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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version on businesswire.com: http://www.businesswire.com/news/home/20160209006698/en/
AES Media Contact:Amy Ackerman, 703-682-6399orAES Investor
Contact:Ahmed Pasha, 703-682-6451orMitsubishi Media
Contact:+81-3-3210-2511
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