Siemens, AES team up for $2.5-bn battery joint venture

Siemens AG and AES Corp, the Virginia-based independent power producer, are forming a venture to focus on technology that’s revolutionis. The new venture, called Fluence, will market and service storage systems manufactured by AES and Siemens. They will each own 50 per cent of Fluence, which is expected in the fourth quarter. Developers are expected to build $2.5 billion in storage systems this year, and there’s growing interest from banks and other prominent lenders.