Investment indicates solar focus for ABB
ABB secures a 35 per cent stake in German solar company
Power and automation technology specialist ABB has announced an agreement to buy a 35 per cent stake in Novatec Solar, a German-based Concentrated Solar Power technology company.
The investment includes an opportunity for ABB to acquire 100 per cent of Novatec Solar, and also an agreement to cooperate of future solar power plant projects.
Peter Leupp, head of ABB’s power systems division, said: “This investment brings us closer to solar power based on CSP technology, and supports ABB’s focus on renewable energies, complementing our own power generation offering.”
“The technology’s simplicity, financial viability as well as minimal water and land requirements are factors that make it particularly attractive in emerging markets,” he added.