Big names have started entering the energy storage sector to give Tesla stiff competition. After Mercedes Benz launched home energy storage units in Germany earlier this year, now tech giants Siemens and AES have joined hands to create a new energy storage company– Fluence.
AES and Siemens intend to draw on their knowledge of the power industry to offer energy storage technology in Fluence. Although the new venture will operate independently of its parent companies, according to a press release, it will draw on technology both have developed.
The venture could reach consumers in more than 160 countries. AES has been deploying energy storage systems for 10 years, in seven countries. Siemens has been around for much longer. The companies expect after regulatory approvals, the transaction will close later in 2017.