The AES Corp., through its unit, AES Energy Storage, and Mitsubishi Corp. signed an agreement under which Mitsubishi Corp. will work with AES and its local partners to offer the 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.
Mitsubishi Corp. is a globally integrated business enterprise with significant experience in energy markets and energy storage. Worldwide, Mitsubishi Corp. owns and operates power generation plants, transmission lines, and operates a number of other energy and industrial facilities. Mitsubishi and AES Gener, an AES unit, 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.
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 ongoing operations support from trusted partners.