AES and Siemens join forces to create an energy storage company
The AES Corp., based in Arlington, has joined forces with Munich-based Siemens AG to form a global energy storage technology and services company.
The joint venture company, which will operate under the name of Fluence, will draw on AES’ 10 years of experience in deploying energy storage in seven countries and Siemens’ energy technology leadership and sales presence in more than 160 countries.
The companies said in a news release that Fluence will help customers navigate the fragmented but rapidly growing energy storage sector.
Siemens and AES will have joint control of the company, with each holding a 50 percent stake. Fluence’s headquarters will be located in the Washington, D.C., area with additional offices in Erlangen, Germany, and other cities worldwide. The transaction is expected to close in the fourth quarter.
Fluence will operate independently of its parent companies. It will combine capabilities from Siemens’ battery-based energy storage solutions group under the Energy Management division with AES’ subsidiary, AES Energy Storage. Together, the two companies have deployed or have been awarded 48 projects totaling 463 megawatts (MW) of battery-based energy storage in 13 countries, including the world’s largest lithium-ion, battery-based energy storage project near San Diego.
“Over the past 10 years, AES has become a global leader in utility-scale, battery-based energy storage. Today AES’ Advancion platform is present in seven countries with more than 200 megawatts of energy storage deployed, including the largest installed system of its kind in the world,” Andrés Gluski, AES president and CEO, said in a statement. “Partnering with Siemens to form Fluence will offer both large and small customers the full gamut of proven, state-of-the-art energy storage solutions in over 160 countries,” he said. “This will accelerate the integration of renewables into the energy network of tomorrow.”