German conglomerate Siemens has announced the acquisition of the string inverter business of the KACO new energy GmbH, a manufacturer of energy-related power electronics, for an undisclosed sum. The project development and EPC activities are not part of the acquisition. The transaction is expected to be completed in the first half of 2019, subject to regulatory approval.
KACO new energy’s product line covers inverters designed for residential, commercial and industrial segments and also megawatt-scale solar parks. It focuses on string inverters for solar and storage applications, up to 1500V and using the latest semiconductors. The company has its business spread across nine countries across the globe.
“With this acquisition, Siemens gains access to the latest technology, while KACO new energy will benefit from the resources required to scale up. Together, we will be able to apply the technology in exciting growth segments”, explains Cedrik Neike, Managing Board Member of Siemens AG.
Jean-Christoph Heyne, Head of Siemens’ new Future Grids business, adds: “Siemens is in a strong position to succeed in technology that supports the energy and mobility transition. The acquisition of KACO new energy enhances our portfolio in attractive growth segments at the grid edge. Our new Smart Infrastructure Operating Company comes into operation on April 1, 2019, where our strengths in electrification and buildings will enable us to thrive in the market and continue to expand in the areas of decentral energy, renewables, storage and electric vehicle charging infrastructure.”
With the growth of distributed energy, renewable energy sources and e-mobility are playing an increasingly important role in the energy value chain, requiring increasing intelligence via an open and flexible ecosystem of technology, solutions, and services. Siemens expects that with the complementary power electronics portfolio of KACO new energy, it can strengthen its technological leadership in the fields of decentralized energy systems and provide corresponding benefits to customers.
In December 2017, Siemens launched Sinacon PV a new generation of photovoltaic (PV) central inverters with an output up to 5,000 kVA. The manufacturing is at Siemens’ Kalwa plant near Mumbai for the domestic market as well as for export.
According to Mercom Research, in January 2019, KACO new energy GmbH announced that it had entered into an agreement with South Korean chemical and renewable energy group OCI for the sale of its South Korean subsidiary.
Image credit: KACO