German industrial giant Siemens and US power group AES have agreed to form a new joint venture called Fluence devoted to the fast-growing energy storage sector.

The new 50/50 JV will operate independently of its parent groups as it brings together technology and expertise from Siemens’ Energy Management division and the AES Energy Storage subsidiary.

According to a statement: “As the energy storage market expands, customers face the challenge of finding a trusted technology partner with an appropriate portfolio and a profound knowledge of the power sector.