Siemens, AES Join To Form Energy Storage Technology JV Fluence - Quick Facts

(RTTNews) - German conglomerate Siemens AG (SIEGY, SMAWF) and power company AES Corp. (AES) announced Tuesday their agreement to form a new global energy storage technology and services company under the name Fluence.

Siemens and AES will have joint control of the company with each holding a 50 percent stake. Fluence's global headquarters will be located in the Washington, DC area with additional offices located in Erlangen, Germany and select cities worldwide.

The transaction is expected to close in the fourth quarter of calendar year 2017, subject to regulatory and other approvals.

The companies noted that Fluence will operate independently of its parent companies, combining the robust capabilities and expertise from Siemens' battery-based energy storage solutions group under the Energy Management division with AES' subsidiary, AES Energy Storage.

Andrés Gluski, AES President and CEO, said, "Partnering with Siemens to form Fluence will offer both large and small customers the full gamut of proven, state-of-the-art energy storage solutions in over 160 countries. This will accelerate the integration of renewables into the energy network of tomorrow."