AES and Google Partner to Announce Nest Renew, a New Service that Accelerates Customer Support of Clean Energy

ARLINGTON, Va., Oct. 6, 2021 /PRNewswire/ -- The AES Corporation (NYSE: AES) today announced that it is partnering with Google on Nest Renew, a new service for Nest thermostats. At launch, AES will offer Nest Renew through its US utilities, AES Indiana and AES Ohio. Utility customers who enroll in Nest Renew will benefit from cost-saving and energy efficiency features as well as opportunities to accelerate their own clean energy goals. This announcement builds on AES' 10-year strategic alliance with Google, as the companies jointly explore new technologies and innovations to promote a greener, smarter energy future.

Nest Renew makes it easy to support a clean energy future. This new service for compatible Nest thermostats¹ is rolling out in early preview by invitation beginning Fall 2021. Nest Renew Basic will be available across the continental US, with Nest Renew Premium in select US markets and expanding over time.² Nest Renew is designed to work with compatible Nest thermostats to help prioritize clean energy usage³ and track the positive difference customers are making on the environment. Nest Renew Premium includes Clean Energy Match, which will match a home's estimated fossil fuel electricity with renewable energy credits from US wind and solar, helping to support the growth of clean energy.⁴

"Providing our customers with innovative programs and solutions is essential to helping them achieve their most important objectives, including reliability, affordability and sustainability," said Kristina Lund, AES US Utilities President and CEO. "Through our AES US Utilities collaboration with Nest Renew, our customers now have the ability to take control and accelerate their personal sustainability efforts."

Nest Renew will integrate with Uplight, AES' digital technology partner. AES uses Uplight to help speed integration and create a more consistent customer experience to enable the bundling of multiple utility program options into a simple, personalized, consumer-friendly experience. When combined, Nest Renew and Uplight deliver one seamless experience where customers can save money and achieve greater cost predictability, while also achieving their clean energy and sustainability goals.

"Our work with AES and Uplight will make it easier for customers to understand and take advantage of utility programs via the Nest Renew experience. Nest Renew will combine the best of Google Nest hardware and customer experience with AES' trusted customer relationships and innovative new program offerings, backed by Uplight, to ultimately achieve load management and decarbonization goals," said Hannah Bascom, Google's head of energy partnerships.

AES is also partnering with Google to identify or develop wind and solar projects that can generate renewable energy certificates (RECs) for Clean Energy Match.

"Together with Google, we're accelerating the future of energy, making 24/7 carbon-free energy a reality for organizations of all kinds and developing tools, such as near real-time grid virtualization technologies, that enable the broader adoption of efficient, reliable and low-carbon energy," said Chris Shelton, AES Senior Vice President, Chief Product Officer. "Nest Renew builds upon the groundbreaking work we've done with Google. The Nest Renew experience brings these types of benefits into people's homes by making it easier for them to participate in energy programs and support a clean energy future."

The announcement of Nest Renew complements the 10-year strategic alliance that AES formed with Google in 2019 to leverage Google Cloud technology to accelerate innovation in energy distribution and management, AES' First-of-Its-Kind Agreement to Supply 24/7 Carbon-Free Energy for Google Data Centers in Virginia and its Collaboration with X, the moonshot factory on New Grid Virtualization Technologies to Accelerate a Cleaner Energy Future.

¹ Nest Renew requires the 3rd generation Nest Learning Thermostat, Nest Thermostat E, or the newest Nest Thermostat connected to a Google account (sold separately).
² Some Nest Renew features require a Nest Renew Premium $10/month subscription. Available in select locations.
³ Adjustments only shift electricity usage from your heating and cooling. Available in areas served by major continental US grids.
⁴ Available in select locations. During the preview phase, Nest Renew Premium's renewable energy credits will be sourced from the Bethel Wind in Castro County, TX. Learn more here.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com/Google-Nest-Renew.

Safe Harbor Disclosure

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES' current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our expectations regarding the COVID-19 pandemic, accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as the execution of PPAs, conversion of our backlog and growth investments at normalized investment levels and rates of return consistent with prior experience.

Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES' filings with the Securities and Exchange Commission (the "SEC"), including, but not limited to, the risks discussed under Item 1A: "Risk Factors" and Item 7: "Management's Discussion & Analysis" in AES' 2020 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES' filings to learn more about the risk factors associated with AES' business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Any Stockholder who desires a copy of the Company's 2020 Annual Report on Form 10-K filed February 25, 2021 with the SEC may obtain a copy (excluding Exhibits) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Form 10-K may be obtained by visiting the Company's website at www.aes.com.

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