- PRESS RELEASE -
ARLINGTON, Va. and MORGES, Switzerland, February 9, 2016 – Power management company Eaton (NYSE: ETN) and The AES Corporation (NYSE: AES), through its subsidiary, AES Energy Storage, today announced the signing of an alliance agreement under which Eaton will offer AES’ Advancion® energy storage platform as the core of its grid-scale, integrated energy storage systems to help manage grid stability and peak demand infrastructure.
The agreement is part of an AES initiative with select leading companies to ensure the global availability of the award-winning Advancion energy storage platform. Eaton will supply the energy storage systems, provide support and ensure long-term operation directly to utilities, industrial and commercial customers, independent power producers and power system operators across Europe, the Middle East, and Africa (EMEA).
The ambitious goals set by many countries, especially within the European Union, and confirmed during the 2015 Paris Climate Conference (COP21), call for an ever larger role for renewables in the power supply mix, and European countries are leading this change.
Energy storage has become a key factor in helping countries manage both grid stability, as renewable energy sources continue to be integrated into the grid, as well as peak demand, limiting the need to build dedicated peaking power plants and minimizing CO2 emissions. The energy storage market is therefore entering 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.
“With more than 50 years of experience helping customers manage energy and supporting utilities in Europe, the Middle East and Africa, Eaton has a long track record of working with its customers to automate, protect and optimize a secure, cost-effective electrical grid,” said Cyrille Brisson, Vice President of Marketing, for Eaton’s Electrical business in EMEA.
“Together, Eaton and AES will be able to greatly impact the energy landscape in EMEA. By providing market-leading, innovative energy storage systems to commercial, industrial and utility customers, we will be able to mitigate the investment needed for, and the charges and emissions resulting from peak demand infrastructure. The widespread deployment of systems enabling peak capacity, flexible generation and grid services, coupled with the easy consumption of renewables, will help a smarter grid meet environmental targets,” added Brisson.
“We see energy storage as key to a clean, unbreakable grid equipped to deliver power from the most efficient and cost-effective sources,” said John Zahurancik, President of AES Energy Storage. “Working with leading companies, like Eaton, provides a path for the rapid adoption of energy storage in important global markets.”
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. Advancion is also now powering the largest fleet of advanced energy storage in Europe, with the recent completion of two Advancion arrays in the Netherlands and Northern Ireland.
Advancion is the most proven energy storage solution available and Advancion 4, the latest design introduced in November 2015, has an industry-leading compact footprint, optimized design and a patented distributed control system that enables customers to maximize revenue, reduce operating costs, and meet the highest levels of system reliability.
Eaton is a power management company with 2015 sales of $20.9 billion. Eaton provides energy-efficient solutions that help our customers effectively manage electrical, hydraulic and mechanical power more efficiently, safely and sustainably. Eaton has approximately 97,000 employees and sells products to customers in more than 175 countries. For more information, visit www.eaton.com.
Eaton’s electrical business is a global leader with expertise in power distribution and circuit protection; backup power protection; control and automation; lighting and security; structural solutions and wiring devices; solutions for harsh and hazardous environments; and engineering services. Eaton is positioned through its global solutions to answer today’s most critical electrical power management challenges.
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.
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