AES and Mitsubishi Corporation to Sell Advancion® Energy Storage Solutions in Asia and Oceania
OREANDA-NEWS. 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.