Siemens and AES have agreed to form a global energy-storage technology and services company under the name Fluence. It will combine the AES Advancion and Siemens Siestorage energy storage platforms.

Siemens and AES will each hold half of the new company, which will be based in Washington, DC in the US and have offices in Germany and other cities worldwide. The transaction is expected to close in the fourth quarter of calendar year 2017, subject to regulatory and other approvals.