Con Edison Clean Energy Businesses and Johnson Controls Announce Battery Storage Technology Joint Venture
Consolidated Edison Solutions, Inc., a Con Edison Clean Energy
Businesses, Inc. subsidiary, and Johnson Controls today announced a
joint venture to expand the market for the energy storage technology
developed over the last several years by Johnson Controls. Con Edison
Solutions will be the majority owner and operating partner of the joint
venture, while Johnson Controls will participate as a minority owner and
will contribute the intellectual property that it has developed for
battery management systems and controls. As part of the relationship,
Con Edison Solutions has been designated as the exclusive provider of
battery energy storage to customers of Johnson Controls.
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“We are excited about this new relationship with Johnson Controls,” said
Mark Noyes, president and CEO of Con Edison Clean Energy Businesses,
Inc. “Energy storage will play a growing role in the coming years and
this arrangement is a natural fit with our renewable energy and energy
management offerings. We look forward to working with Johnson Controls
to expand the market opportunities for this business.”
“We are proud of the success we have built with our energy storage
business over the past five years and with this joint venture we are
creating even more opportunity to take advantage of growth in both the
behind-the-meter and front-of-meter market” said George Oliver, chairman
and CEO of Johnson Controls.
The battery energy storage systems developed by Johnson Controls allow
for seamless integration with building systems and employ adaptive
algorithms that provide for flexible and customized applications such as
peak shaving, frequency regulation, demand management, and integration
with renewables.
Upon commissioning, the system learns the operating characteristics of
the electrical system to which it is connected and then optimizes the
application for maximum economic benefit to the end customer. In
accordance with the joint venture, Johnson Controls energy storage group
employees will become part of Con Edison Clean Energy Businesses
effective immediately.
Guggenheim Securities, LLC acted as exclusive financial advisor to
Johnson Controls in connection with the transaction.
About Con Edison Solutions
Con Edison Solutions is a leading energy services company that provides
renewable energy, sustainability services, cost-effective energy
efficiency solutions, demand response, and energy performance
contracting. Con Edison Solutions offers programs and services designed
to help customers achieve their individual energy objectives and is
accredited as an Energy Services Provider (ESP) by the National
Association of Energy Service Companies (NAESCO).
Con Edison Solutions is a subsidiary of Con Edison Clean Energy
Businesses, Inc., and part of the Consolidated Edison, Inc. (NYSE: ED)
family of companies. More information can be obtained by calling
1-888-210-8899 or visiting the Con Edison Solutions website at www.conedsolutions.com.
You can also visit the Consolidated Edison, Inc. website at http://investor.conedison.com
for information on all of the Consolidated Edison companies.
About Johnson Controls
Johnson Controls is a global diversified technology and multi industrial
leader serving a wide range of customers in more than 150 countries. Our
120,000 employees create intelligent buildings, efficient energy
solutions, integrated infrastructure and next generation transportation
systems that work seamlessly together to deliver on the promise of smart
cities and communities. Our commitment to sustainability dates back to
our roots in 1885, with the invention of the first electric room
thermostat. We are committed to helping our customers win and creating
greater value for all of our stakeholders through strategic focus on our
buildings and energy growth platforms. For additional information,
please visit http://www.johnsoncontrols.com
or follow us @johnsoncontrols on Twitter.
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Copyright Business Wire 2018
Source: Business Wire
(October 1, 2018 - 10:51 AM EDT)
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