ARLINGTON, Va.--(BUSINESS WIRE)--The AES Corporation (NYSE: AES) announced that it is the recipient of the Edison Electric Institute’s (EEI) 2016 International Edison Award for its development and deployment of Advancion® 4, its fourth generation, grid-scale, battery-based energy storage platform. This is the Company’s fifth International Edison Award and is a testament to the work AES’ employees are doing alongside their suppliers, to provide their customers with innovative and sustainable energy solutions.
“We are honored to receive this award from EEI, recognizing our contribution to the development of efficient and cost effective energy storage,” said Andrés Gluski, AES President and Chief Executive Officer. “Nearly a decade ago, a small team at AES had the idea to create advanced energy storage using lithium ion batteries. Today, we are the largest operator of battery-based energy storage in the world, with installations in four countries and advanced development projects in three more. Advancion is proven and available to utilities and other energy storage customers to meet their needs in this rapidly changing energy market.”
Using proven technology from nearly a decade of experience in operating the largest fleet of battery-based energy storage in the world, AES’ Advancion 4 energy storage solution has been deployed on the Company’s own platforms and is also available for other utilities, industrial and commercial customers, independent power producers and power system operators to deploy.
Since late 2015, AES has deployed Advancion 4 in projects in the United States, Northern Ireland and the Netherlands and now operates 116 MW of energy storage projects with an additional 278 MW under construction or in late stage development. AES’ energy storage platform is improving the reliability of the electric grid, mitigating the intermittency of renewable generation and lowering costs to operate the system.
Earlier this year, AES announced agreements with select leading companies in the power sector, to ensure the global availability of Advancion. Mitsubishi Corporation and Eaton Corporation are now offering Advancion as the core of their energy storage platforms to customers in Asia and Oceania, and Europe, the Middle East and Africa (EMEA), respectively.
The Edison Award is the electric power industry’s most prestigious honor and recognizes companies annually for their leadership, innovation and progress in advancing the industry.
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 21,000 people is committed to operational excellence and meeting the world’s changing power needs. Our 2015 revenues were $15 billion and we own and manage $37 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.
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 and its partners 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 394 MW of interconnected energy storage, equivalent to 788 MW of flexible resource, in operation, construction or late stage development in seven countries. To learn more, please visit www.aesenergystorage.com or @aes_es on Twitter.
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’ 2015 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 2015 Annual Report on Form 10-K dated on or about February 23, 2016 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.