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16 March 2011
ABB investment endorses Novatec’s technology
Karlsruhe, Germany – ABB, the leading power and automation technology group, has signed an agreement to buy a 35 percent shareholding in Novatec Solar, an innovative Concentrated Solar Power (CSP) technology company based in Karlsruhe, Germany. The investment includes an option to acquire 100 percent of Novatec Solar and an agreement to cooperate on future solar power plant projects. The companies agreed not to disclose financial details of the transaction.
This investment complements ABB’s existing activities in power plant automation, electrification and long-distance electricity transmission.
Novatec Solar is a leading provider of Linear Fresnel CSP technology, using flat mirrors to concentrate the sun’s energy onto a receiver to generate steam. The steam can be used either directly as a fuel saver in existing or new power stations and also in process plants and other industrial applications where heat is required.
"This investment brings us closer to the development of CSP generation on a large scale, supports ABB's focus on renewable energies and complements our own power generation offering,” said Peter Leupp, head of ABB’s Power Systems division. “The technology’s simplicity, financial viability as well as minimal water and land requirements are factors that make this technology particularly attractive in emerging markets, where ABB has a strong position.”
”ABB’s strategic investment will help position Novatec Solar as a leading global solar company”, said Guido Belgiorno-Nettis, Chairman of the Board of Novatec Solar and Joint Managing Director of Transfield Holdings, Novatec Solar’s majority shareholder. “ABB is at the forefront of renewable energy integration and we look forward to working together and expanding the potential of this technology.”
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