Climate Changed
Siemens, AES Join in $2.5 Billion Storage Market Opportunity
- Battery costs have declined about 40 percent since 2014
- Developers expected to build $2.5 billion in systems this year
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Siemens AG and AES Corp., the Virginia-based independent power producer, are forming a venture to focus on technology that’s revolutionizing electricity markets: battery-based energy storage.
The new venture, called Fluence, will market and service storage systems manufactured by AES and Siemens. They will each own 50 percent of Fluence once the deal is finalized, which is expected in the fourth quarter, according to a joint statement. Terms weren’t disclosed.