AES and 5B accelerating transition to solar energy

AES and 5B accelerating transition to solar energy

The strategic investment by AES in solar innovator 5B enables the deployment of solar projects much faster and with twice the energy from the same land.

AES and 5B tied up to enhance their solar energy offering

AES, the US-based energy giant, has made a strategic investment in 5B, a solar technology innovator based in Sydney, Australia, to boost its energy footprint.

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 accelerate their use of solar energy.

The total global investment in the solar energy market in 2021-2025 is projected to reach $613 billion as companies transition to greener sources of energy.

5B's MAVERICK design enables companies to make that transition more quickly while using less land. The MAVERICK design is a pre-wired, prefabricated 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. MAVERICK also removes common barriers for organisations to deploy solar resources, including the availability of land and ground penetration, making solar possible in more places while providing the flexibility to easily relocate the resources in some applications.

"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 2-3GW of annual renewables growth. This year, AES Panama will fast-track the delivery of a 2MW project utilising the MAVERICK solution.

In Chile, AES Gener will deploy 10MW of MAVERICK technology as part of the expansion of its Los Andes solar facility in the Atacama Desert in the north of the country.

Speaking about the strategic investment, David Stone, CEO of AES Vietnam said, “The investment is great news for AES and the energy sector in Vietnam. With 5B's MAVERICK design, AES will continue offering cutting-edge technologies that can significantly transform future solar landscape in the country. These innovative technologies will support Vietnam in accelerating its renewable goals which have been outlined recently in the Politburo’s Resolution No.55-NQ/TW.”

"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."

Following a $8.6 million investment round that included AES, 5B joins a growing portfolio of energy technology platforms in which AES has made strategic investments.

AES had a foundational role in the creation and growth of the energy storage market through Fluence, its joint venture with Siemens. Fluence is today the largest grid-scale battery energy storage solutions company in the world. AES is also collaborating with Uplight, the leading digital customer energy platform in the US. AES' strategic collaborations with and investments in these companies have helped them all to accelerate the future of energy.

VIR