Fluence combines the extensive technology expertise, unique energy storage market experience of, and global reach of Siemens and AES to offer proven and cost-competitive energy storage systems for a rapidly transforming sector.
Fluence will deliver the Advancion and Siestorage energy storage platforms and will continue to develop new storage solutions and services, reaching customers in over 160 countries.
Baker Botts L.L.P. represented AES in the transaction. The team finalized all the transaction documentation for the formation of the joint venture, as well as advised on merger control aspects.
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 in Erlangen, Germany and select cities worldwide. The transaction is expected to close in the fourth quarter of calendar year 2017, following regulatory approvals.
The leaders of each company remarked on the significance of Fluence as providing both small and large customers the full gamut of proven, state of the art energy storage solutions in over 160 countries and thereby accelerating the integration of renewables into the energy network of tomorrow.
The grid-connected energy storage sector is expected to expand from a total installed capacity of three gigawatts (GW) at the end of 2016 to 28 GW by 2022 according to IHS Markit, which is equivalent to the power used by 18.6 million households.