Mitsubishi Power Americas is transforming and rebranding its battery energy storage solutions (BESS) business into an independent and legally separate company, Prevalon. Designed as a purpose-built vehicle for innovation and growth in the battery energy storage space, Prevalon enters the market with an established track record, a robust pipeline of international projects and proven technology from Mitsubishi Power’s BESS division.
This strategic shift is the first step in enabling Prevalon to independently focus on battery energy storage and positions the company as a catalyst to embrace technological advances and attract investment in the rapidly evolving energy transition landscape.
Prevalon brings significant experience from Mitsubishi Power’s BESS division – more than 30 projects and three gigawatt-hours (GWh) of utility-scale battery energy storage systems (BESS) deployed worldwide. With this international BESS experience, Prevalon is well positioned to operate as a proven, established company with the agility of a startup. It will enable customers to implement flexible battery energy storage solutions as a means of accelerating towards a more sustainable energy future.
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The new entity retains the current leadership team , its technology and service offerings and employees, as well as other assets of Mitsubishi Power’s global BESS division. Prevalon will continue to offer the end-to-end integrated battery energy storage solution, rebranded as “Prevalon Battery Energy Storage Platform”, which is designed to be flexible to specific project needs with a power management system. robust, intelligent and cyber-enabled technology that will also underpin Prevalon’s remote monitoring and diagnostics services business.
“As the speed of the energy transition increases, it is imperative that advanced technology solutions like battery energy storage keep pace,” said Bill Newsom, president and CEO of Mitsubishi Power Americas. “With the creation of Prevalon, we are confident that its specialized focus on solutions and services in the area of battery energy storage will generate more value in this business to keep up with this hyper-growth market. This is an example of Mitsubishi Power’s commitment to aligning and structuring its business in a way that brings more value and specific expertise to the ever-changing energy transition.”
“Today is an important day for our team,” expressed Tom Cornell, president and CEO of Prevalon. “The establishment of Prevalon as a pioneering force committed to innovative products and services in the industry is a response to the increasing demand in the battery energy storage segment. Our main mission is to create and implement battery energy storage solutions that are safe, reliable and innovative, contributing to a more sustainable future. This vision drives our unwavering dedication to shaping customized solutions alongside our customers, accelerating progress towards an optimal energy transition.”
SOURCE : BusinessWire