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AES and Siemens create joint-venture for energy storage

A man prepares his store for business in downtown Los Angeles, California. U.S., July 5, 2017.

American energy firm AES Corp (AES.N) and German engineering conglomerate Siemens AG (SIEGn.DE) on Tuesday said they were forming a joint venture to serve the rapidly growing energy storage market.

Demand for large-scale energy storage is growing as the price of advanced batteries tumble and nations turn to renewable energy such as solar and wind. Pairing big batteries and other storage systems with renewable energy improves reliability without creating climate-changing emissions.

The 50-50 joint venture, called Fluence, will sell the lithium-ion battery technologies currently sold by AES and Siemens(


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