Siemens and AES join forces to create Fluence

12.07.2017

Source: Siemens

To offer customers a wider variety of storage options Siemens and AES have decided to join forces. Both companies announced the establishment of a joint venture called Fluence. The transaction, which is still subject to regulatory and other approvals, is expected to close in the fourth quarter of 2017.

The grid-connected energy storage sector is expected to expand from a total installed capacity of 3 GW at the end of 2016 to 28 GW by 2022 according to IHS Markit. By incorporating energy storage across the electric power network, utilities and communities around the world will optimize their infrastructure investments, increase network flexibility and resiliency, and accelerate cost-effective integration of renewable electricity generation. Siemens AG and the AES Corporation have decided to form a joint venture to help customers navigate the storage sector.

“As the energy storage market expands, customers face the challenge of finding a trusted technology partner with an appropriate portfolio and a profound knowledge of the power sector” said Ralf Christian, CEO of Siemens’ Energy Management Division. The Fluence named new global energy storage technology and service company is meant to fill this gap.

Fluence combines the experience and technology of both companies. Its headquarters will be located in the Washington, D.C. area. Additional offices will be located in selected cities worldwide. As Andrés Gluski, AES President and CEO pointed out: “Fluence will offer both large and small customers the full gamut of proven, state-of-the-art energy storage solutions in over 160 countries.”

The company will operate independently of its parent companies who are each holding a share of 50 %. The transaction is expected to close in the fourth quarter of calendar year 2017, subject to regulatory and other approvals.

Philipp Kronsbein / Siemens

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