Mitsubishi Power Americas is spinning off its battery energy storage business into a new and separate entity, Prevalon.
The US company said it is a strategic shift and the first step to empower Prevalon to concentrate independently on battery energy storage. It positions the company as a catalyst for embracing technological advancements and attracting investments in the rapidly evolving energy transition landscape, it added.
The new entity inherits over 30 projects and 3GWh of utility-scale BESS deployed worldwide.
Mitsubishi said the new entity retains the current leadership team, technology and service offerings, employees and other assets from the BESS global business at Mitsubishi Power.
The Prevalon High-Density (HD) 511 Integrated Platform is a modular AC LFP battery system offering two-, four and eight-hour capacity.
Prevalon’s energy storage solution is being renamed ‘Prevalon Battery Energy Storage Platform’, which the company said is flexible and has a cyber secure energy management system that also serves as remote monitoring and diagnostics.
Bill Newsom, president and CEO of Mitsubishi Power Americas, said: “As the speed of the energy transition increases, it is imperative that advanced technology solutions such as battery energy storage keep pace. With the establishment of Prevalon, we are confident its dedicated focus on battery energy storage solutions and services will unlock more value in this business to keep pace with this hyper-growth battery energy storage market.”
