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.
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AES Advancion® Energy Storage Array
(Photo: Business Wire)
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.
For further information, contact EnergyStorage@Eaton.com or
Advancion@AES.com.
About Eaton
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.
About AES
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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version on businesswire.com: http://www.businesswire.com/news/home/20160209006702/en/
AES Investor Contact:Ahmed Pasha, 703-682-6451orAES Media
Contact:Amy Ackerman, 703-682-6399orEaton Media
Contact:Jonathan Hart, +41-21-823-4715
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