ABB acquires power electronics business from Gamesa Electric
Published: Wednesday, Dec 18th 2024, 12:00
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ABB is expanding in Spain. With the acquisition of Gamesa Electric in Spain, the technology group aims to strengthen its position in the market for power converter technology for renewable energies.
The Swiss Group has acquired the electrical division of Siemens Gamesa, the wind power subsidiary of the German Siemens Group. The focus of the acquired portfolio is on electrical products for wind energy production, such as converters for wind turbines with double-fed asynchronous generators (DFIG), industrial battery energy storage systems (BESS) and solar inverters for large-scale plants, as ABB announced on Wednesday.
Gamesa Electric's power electronics business generated sales of around 170 million euros with around 400 employees in the financial year ending September 2024. The company operates sites in India, China, the USA and Australia.
With this acquisition, ABB is expanding its range of power converters and services for original equipment manufacturers (OEMs) and end customers in the renewable energy sector, according to the statement. The Group is also gaining new development and production capacities, which should support the growth of the Drive Technology division.
Overall, the acquisition opens up new opportunities for modernization and service in the renewable energy sector. ABB is working on the assumption that almost half of global electricity generation will be generated by renewable energies by 2023. The share of wind and photovoltaics is expected to double to 30 percent.
The transaction is still subject to approval by the authorities and the usual closing conditions. It is expected to be completed in the second half of 2025.
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