European and US firms create global energy storage joint venture

European and US firms create global energy storage joint venture

European and US firms create global energy storage joint venture Energy Storage Journal

July 28, 2017: A joint venture between two of the world’s leading energy storage integrators — AES’ Advancion and Siemen’s Siestorage — will create a global technology and services company under the name Fluence, was announced on July 11.

The new company will deliver the US and Germany firms’s lithium-ion energy storage platforms as well as developing new storage solutions and services across the globe.

The joint venture will offer customers a “wider variety of options to meet the challenges of a rapidly transforming energy landscape”, according to a joint statement.

These challenges include the need for grid-scale services such as peak shaving, black-start and frequency regulation as increasing amounts of renewable energy comes on stream.

The transaction — with both companies holding a 50% stake — should close in the fourth quarter of 2017 following regulatory approvals.

Fluence will be headquartered in the Washington DC area with additional offices in Erlangen, Germany and various cities worldwide.

Andrés Gluski, AES president and CEO, said: “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. This will accelerate the integration of renewables into the energy network of tomorrow.”

The grid-connected energy storage sector is expected to grow to 28 GW by 2022 from just 3GW capacity at the end of 2016,according analytics firm IHS Markit.