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: ellen@aifund.ai, Susan
Harcourt, tel: (703) 682-1204;
email: susan.harcourt@aes.com
Media Contact: Dan Landau, tel:
(908) 240-3738; email: Dan@aifund.ai, Stephanie Cathcart, tel: (571) 294-6824;
email: Stephanie.Cathcart@aes.com
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SOURCE The AES Corporation and AI Fund
