AES named as exclusive energy partner to develop AI-focused companies
ARLINGTON, Va., June 27, 2024 /PRNewswire/ — The AES Corporation (NYSE: AES) today announced a strategic partnership with AI Fund aimed at accelerating the energy transition through artificial intelligence. Through this partnership, AES and AI Fund will collaborate on co-building companies that leverage AI to be more efficient and productive – putting AI to work to address today’s energy challenges.
Founded by global AI leader, Andrew Ng, AI Fund is a venture studio that works with entrepreneurs to rapidly build companies. Through AI Fund’s bench of experts, they quicken market validation, provide deep technical expertise, contribute comprehensive business support and recruit a strong team to quickly launch and scale startups.
Combining AES’ deep industry knowledge and track record of innovation with AI Fund’s expertise and resources in artificial intelligence, creates an unparalleled opportunity to address challenges posed by the rapid increase of load-consuming assets and the rising global electricity demand.
“AES has a history of partnering with industry leaders to bring innovation to the energy sector,” said Andrés Gluski, AES President and CEO. “Our collaboration with AI Fund exemplifies this strategy. By combining our expertise of the power sector with AI Fund’s expertise in artificial intelligence, we are uniquely positioned to lead the energy transition with AI-powered innovations that will benefit not only our portfolio but the entire industry.”
“Under Andrés Gluski’s visionary leadership, AES is a major force in the US energy infrastructure’s transition to renewables. AI, itself a significant contributor to energy demand, has an important role to play to support this transition. I am thrilled to have an opportunity for AI Fund to participate in projects that will drive significant efficiencies in the production, transmission, and consumption of energy,” said Andrew Ng, Managing General Partner of AI Fund.
AES and AI Fund companies will build AI-driven solutions that deliver next level outcomes for customers while improving sustainability and resilience across the industry. The co-build collaboration aims to address bottlenecks in the energy transition, with an initial focus on several opportunities, such as:
- Renewables and battery management: utilizing AI to more accurately predict scenario planning across millions of pieces of connected equipment.
- Worksite safety: improving energy industry worker safety practices.
- Community impact: enabling the sector to increase their positive impact on the communities and the environment in which they operate.
AES has a track record of developing, incubating and scaling new innovations that solve industry challenges. AES was first to develop and deploy lithium-ion batteries to optimize the power grid, which was spun out to form Fluence, a leading global energy storage company. As we bring more renewable projects online, energy storage remains a critical component of the energy transition.
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we’re improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com.
About AI Fund:
AI Fund is a venture studio that strives to move humanity forward by accelerating the adoption of AI. We work with entrepreneurs to build companies rapidly and increase the odds of success. We are a team of AI pioneers, operators, entrepreneurs, and investors, supported by top-tier partners including NEA, Sequoia, and Softbank. For more information, visit www.aifund.ai.
Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES’ current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our expectations regarding accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as the execution of PPAs, conversion of our backlog and growth investments at normalized investment levels, and rates of return consistent with prior experience.
Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES’ filings with the Securities and Exchange Commission (the “SEC”), including, but not limited to, the risks discussed under Item 1A: “Risk Factors” and Item 7: “Management’s Discussion & Analysis” in AES’ 2023 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES’ filings to learn more about the risk factors associated with AES’ business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except where required by law.
Any Stockholder who desires a copy of the Company’s 2023 Annual Report on Form 10-K filed February 26, 2024 with the SEC may obtain a copy (excluding the exhibits thereto) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Annual Report on Form 10-K may be obtained by visiting the Company’s website at www.aes.com.
Website Disclosure
AES uses its website, including its quarterly updates, as channels of distribution of Company information. The information AES posts through these channels may be deemed material. Accordingly, investors should monitor our website, in addition to following AES’ press releases, quarterly SEC filings and public conference calls and webcasts. In addition, you may automatically receive e-mail alerts and other information about AES when you enroll your e-mail address by visiting the “Subscribe to Alerts” page of AES’ Investors website. The contents of AES’ website, including its quarterly updates, are not, however, incorporated by reference into this release.
Investor Contact: Ellen Li, email: [email protected], Susan Harcourt, tel: (703) 682-1204; email: [email protected]
Media Contact: Dan Landau, tel: (908) 240-3738; email: [email protected], Stephanie Cathcart, tel: (571) 294-6824; email: [email protected]
SOURCE The AES Corporation and AI Fund