Siemens Acquires 28% In Italian Co Archimede Solar Energy

Germany's Siemens AG (SI) Tuesday said that Siemens Energy is to acquire a 28% stake in Italian solar company Archimede Solar Energy S.p.A. and thus expand its competencies for solar thermal power plants

ASE is the sole producer of solar receivers operating with molten salt as the heat transfer fluid. Siemens is market leader in steam turbine-generators for solar thermal power plants. By combining these two technologies Siemens wants to enhance the efficiency of these plants and further reduce the production costs for solar power. The two companies did not disclose the purchase price of the shares.

Archimede Solar Energy is a subsidiary of the industrial group Angelantoni Industrie, S.p.A. and is headquartered in Massa Martana in Umbria. The revenues posted by Archimede Solar Energy, which were in the single-digit million range in 2008, are slated to increase significantly after joining forces with Siemens. Siemens will provide capital for fast expansion of production capacities, with the possibility to acquire a majority stake in the solar company in the mid-term.

"By acquiring a stake in Archimede Solar Energy Siemens is underlining its intention to become the leading provider of solutions for solar thermal power plants," said Ren?? Umlauft, CEO of the Siemens Renewable Energy Division.

"In the upcoming years the market for solar thermal power plants will grow at a rapid pace and the interest of our traditional customers in the energy sector in this promising future-oriented technology will increase significantly." The market for solar thermal power plants will, according to Siemens estimates, show double-digit growth rates per year to reach a volume of over EUR10 billion by 2015.

Source: Siemens