AES and Mitsubishi Corporation to Sell Advancion® Energy Storage Solutions in Asia and Oceania
The
AES Corporation (NYSE: AES), through its subsidiary, AES
Energy Storage, and Mitsubishi Corporation today announced the
signing of an alliance agreement under which Mitsubishi Corporation will
work with AES and its local partners to offer the award-winning Advancion®
energy storage platform in Asia and Oceania. The agreement is part of an
AES initiative with select leading companies to ensure global
availability of the Advancion energy storage platform.
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AES Advancion® Energy Storage Array (Photo: Business Wire)
Energy storage enables utilities, industrial and commercial customers,
independent power producers, and power system operators to efficiently
integrate renewable energy, replace conventional peaking generation
capacity and reduce the need for expensive transmission and distribution
investments.
The energy storage market has entered a new growth phase and Navigant
Research projects that more than 11 GW of energy storage capacity will
be installed annually by 2020 in 22 countries. Over one-third of this
growth is expected to come from countries in Asia and Oceania, where
energy storage will play an important role in building a reliable,
clean, and efficient grid needed to power these economies.
“We have a strong relationship with AES in the power sector and now is
the time to expand our collaboration into the energy storage market,”
said Yutaka Kashiwagi, Division COO of Mitsubishi Corporation. “AES has
a stellar track record in the power and energy storage sectors and we
firmly believe that Advancion provides top quality storage solutions to
the market.”
“Energy storage provides utilities, systems operators, and power
producers new ways to reduce cost, decrease emissions, and manage
critical power infrastructure,” said John Zahurancik, President of AES
Energy Storage. “Working with a global leader like Mitsubishi
Corporation expands the availability of Advancion energy storage to more
customers and will help drive us toward a clean, unbreakable grid.”
Mitsubishi Corporation is a globally integrated business enterprise with
significant experience in energy markets and energy storage. Worldwide,
Mitsubishi Corporation owns and operates power generation plants,
transmission lines, and operates a number of other energy and industrial
facilities. Mitsubishi Corporation and AES Gener, an AES subsidiary, are
currently partners on the 20 MW Cochrane battery-based energy storage
system, which is under construction in Chile.
AES provides affordable, sustainable energy solutions through its
diverse portfolio of distribution businesses and generation facilities.
AES has integrated energy storage into eight different power markets and
AES’ energy storage solutions represent the world’s largest advanced
energy storage fleet, with 116 MW in operation and three million
megawatt-hours of delivered service. AES has announced construction or
late stage development of an additional 268 MW of energy storage.
Advancion is the most proven energy storage solution available and
incorporates lessons learned from more than eight years of operations of
large-scale, grid-connected battery systems. Advancion 4, the latest
design introduced in November 2015, has an industry-leading compact
footprint, optimized design and a patented distributed control system
that enable customers to maximize revenue, reduce operating costs, and
meet the highest levels of system reliability.
Combining the capabilities of both companies, the alliance agreement
will offer customers access to one of the most reliable and proven
energy storage solutions with on-going operations support from trusted
partners.
For further information, contact Advancion@AES.com.
About Mitsubishi Corporation
Mitsubishi Corporation (MC) is a global integrated business enterprise
that develops and operates businesses across virtually every industry
including industrial finance, energy, metals, machinery, chemicals,
living essentials, and environmental business. MC's current activities
are expanding far beyond its traditional trading operations as its
diverse business ranges from natural resources development to investment
in retail business, infrastructure, financial products and manufacturing
of industrial goods.
With over 200 offices and subsidiaries in approximately 90 countries
worldwide and a network of over 600 group companies, MC employs a
multinational workforce of over 70,000 people.
About AES Energy Storage
AES is a leader in commercial energy storage solutions, which improve
flexibility and reliability of the power system, and provide customers
with a complete alternative to traditional peaking power plants. The
company’s Advancion® 4 energy storage solution is available
for sale to leading utilities, power markets, and independent power
producers, and AES can manage installations from concept to operation
with a market-proven solution that integrates best in class battery and
power conversion technologies. AES introduced the first grid-scale
advanced battery-based energy storage solution in commercial operations
in 2008 and operates the largest fleet of battery-based storage assets
in service today. AES has a total of 384 MW of interconnected energy
storage, equivalent to 768 MW of flexible resource, in operation,
construction or late stage development in six countries. To learn more,
please visit www.aesenergystorage.com
or @aes_es
on Twitter.
About AES
The AES Corporation (NYSE: AES) is a Fortune 200 global power company.
We provide affordable, sustainable energy to 17 countries through our
diverse portfolio of distribution businesses as well as thermal and
renewable generation facilities. Our workforce of 18,500 people is
committed to operational excellence and meeting the world’s changing
power needs. Our 2014 revenues were $17 billion and we own and
manage $39 billion in total assets. To learn more, please visit www.aes.com.
Follow AES on Twitter @TheAESCorp.
AES Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning
of the Securities Act of 1933 and of the Securities Exchange Act of
1934. Such forward-looking statements include, but are not limited to,
those related to future earnings, growth and financial and operating
performance. Forward-looking statements are not intended to be a
guarantee of future results, but instead constitute AES’ current
expectations based on reasonable assumptions. Forecasted financial
information is based on certain material assumptions. These assumptions
include, but are not limited to, our accurate projections of future
interest rates, commodity price and foreign currency pricing, continued
normal levels of operating performance and electricity volume at our
distribution companies and operational performance at our generation
businesses consistent with historical levels, as well as achievements of
planned productivity improvements and incremental growth investments at
normalized investment levels and rates of return consistent with prior
experience.
Actual results could differ materially from those projected in our
forward-looking statements due to risks, uncertainties and other
factors. Important factors that could affect actual results are
discussed in AES’ filings with the Securities and Exchange Commission
(the “SEC”), including, but not limited to, the risks discussed under
Item 1A “Risk Factors” and Item 7: Management’s Discussion & Analysis in
AES’ 2014 Annual Report on Form 10-K and in subsequent reports filed
with the SEC. Readers are encouraged to read AES’ filings to learn more
about the risk factors associated with AES’ business. AES undertakes no
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Any Stockholder who desires a copy of the Company’s 2014 Annual Report
on Form 10-K dated on or about February 25, 2015 with the SEC may obtain
a copy (excluding Exhibits) without charge by addressing a request to
the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson
Boulevard, Arlington, Virginia 22203. Exhibits also may be requested,
but a charge equal to the reproduction cost thereof will be made. A copy
of the Form 10-K may be obtained by visiting the Company’s website at www.aes.com.
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