(Bloomberg) -- The AES Corp. acquired a 25% stake in an Australian clean tech firm that says its solar design can cut installation times by more than half while generating twice as much energy per acre than traditional arrays.
The firm, 5B Holdings PTY, has developed a prefabricated solar block that can be folded for shipping and takes minutes to deploy once on site, according to AES. The technology requires less ground penetration, doubles energy density and allows solar farms to be located closer to the load, the company said in a statement. AES finalized its investment in the company July 1.
“You combine prefab solar, batteries, digital, plus our platform of 35 gigawatts around the world -- we think we can accelerate some interesting and new solutions,” said AES Chief Executive Officer Andres Gluski.
5B's technology, called Maverick, is already being used in Australia, Gluski said. AES plans to deploy the design in the U.S., Panama, Chile, India and Eastern Europe.
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