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AES Corp & Uplight Partner to Transform Customer Engagement

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The AES Corporation AES has recently signed a partnership deal with Uplight, a software company that helps electric utilities reduce their baseload energy use. The partnership will transform how AES Corp.’s customers engage with their energy provider and manage their energy use.

AES Corp and Uplight’s History

Prior to this recent partnership, AES Corp. took a strategic stake in Uplight, after the latter was formed in 2019. Recently, in March 2021, Schneider Electric SE SBGSY and Huck Capital-Led Investment Group agreed to invest in Uplight, valuing the business at $1.5 billion and AES Corp.'s stake at approximately $450 million.

How Will This Partnership Benefit AES Corp.?

As part of this partnership, AES Corp. and Uplight will together focus on innovating and developing products and services using the latter’s Connect platform, over the next five years. Through this partnership, the companies will provide better e-mobility and advanced commercial and industrial offerings, along with new energy solutions utilizing Connect’s robust energy and consumer analytics.

AES Corp. will deploy more than 15 of Uplight’s residential and commercial and industrial solutions to create an integrated, personalized experience for energy customers across the United States and Latin America. Such a strategic move will be instrumental in expanding its footprint and accelerate growth in the growing clean energy market of the aforementioned regions.

AES Corp.’s Zero-Carbon Goals

As the energy sector in the United States is evolving as a result of decarbonization, electrification and digitalization, AES Corp. has been making considerable efforts to take advantage of this shift.

The utility has accelerated its target to reduce generation from coal to below 10% by the end of 2025. AES Corp. also focuses on raising renewables growth target by 40% to 3-4 GW of long-term power purchase agreements (PPA) per year, till 2025.

Adoption of Clean Energy by Other Utilities

Realizing the need and advantage of the rapid shift toward clean energy, utilities across the world are enhancing their renewable portfolio and have pledged for reducing fossil fuel dependence at a faster pace.

For instance, Xcel Energy XEL aims to achieve an 80% carbon reduction by 2030 and 100% carbon-free electricity by 2050. Likewise, American Electric Power AEP aims at reducing carbon dioxide emissions by 80%, by 2050.

Zacks Rank & Price Movement

AES Corp. currently carries a Zacks Rank #4 (Sell). In a year’s time, shares of the company have increased 86.3% compared with the industry’s 8.8% growth.

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Xcel Energy Inc. (XEL) : Free Stock Analysis Report

American Electric Power Company, Inc. (AEP) : Free Stock Analysis Report

The AES Corporation (AES) : Free Stock Analysis Report

Schneider Electric SE (SBGSY) : Free Stock Analysis Report

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