Siemens and AES join to launch global storage company

Siemens and AES have agreed to form a global energy storage technology and services company under the name Fluence. It will combine the AES Advancion and Siemens Siestorage energy storage platforms.
Siemens and AES will each hold 50% of the new company which will be based in Washington, DC, USA and  have offices located in Germany and other cities worldwide. The transaction is expected to close in the fourth quarter of calendar year 2017, subject to regulatory and other approvals.
Together, the two companies have deployed or have been awarded 48 projects totaling 463MW of battery-based energy storage across 13 countries, including the world’s largest lithium-ion battery-based energy storage project near San Diego, California.