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Larry French / AP

Siemens and AES Corp. announced Tuesday they are combining forces to create a major new energy storage industry powerhouse with a joint venture called Fluence.

Why it matters: Growth in battery storage is an important way to enable integration of more renewable energy sources, while it also can aid reliability and curb the need for additional fossil fuel generation and other infrastructure to serve peak demand.

Go deeper: "The unprecedented move marks a preemptive consolidation of power in a young industry —and a new competitor for emerging market leader Tesla," reports Greentech Media.

Synergies: Reuters notes that Siemens technology "focuses more on projects for individual companies and enterprises, such as universities and hospitals, while AES targets larger arrays that are incorporated into a region's electrical grid."

More details: The companies said their joint venture is aimed at a range of utility, commercial and industrial customers worldwide, using what's already a global footprint. The two companies have already completed or been awarded 48 projects, totaling 463 megawatts of battery storage in 13 countries.

Go deeper

Biden says $1,400 stimulus payments can start going out this month

Photo: Samuel Corum/Getty Images

President Biden said Saturday that the Senate passage of his $1.9 trillion COVID relief package means the $1,400 direct payments for most Americans can begin going out later this month.

Driving the news: The Senate voted 50-49 Saturday to approve the sweeping legislation. The House is expected to pass the Senate's version of the bill next week before it heads to Biden's desk for his signature.

7 hours ago - Health

COVID-19 drives smell loss awareness, research

A health worker carries out an olfactory test outside Buenos Aires. Photo: Alejandro Pagni/AFP via Getty Images

The pandemic has thrust a relatively unknown ailment, anosmia — or smell loss — into the international spotlight.

Why it matters: Researchers hope smell testing becomes as standard as the annual flu shot, helping to detect early signs of neurodegenerative diseases like Alzheimer’s and Parkinson’s.