ENERGY STORAGE

Mitsubishi relaunches BESS business as standalone company Prevalon

February 26, 2024

Mitsubishi Power Americas is to relaunch its battery energy storage solutions (BESS) business as a standalone company called Prevalon.

“Designed as a dedicated pure-play vehicle for innovation and growth in the battery energy storage space, Prevalon enters the market with an established track record, robust pipeline of global projects, and proven technology from Mitsubishi Power’s BESS business,” a Mitsubishi statement said.

It added that Prevalon brings “significant experience from the BESS business at Mitsubishi Power”, including more than 30 projects, and 3GWh of utility-scale battery energy storage systems deployed globally.

“With this BESS global experience, Prevalon is well-positioned to operate as a proven and established business, with the agility of a start-up,” the statement said.

Bill Newsom, president and CEO at 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. This is an example of Mitsubishi Power’s commitment to aligning and structuring its businesses in a way that brings more value and targeted expertise to the ever-changing energy transition.”

Tom Cornell, president & CEO of Prevalon, added: “Today marks a thrilling milestone for our team. The establishment of Prevalon as a pioneering force committed to innovating products and services in the sector is a response to the escalating demand in the battery energy storage segment. Our core mission is to design and deploy safe, reliable, secure, and ground-breaking battery energy storage solutions, contributing to a more sustainable future. This vision drives our unwavering dedication to co-create tailored solutions with our customers, fast-tracking the progress toward a seamless energy transition.”