AES strategic investment in solar innovator 5B enables deployment of solar 3x faster and with twice the energy from the same land
The AES Corporation (NYSE: AES) announced on July 30th that it has made a strategic investment in 5B, a solar technology innovator based in Sydney, Australia. 5B’s revolutionary MAVERICK design enables customers to add solar resources at a pace that is three times faster while providing up to two times more energy within the same footprint of traditional solar facilities. Together, AES and 5B will help clients including in India accelerate their use of solar energy.
The total global investment in solar energy market between 2021-2025 is projected to reach $613 billion as companies transition to greener sources of energy. 5B’s MAVERICK is an innovative solution based on the design that enables companies to make that transition more quickly and while using less land. The MAVERICK design is a pre-wired, prefabricated, build to last solar solution, that is folded up, shipped to site and rolled out. The 5B approach streamlines engineering, procurement and construction for ground- mounted solar facilities.
“Solar is the most abundant clean energy source in the world, and 5B’s innovative design produces twice the energy for any given area,” said Andrés Gluski, President and CEO of AES. “In addition, a project using 5B’s technology can be built in a third of the time when compared with conventional solar. These significant advantages will help us meet our customers growing needs in today’s everchanging environment.
“AES will benefit from the use of 5B’s MAVERICK technology across many of the projects in its expected 2to 3 Gigawatts of annual renewables growth. This year, AES Panama will fast-track the delivery of a 2 MW project utilizing the MAVERICK solution. In Chile, AES Gener will deploy 10 MW of MAVERICK technology as a part of the expansion of its Los Andes solar facility in the Atacama Desert in the north of the country.
“AES share our vision for a clean energy future. Our Maverick solution is defining the next generation for solar power and the true potential of solar power in terms of how fast, simple, flexible and low cost it should and will be.” said Chris McGrath, 5B’s Co-founder and CEO. “5B has delivered the speed and efficiency benefits of our MAVERICK solution in the Australian market and now AES is bringing its strength to bear as we scale our solution globally.”
5B can bring time and cost savings, where the roughly levelled land is available, for Solar installations in India. It can provide a significant share of Installations contributing to achieve 400GW by 2030 in the country. Due to the potential of 5B local production, the supply chain can be optimized and a consistently high quality product at competitive price, can be delivered and installed for the customer.
AES had a foundational role in the creation and growth of the energy storage market through Fluence, its joint venture with Siemens. Today, Fluence is the largest grid-scale battery energy storage solutions company in the world. In India, AES has installed and it is operating a 10Mw/10Mwhr Energy Storage
Solution provided by Fluence in Delhi. Battery Energy Storage System is integrated into the Tata Power Delhi Distribution Limited (TPDDL) network at its substation for improving the grid stability.