fragmented but rapidly growing energy storage sector and meet their pressing needs for scalable, flexible, and cost-competitive energy storage solutions.
Siemens and AES will have joint control of the company with each holding a 50 percent stake. The transaction is expected to close in the fourth quarter of calendar year 2017, subject to regulatory and other approvals.
Fluence will operate independently of its parent companies, combining the capabilities and expertise from Siemens’ battery-based energy storage solutions group under the Energy Management division with AES’ subsidiary, AES Energy Storage.
The grid-connected energy storage sector is expected to expand from a total installed capacity of three gigawatts at the end of 2016 to 28 GW by 2022, according to IHS Markit.
Visit http://fluenceenergy.com.