New Energy Storage Giant Fluence Takes Shape On Complex Energy Management Needs
Energy storage is going to be one of the fastest growing spaces in the energy space and major companies are already jostling for a piece of this massively growing pie. AES Corp. (NYSE:AES) which has a first mover advantage in the utility energy storage area has teamed up with energy giant Siemens to form a 50:50 JV called Fluence. It is strange that AES formed a JV since it already is a leader in the utility storage area. There seems to be little reasons for AES to given its energy storage advantage to a JV. However, I think the company entered into this deal as it realizes that the market is enormous and that speed is of the essence. Siemens has a massive geographical reach and extensive marketing and technological capabilities in the energy area. It is universally trusted by governments, private players and customers for providing high-quality German precision products and services.