press-release-details

Press Release Details

AES Energy Storage and Samsung SDI Sign Joint Development and Supply Agreement for Multi-Megawatt Energy Storage Systems

Sep 15, 2010

ARLINGTON, VA and SEOUL, SOUTH KOREA, September 15, 2010 – AES Energy Storage and Samsung SDI, announced today a Joint Development and Supply Agreement to develop and deploy multi-megawatt energy storage systems to increase the capacity, improve responsiveness and enhance the efficiency of electric grids.  With this agreement, AES Energy Storage expands its supplier and technology partner base, while Samsung SDI strengthens its position in the lithium-ion battery business by bringing their capabilities to new platforms.  AES Energy Storage is a subsidiary of the AES Corporation with 16 MW of installed capacity and Samsung SDI is a leading developer and manufacturer of lithium-ion batteries.

Under the agreement, Samsung SDI plans to supply an initial 20MW of Battery Energy Storage Systems to AES Energy Storage to be deployed to one of the sites in its 500 MW energy storage development pipeline.  The project will deliver commercial spinning reserve and frequency regulation, which are ancillary services that help grid system operators maintain the balance between generation and load.  Additionally, the agreement provides the option for AES Energy Storage to source additional products from Samsung SDI, a company poised to become the market leader in lithium-ion before the end of 2010.[1]

Jin-Gun Lee, Sr. Executive Vice President of Samsung SDI, said, This agreement will be a good opportunity for Samsung SDI to expand its business portfolio from small-sized batteries for IT application and EV batteries to Energy Storage Systems.  Samsung SDI will strengthen its global leadership in Energy Storage Systems with new applications and market development.”

Chris Shelton, President of AES Energy Storage, LLC., said, “The combination of AES’ expertise in the development, construction and operation of large-scale energy storage solutions and Samsung’s proven ability in battery development gives us a competitive offering within the growing grid energy storage market.”

About Samsung SDI
Samsung SDI Co. (KOSPI:006400) which is headquartered in South Korea, is the global leading manufacturer of Lithium Ion Battery for IT application such as Cell Phone, Note PC and Industrial Application. And to expand its business scope of Battery, Samsung SDI set up the Joint Company of Battery for xEV with Bosch in 2008. Samsung SDI has been proudly selected in the DJSI (Dow Jones Sustainability Indexes) for the first time as a Korean company and that we have been listed successively for 6 years. For additional information please visit www.samsungsdi.com

About AES Energy Storage
AES Energy Storage, LLC is a wholly owned subsidiary of the AES Corporation.  The AES Corporation (NYSE: AES) is a Fortune 500 global power company with generation and distribution businesses. Through our diverse portfolio of thermal and renewable fuel sources, we safely provide affordable and sustainable energy in 30 countries. Our workforce of 27,000 people is committed to operational excellence and meeting the world's changing power needs. Our 2009 revenues were $14 billion and we own and manage $40 billion in total assets. To learn more, please visit www.aes.com.

The AES Corporation Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934.  Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance.  Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES’ current expectations based on reasonable assumptions.  Forecasted financial information is based on certain material assumptions.  These assumptions include, but are not limited to, our accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as achievements of planned productivity improvements and incremental growth investments at normalized investment levels and rates of return consistent with prior experience.

Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES’ filings with the Securities and Exchange Commission, including, but not limited to, the risks discussed under Item 1A “Risk Factors” in AES’ 2009 Annual Report on Form 10-K.  Readers are encouraged to read AES’ filings to learn more about the risk factors associated with AES’ business.  AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Any Stockholder who desires a copy of the Company’s 2009 Annual Report on Form 10-K filed on or about February 25, 2010 with the SEC may obtain a copy (excluding Exhibits) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. Stockholders may also obtain a copy by visiting the Company’s website at http://www.aes.com/.

[1] Institute of Information Technology Report IIT, LIB Market Bulletin, August 17, 2010
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