ARLINGTON, Va. & TOKYO--(BUSINESS WIRE)--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.
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.
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.