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Jeff Chiu / 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

Updated 37 mins ago - Politics & Policy

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Illustration: Aïda Amer/Axios

  1. State of play: New coronavirus cases down, but more bad news ahead.
  2. Politics: Biden set to immediately ramp up federal pandemic response with 10 executive actions — Scoop: Joe Biden's COVID-19 bubble.
  3. World: Biden will order U.S. to rejoin World Health OrganizationBiden to bring U.S. into global COVAX initiative for equitable vaccine access.
  4. Vaccine: Amazon offers to help Biden administration with COVID vaccine efforts.
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

First glimpse of the Biden market

Photo: Jonathan Ernst-Pool/Getty Images

Investors made clear what companies they think will be winners and which will be losers in President Joe Biden's economy on Wednesday, selling out of gun makers, pot purveyors, private prison operators and payday lenders, and buying up gambling, gaming, beer stocks and Big Tech.

What happened: Private prison operator CoreCivic and private prison REIT Geo fell by 7.8% and 4.1%, respectively, while marijuana ETF MJ dropped 2% and payday lenders World Acceptance and EZCorp each fell by more than 1%.

Mike Allen, author of AM
3 hours ago - Politics & Policy

Biden-Harris, Day 1: What mattered most

President Joe Biden and first lady Dr. Jill Biden arrive at the North Portico of the White House. Photo: Alex Brandon-Pool/Getty Images

The Axios experts help you sort significance from symbolism. Here are the six Day 1 actions by President Biden that matter most.

Driving the news: Today, on his first full day, Biden translates his promise of a stronger federal response to the pandemic into action — starting with 10 executive orders and other directives, Caitlin Owens writes.