Mercedes-Benz Energy and Vivint Solar Team Up to Bring Automotive Battery Innovation to the U.S. Residential Solar Market
By: +David Herron; Date: May 18, 2017
Exclusive collaboration marks entrance of Mercedes-Benz Energy products into U.S. market
May 18, 2017 – LEHI, Utah and SUNNYVALE, Calif. Mercedes-Benz Energy and Vivint Solar (NYSE: VSLR) today announced an exclusive strategic collaboration to bring the Mercedes-Benz customizable home energy storage system to the U.S. The two companies will introduce a joint offering that will provide customers with the German engineering and performance of Mercedes-Benz batteries coupled with Vivint Solar's expertise in designing, installing and servicing solar energy systems.
For Vivint Solar, which has a proven track record of installing solar energy systems in more than 100,000 homes across the U.S., this is the first collaboration to integrate batteries with its offering. This will also be Mercedes-Benz Energy's first collaboration with a U.S. solar provider, bringing its premium, high-performance, road-tested technology for home use to the residential battery market. These storage systems are made to Mercedes-Benz quality standards and based on the same automotive-grade battery technology used in its electric and hybrid vehicles.
"As Mercedes-Benz electrifies its vehicle fleet, solar plus storage is essential to enable those vehicles to be powered by clean energy," said Boris von Bormann, CEO of Mercedes-Benz Energy Americas, LLC. "With batteries featuring the best in automotive engineering from Mercedes-Benz, and high-quality solar energy systems from Vivint Solar, our solution allows customers to take the next step toward a sustainable energy future. The launch of our home battery system in Europe has been successful and we are thrilled to be working with Vivint Solar to bring a reliable and compelling solar plus storage offering to American homes."
With energy storage to complement rooftop solar, Vivint Solar customers will be able to have more control over the renewable energy they generate. In addition to providing a backup power source if the grid goes down, the new combined solution may help customers reduce energy costs. For instance, in areas with time-of-use electricity rates, customers can store excess solar energy produced by the system during the day in the batteries and then consume it during periods of peak energy usage in the evening and at night when electricity rates are typically higher.
Each energy storage system will consist of modular 2.5 kWh batteries that can be combined to create a system as large as 20 kWh, making it easy to scale and tailor energy storage systems to individual customer profiles. Vivint Solar will customize each system based on the customer's individual energy consumption needs, providing consumers with an important tool to help them manage their energy costs while utilizing clean energy.
"The choice to work with Mercedes-Benz Energy, a world-class innovator in energy storage, was an easy one," said David Bywater, CEO of Vivint Solar. "We believe their energy storage system is going to delight our customers and are impressed with their ambitious plans for the future. We look forward to bringing this innovative solution to consumers, beginning in our California markets, and to empowering greater renewable energy usage."
"According to Parks Associates research, 79% of rooftop solar PV owners purchased their system to save money on electricity," said Tom Kerber, director IoT strategy, at Parks Associates. "Adding storage is an obvious approach to improve the return on investment on a solar solution. Three-quarters of households view battery storage as an important addition to solar panels."
California is the first U.S. market where Vivint Solar will exclusively offer this solution directly to homeowners. Beginning in Q2, new customers in California will be able to buy the offering outright or finance the purchase, either through one of the institutions Vivint Solar has relationships with or their preferred lender.
For more information about this collaboration between Vivint Solar and Mercedes-Benz Energy, visit vivintsolar.com/battery.
About Mercedes-Benz Energy
Established in 2016, Mercedes-Benz Energy is a fully owned subsidiary of Daimler AG. Mercedes-Benz Energy offers innovative energy solutions to manage resources more efficiently and sustainably. The company is responsible for the development and distribution of stationary energy storage under the Mercedes-Benz brand. Using durable lithium-ion batteries produced in Germany, Mercedes-Benz Energy storage systems can optimize solar consumption, reduce expensive peak electric loads, provide backup power, and offer a variety of grid services. Based on the same automotive-grade battery technology used in Mercedes-Benz electric and plug-in hybrid vehicles, Mercedes-Benz Energy storage solutions meet the highest standards of quality, reliability, and safety. For more information, visit www.mercedes-benz.com/energy.
Mercedes-Benz is pursuing a holistic approach regarding the electrification of the drive train. Apart from the EQ brand with a family of vehicles, Mercedes-Benz is also developing a holistic ecosystem, which, alongside the vehicle itself, also comprises a comprehensive range of electric mobility-related offerings.
About Vivint Solar
Vivint Solar is a leading full-service residential solar provider in the United States. With Vivint Solar, customers can power their homes with clean, renewable energy and typically achieve significant financial savings. Offering integrated residential solar solutions for the entire customer lifecycle, Vivint Solar designs, installs, monitors and services the solar energy systems for its customers. In addition to being able to purchase a solar energy system outright, customers may benefit from Vivint Solar's affordable, flexible financing options or power purchase agreements. For more information, visit www.vivintsolar.com or follow @VivintSolar on Twitter.
Note on Forward-looking Statements
This press release contains forward-looking statements as defined within the meaning of the federal securities laws, including statements regarding the market for solar power and energy storage systems, the potential for customers to reduce energy costs and the ability to improve the return on investment on a solar solution. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements should not be read as a guarantee of future performance or results, and they will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. These statements are based on current expectations and assumptions regarding future events and business performance as of the date of this press release, and they are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including but not limited to the risks set forth in the registration statements and reports that Vivint Solar files with the U.S. Securities and Exchange Commission, which are available on the Investor Relations section of our website at www.vivintsolar.com. Vivint Solar does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.