AES invests in 5B to accelerate global solar energy shift
The AES Corporation has made a strategic investment in the solar innovator to work towards achieving better solar efficiency.
Based in Sydney, 5B has received a strategic investment from Virginia-based AES. Thanks to a revolutionary design called MAVERICK, the company is able to enable its customers to utilise a higher number of solar recourses at three-times the pace whilst being able to provide double the energy.
The partnership is set to accelerate the use of solar energy amongst customers.
The solar energy market continues to grow rapidly as the world moves away from non-renewable energy sources. Between next year and 2025, the market is estimated to hit $613 billion. 5B’s innovative MAVERICK design enables this to happen even faster whilst using smaller plots of land.
The MAVERICK design consists of a folded up, pre-wired, prefabricated solution which is rolled out when delivered to a sale. The company’s approach enables faster installation, less engineering and reduces many steps in the procurement and construction stages.
5B’s solution enables solar to be utilised to its full potential in as many places as possible, whilst adding an element of flexibility if the resources are required to be relocated.
In a statement, President and CEO of AES, Andrés Gluski, said: "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.”
5B continues to grow following a recent $8.6mn investment round, where AES was included.
About The AES Corporation
Listed as a Fortune 500 company, AES strives to provide sustainable energy to 14 countries with affordability in mind. The company manages $34 billion in total assets as its workforce remains fully committed to meeting and exceeding the needs of power across the globe despite challenges such as the recent COVID-19 pandemic. In 2019, the company made $10 billion in revenue.
Founded seven years ago, 5B was built from the ground up by solar engineers, Chris McGrath and Eden Tehan. The company continues to play a big role in the transformation of the world’s transition to clean and renewable energy sources.
The company has made major strides in the solar industry, mainly thanks to its innovative MAVERICK plug & play solar block.
Although the company is headquartered in Sydney, Australia, it has a presence in several other countries including the US, South Africa, Germany and China.