Siemens and AES have teamed up to create a new global energy storage technology and services company.

They will have joint control of Fluence, with each company holding a 50% stake and the headquarters will be located in Washington, DC.

AES and Siemens have together deployed or have been awarded 48 projects totalling 463MW of battery-based energy storage across 13 countries.

That includes the world’s largest lithium-ion battery energy storage project near San Diego, California.

Ralf Christian, CEO of Siemens’ Energy Management Division said: “As the energy storage market expends, customers face the challenge of finding a trusted technology partner with an appropriate portfolio and a profound knowledge of the power sector. Fluence will fill this major gap in the market.”

Last week Tesla announced it will be installing the world’s biggest battery storage technology in South Australia.