AES Invests in 5B to Accelerate Solar Deployment 3x Faster

The company said that it will benefit from the use of 5B’s Maverick technology across many projects in its expected 2 to 3 GW of annual renewables growth.

July 30, 2020. By Manu Tayal

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Fortune 500 global power company AES Corporation (AES) has invested in 5B, Sydney-based solar technology innovator, with an aim to enable their clients in deployment of solar 3x faster and with twice the energy from the same land.

The company said that 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.

Commenting on the investment in 5B, Andrés Gluski, President and CEO of AES, said that “solar is the most abundant clean energy source in the world, and 5B’s innovative design produces twice the energy for any given area.”

“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,” Gluski added.

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

The 5B’s design is a pre-wired, prefabricated solar solution that is folded up, shipped to site and rolled out. It’s approach streamlines EPC for ground-mounted solar facilities. The design also removes common barriers for organizations 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. 

The company said that it will benefit from the use of 5B’s Maverick technology across many projects in its expected 2 to 3 GW of annual renewables growth.

Speaking on the partnership, Chris McGrath, 5B’s Co-founder and CEO, said that “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.”

“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,” McGrath added.

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

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