Jul 11, 2017

The next frontier for renewables powers up

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.

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Private equity returns fell behind stocks over the past decade

Illustration: Aïda Amer/Axios

U.S. private equity returns fell just below S&P 500 returns for the 10-year period ending last June, according to a report released Monday morning by Bain & Company.

Why it matters: Private equity markets itself as beating public markets over long-term time horizons, and usually providing an illiquidity premium to boot. These new performance figures not only dent such claims, but provide fresh ammunition to critics of public pension investment in private equity funds.

Why Apple may move to open iOS

Photo illustration: Jakub Porzycki/NurPhoto via Getty Images

Apple may finally allow iPhone owners to set email or browsing apps other than Apple's own as their preferred defaults, according to a Bloomberg report from last week.

The big picture: Customers have long clamored for the ability to choose their preferred apps, and now Apple, like other big tech companies, finds itself under increased scrutiny over anything perceived as anticompetitive.