Engineering giants, Siemens and AES announced they are to launch a new joint venture to target the sector.

The two companies will contribute a full leadership team, which has not yet been announced, and more than 100 staff members to the joint venture. The venture will be headquartered in the Washington, D.C area.

AES and Siemens will each own half of Fluence, but the new venture will operate on its own, free to focus exclusively on chasing the storage market.

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