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AES and Siemens launch Fluence joint venture in energy storage

Energy firm AES and German engineering conglomerate Siemens have announced they are forming a joint venture, called Fluence, to hopefully seize a dominant share in the rapidly growing energy storage market. The two firms hope Fluence will bring down costs of operation and increase total sales footprint, in a market that is poised to surge. Both companies have an equal 50% stake in Fluence, and the deal will be finalized after regulatory approval. The new company will sell a battery storage system, combining the current AES and Siemens product lines under one badge. The market for energy storage is fragmented, this venture brings together two market leaders. Prior to this, Siemens has focused more on projects for individual companies and…

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