MITSUBISHI POWER ANNOUNCES PREVALON, STANDALONE COMPANY DEDICATED TO FAST-GROWING BATTERY ENERGY STORAGE MARKET

-Prevalon Energy LLC established as a wholly owned subsidiary of Mitsubishi Power Americas -Existing battery energy storage solutions business transfers to newly-formed “Prevalon” with dedicated focus on innovation and growth in battery energy storage

Mitsubishi Power Americas (Mitsubishi Power) is transforming and rebranding its battery energy storage solutions (BESS) business into a standalone and legally separated company, PrevalonTM (pronounced preh-vuh-lon). 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.


This strategic shift is the first step to empower Prevalon to concentrate independently on battery energy storage and positions the company as a catalyst for embracing technological advancements and attracting investments in the rapidly evolving energy transition landscape.

Prevalon brings significant 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. With this BESS global experience, Prevalon is well-positioned to operate as a proven and established business, with the agility of a "start-up." It will empower customers to deploy flexible battery energy storage solutions as a means to accelerate toward a more sustainable energy future.

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 to "Prevalon Battery Energy Storage Platform," which is designed to be flexible to specific project needs with a robust, intelligent, and cyber secure energy management system that will also serve as the foundation for Prevalon's remote monitoring and diagnostics service business.

"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."

"Today marks a thrilling milestone for our team," expressed Tom Cornell, President & CEO, Prevalon. "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 groundbreaking 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."

About Mitsubishi Power Americas, Inc.

Mitsubishi Power Americas, Inc. (Mitsubishi Power) headquartered in Lake Mary, Florida, employs more than 2,800 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North, Central, and South America. Mitsubishi Power's power generation solutions include gas, steam, and aero-derivative turbines; power trains and power islands; geothermal systems; PV solar project development; environmental controls; and services. Energy storage solutions include green hydrogen, battery energy storage systems, and services. Mitsubishi Power also offers intelligent solutions that use artificial intelligence to enable autonomous operation of power plants. Mitsubishi Power is a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world's leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace, and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.

About Prevalon Energy LLC

Commitment, reliability, expertise. These are the ideals that guide our decision making, design philosophy, and relationship building. Prevalon Energy LLC (Prevalon), a Mitsubishi Power Americas company, is empowering companies to deploy flexible energy solutions and accelerate a more sustainable energy future. With 10 years of global battery energy storage experience and over 3 GWh of utility-scale battery energy storage projects deployed, Prevalon develops an end-to-end integrated battery energy storage solution that delivers throughout the entire lifecycle of your project and ensures performance. From design and engineering, energy management systems integration, commissioning, and long-term service programs, the Prevalon Battery Energy Storage Platform meets the demands of your energy system today and into the future. For more information, visit PrevalonEnergy.com and follow us on LinkedIn.

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