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					</table><p>Spain-based wind turbine maker <a href="https://www.siemensgamesa.com/en-int" target="_blank" rel="noopener">Siemens Gamesa</a>’s net loss stood at €2.56 billion (~$2.8 billion) during the third quarter (Q3) of the financial year (FY 2023), a year-over-year (YoY) increase in losses of 458% from a loss of €405 million (~$443.4 million).</p>
<p>The company recorded a revenue of €2.05 billion (~$2.2 billion), a 16% YoY decrease.</p>
<p>Siemens Gamesa attributed the decrease in revenue to the reversal of income and the profit before special items facing a burden of expenses amounting to €2.2 billion (~$2.4 billion), including €1.6 billion (~$1.7 billion) linked to quality problems concerning specific onshore platforms.</p>
<p>A surge in failure rates of wind turbine components prompted an extensive technical assessment, which revealed that the costs to achieve the desired quality standards would be substantially higher than initially projected.</p>
<p>The remaining expenses were primarily connected to escalated product costs and the challenges encountered in scaling up operations within the offshore business, the company said.</p>
<p>Orders experienced a growth of over two times when compared to the previous year&#8217;s quarter. This expansion resulted from a greater volume originating from substantial orders, among which was a solitary offshore order valued at €2.3 billion (~$2.5 billion).</p>
<p>The order backlog was worth €39.9 billion (~$43.6 billion).</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-57247 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture1-4.png" alt="" width="752" height="421" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture1-4.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture1-4-300x168.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture1-4-650x364.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture1-4-624x349.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture1-4-600x336.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></p>
<p>Siemens Gamesa <a href="https://www.mercomindia.com/siemens-gamesa-fully-integrated-siemens-energy" target="_blank" rel="noopener">received</a> the approval of a capital reduction for the remaining 2.21% of shares not held by Siemens Energy, leading to the full integration of the company.</p>
<p>Parent company <a href="https://www.siemens-energy.com/global/en.html" target="_blank" rel="noopener">Siemens Energy</a> said it is still experiencing positive conditions in the market, with orders amounting to €14.9 billion, indicating a growth of 54.2%. This growth is mainly attributed to significant orders placed at Siemens Gamesa and Grid Technologies (<a href="https://www.siemens-energy.com/global/en/offerings/power-transmission.html" target="_blank" rel="noopener">GT</a>).</p>
<p>Christian Bruch, President and CEO of Siemens Energy AG, said, “Our third-quarter results demonstrate the challenges in turning around Siemens Gamesa. The strong performance of our other business areas gives me confidence in our company’s ability to put businesses back on a strong footing.”</p>
<p>The company said significant difficulties in scaling up operations within the wind industry overshadow the achievements in the traditional energy business.</p>
<p>During the quarter, Siemens Gamesa contributed green electricity to more than one million households in Denmark. The company also set up a 1 GW offshore wind park in the country.</p>
<p>The wind park comprises an array of 72 wind turbines, each rated at 14 MW in power. Out of this, 40 of the 72 wind turbines were equipped with blades designed to be recyclable, aligning with sustainability goals.</p>
<p>Siemens Gamesa’s net loss <a href="https://www.mercomindia.com/siemens-gamesas-net-loss-widens-on-higher-service-costs" target="_blank" rel="noopener">widened</a> to €884 million (~$971.9 million) for the first quarter of the financial year 2023 from €403 million (~$443.2 million) YoY.</p>


Wind Turbine Component Failures Result in Steep Q3 Loss for Siemens Gamesa


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					</table><p>Spain-based wind turbine maker <a href="https://www.siemensgamesa.com/en-int">Siemens Gamesa</a> received the approval of a capital reduction for the remaining 2.21% of shares not held by Siemens Energy by the minority shareholders, leading to the full integration of the company.</p>
<p>An overwhelming majority of 98.21% of the minority shareholders, in person or through proxies (38.88%), voted in favor of the capital reduction. The approval was contingent on a minimum presence of 25% of the minority shareholders, with a required approval rate of at least two-thirds.</p>
<p>Consequently, the shares held by the minority shareholders will be redeemed, and they will receive compensation of €18.05 (~$19.48) per Siemens Gamesa share. This price matches the original tender offer made by Siemens Energy in 2022.</p>
<p>Siemens Energy initiated the tender offer in May 2022 to acquire all remaining shares of Siemens Gamesa. The tender offer concluded in December 2022, and because of sustained purchase orders, Siemens Energy acquired approximately 98% of Siemens Gamesa&#8217;s shares.</p>
<p>Following these successful proceedings, Siemens Gamesa ceased trading on February 14, 2023. Completing the transaction required Siemens Energy to allocate €4.05 billion (~$4.37 billion) to acquire all previously unowned shares.</p>
<p>The transaction was financed through equity to maintain a solid investment grade rating.</p>
<p>Christian Bruch, CEO and President of Siemens Energy and Chairman of Siemens Gamesa, emphasized this development&#8217;s significance, stating, &#8220;This is an important step in preparing for full integration. Besides, the turnaround program at Siemens Gamesa, Mistral, needs further rigorous execution, even though we see first moves in the right direction.&#8221;</p>
<p>Siemens Gamesa&#8217;s net loss <a href="https://www.mercomindia.com/siemens-gamesas-net-loss-widens-on-higher-service-costs" target="_blank" rel="noopener">widened</a> to €884 million (~$971.9 million) for the first quarter of the financial year 2023 compared to €403 million (~$443.2 million) year-over-year.</p>
<p>Last June, the company <a href="https://mercomindia.com/siemens-gamesa-supply-wind-turbines-to-vena-energys/" target="_blank" rel="noopener">signed</a> a pact with clean energy company Vena Energy to supply its 3.X platform wind turbines for a 133 MW project in the Koppal district of Karnataka.</p>


Siemens Gamesa To Be Fully Integrated into Siemens Energy


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					</table><p>Germany-based energy technology company <a href="https://press.siemens-energy.com/global/en" target="_blank" rel="noopener">Siemens Energy</a> has announced a joint venture with <a href="https://www.airliquide.com/" target="_blank" rel="noopener">Air Liquide</a>, a French supplier of industrial gases and services, to produce industrial-scale renewable hydrogen electrolyzers in Europe.</p>
<p>Siemens Energy announced that the joint venture will be headquartered in Berlin, Germany, and will begin hydrogen electrolyzers production by the second half of 2023, aiming to achieve an annual production capacity of 3 GW by 2025.</p>
<p>The collaboration aims to establish a sustainable hydrogen economy while fostering an ecosystem for electrolysis and hydrogen technologies in Europe.</p>
<p>Air Liquide will have a 25.1% stake, and Siemens Energy will hold the majority stake of 74.9% in the venture’s muti-gigawatt factory that produces electrolysis modules (stacks).</p>
<p>The electrolysis modules used in hydrogen production will be based on proton exchange membrane (PEM) technology.</p>
<p>The strategic partnership will benefit from a portfolio of hydrogen projects combining pipelines of both companies to bolster the availability of competitive renewable hydrogen by targeting large industrial-scale hydrogen projects in collaboration with customers.</p>
<p>The Berlin-based factory will cater to the customer base of the rapidly growing market in France and Germany by supplying stacks to both companies. The two companies have also agreed to collaborate in research and development capacities to co-develop next-generation electrolyzer technologies.</p>
<p>Air Liquide’s Normand’Hy electrolyzer project will be the first project to be executed under the joint venture, with a capacity of 200 MW in the first phase— and would be located in Normandy, France. The companies announced that the electrolyzer systems for the project would be assembled in France.</p>
<p>The collaboration is also mulling applying for funding of large projects under the European Union’s Innovation Fund, Green Deal, and Important Project of Common European Interest (IPCEI)-scheme for hydrogen, funded by the European governments.</p>
<p>Companies across the globe are adopting electrolyzer technologies to produce clean hydrogen. Earlier this month, India-based Greenzo Energy <a href="https://mercomindia.com/daily-news-wrap-up-reliance-merges-renewable-energy-arm/" target="_blank" rel="noopener">announced</a> allocating ₹3-4 billion (~$38.68 &#8211; $51.57 million) to deploy a 250 MW electrolyzer factory by 2025. The renewable energy company said it would also invest over ₹70 million (~$902,541) in PEM technology to support hydrogen production.</p>
<p>In April 2022, National Thermal Power Corporation Renewable Energy (NTPC REL)<a href="https://mercomindia.com/ntpc-invites-bids-from-electrolyzer-technology-providers/" target="_blank" rel="noopener"> invited</a> bids to select electrolyzer technology providers for participation in NTPC’s green hydrogen tenders that would be floated in the next two years. The winning bidders would supply the tender with either PEM projects of 400 MW or non-PEM projects of 600 MW.</p>


Siemens Energy and Air Liquide’s JV to Produce 3 GW of Green Hydrogen Electrolyzers by 2025

<p>Germany&#8217;s <a href="https://www.siemens-energy.com/global/en.html" target="_blank" rel="noopener noreferrer">Siemens Energy</a> has announced that it will discontinue support for new coal-fired power projects.</p>
<p>However, the company will continue to offer new technologies like gas-fired projects and components for combined heat and power (CHP), waste heat, and biomass co-firing projects.  The new technologies offered by it include sector coupling to drive the energy transition and fight the impact of global warming with Power-to-X solutions and green hydrogen as the main components.</p>
<p>According to a BSE filing, the company will continue to develop its CO2-reducing service and solutions businesses.</p>
<p>The decision to walk away from coal-fired projects will not significantly impact the company&#8217;s revenues and financial health, according to the company. Currently, it does not have the competencies to provide utility equipment for new coal-powered projects.</p>
<p>As per the company&#8217;s statement, Siemens Limited will explore opportunities to further strengthen its alliance and collaboration with Siemens Energy in new areas to provide new and sustainable energy in India.</p>
<p>Siemens Limited&#8217;s revenue for the quarter ended September 30, 2020, stood at ₹136.8 billion (~$1.8 billion), and the profit after tax for the period stood at ₹10.8 billion (~$145.5 million). The revenue from gas and power was ₹51.7 billion (~$696.6 million), and the profit from operations was ₹6.9 billion (~$92.9 million) for the quarter ended September 30, 2020.</p>
<p>Coal is fast losing its ground. Recently, General Electric also <a href="https://mercomindia.com/general-electric-ditch-coal/" target="_blank" rel="noopener noreferrer">announced</a> its plans to exit the new-build coal power market. The company said that it would focus and invest in its renewable energy and power generation businesses. It would work to make electricity more affordable, reliable, accessible, and sustainable.</p>
<p>Meanwhile, India’s largest coal-fired power generator, <a href="https://www.ntpc.co.in/" target="_blank" rel="noopener noreferrer">NTPC</a> Ltd, aims to <a href="https://mercomindia.com/ntpc-stop-land-acquisition-coal-projects/" target="_blank" rel="noopener noreferrer">transform</a> itself into the country’s biggest renewable energy producer and refrain from acquiring land for new thermal power projects. By 2032, state-owned NTPC plans to add 32 GW of renewable generation capacity to its portfolio through organic and <a href="https://mercomindia.com/ntpc-floats-tender-to-acquire-1-gw/" target="_blank" rel="noopener noreferrer">inorganic</a> routes.</p>


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