Mitsubishi Power is spinning off its battery storage business

Mitsubishi Power is rebranding its battery energy storage solutions (BESS) business into a standalone and legally separated company, Prevalon.

Prevalon brings experience from the BESS business at Mitsubishi Power – over 30 projects, and three gigawatt hours (GWh) of utility-scale battery energy storage systems (BESS) deployed globally. Mitsubishi Power says Prevalon will operate "with the agility of a startup."

The new entity retains the current leadership team, technology and service offerings, employees, and other assets from the BESS global business at Mitsubishi Power. Prevalon will continue to offer the integrated end-to-end battery energy storage solution, renamed “Prevalon Battery Energy Storage Platform,” which has an energy management system that will also serve as the foundation for Prevalon’s remote monitoring and diagnostics service business.

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“As the speed of the energy transition increases, it is imperative that advanced technology solutions such as battery energy storage keep pace,” said Bill Newsom, President and CEO, Mitsubishi Power Americas.

“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.”

Originally published on power-eng.com