Eaton and AES Sign Alliance Agreement to Sell Advancion® Energy Storage Solution in Europe, the Middle East, and Africa
Power management company Eaton (NYSE: ETN) and The
AES Corporation (NYSE: AES), through its subsidiary, AES
Energy Storage, today announced the signing of an alliance agreement
under which Eaton will offer AES’ Advancion® energy storage
platform as the core of its grid-scale, integrated energy storage
systems to help manage grid stability and peak demand infrastructure.
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AES Advancion® Energy Storage Array (Photo: Business Wire)
The agreement is part of an AES initiative with select leading companies
to ensure the global availability of the award-winning Advancion energy
storage platform. Eaton will supply the energy storage systems, provide
support and ensure long-term operation directly to utilities, industrial
and commercial customers, independent power producers and power system
operators across Europe, the Middle East, and Africa (EMEA).
The ambitious goals set by many countries, especially within the
European Union, and confirmed during the 2015 Paris Climate Conference
(COP21), call for an ever larger role for renewables in the power supply
mix, and European countries are leading this change.
Energy storage has become a key factor in helping countries manage both
grid stability, as renewable energy sources continue to be integrated
into the grid, as well as peak demand, limiting the need to build
dedicated peaking power plants and minimizing CO2 emissions.
The energy storage market is therefore entering 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.
“With more than 50 years of experience helping customers manage energy
and supporting utilities in Europe, the Middle East and Africa, Eaton
has a long track record of working with its customers to automate,
protect and optimize a secure, cost-effective electrical grid,” said
Cyrille Brisson, Vice President of Marketing, for Eaton’s Electrical
business in EMEA.
“Together, Eaton and AES will be able to greatly impact the energy
landscape in EMEA. By providing market-leading, innovative energy
storage systems to commercial, industrial and utility customers, we will
be able to mitigate the investment needed for, and the charges and
emissions resulting from peak demand infrastructure. The widespread
deployment of systems enabling peak capacity, flexible generation and
grid services, coupled with the easy consumption of renewables, will
help a smarter grid meet environmental targets,” added Brisson.
“We see energy storage as key to a clean, unbreakable grid equipped to
deliver power from the most efficient and cost-effective sources,” said
John Zahurancik, President of AES Energy Storage. “Working with leading
companies, like Eaton, provides a path for the rapid adoption of energy
storage in important global markets.”
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. Advancion is also now powering the
largest fleet of advanced energy storage in Europe, with the recent
completion of two Advancion arrays in the Netherlands and Northern
Ireland.
Advancion is the most proven energy storage solution available and
Advancion 4, the latest design introduced in November 2015, has an
industry-leading compact footprint, optimized design and a patented
distributed control system that enables customers to maximize revenue,
reduce operating costs, and meet the highest levels of system
reliability.
For further information, contact EnergyStorage@Eaton.com
or Advancion@AES.com.
About Eaton
Eaton is a power management company with 2015 sales of $20.9 billion.
Eaton provides energy-efficient solutions that help our customers
effectively manage electrical, hydraulic and mechanical power more
efficiently, safely and sustainably. Eaton has approximately 97,000
employees and sells products to customers in more than 175 countries.
For more information, visit www.eaton.com.
Eaton’s electrical business is a global leader with expertise in power
distribution and circuit protection; backup power protection; control
and automation; lighting and security; structural solutions and wiring
devices; solutions for harsh and hazardous environments; and engineering
services. Eaton is positioned through its global solutions to answer
today’s most critical electrical power management challenges.
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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