Hot Stories

Siemens Blindsided by China Wind Boom Plans ‘Massive’ Investment

Submitted on 02/23/12, 12:38 PM | Click Here for the full article: Bloomberg

Siemens Blindsided by China Wind Boom Plans ‘Massive’ Investment

Siemens AG (SIE), the world’s largest maker of offshore wind turbines, said it underestimated the pace of growth in the Chinese wind market and will ramp up spending to catch up as local competitors increase their lead.

“We’re investing massively in research and development and to make use of economies of scale in production,” Felix Ferlemann, head of Siemens’s wind-power business, said in response to e-mailed questions. “We were somewhat taken by surprise by the strong growth of the Chinese market.”

China led the world in installing wind-power capacity last year. Munich-based Siemens is working to keep pace in the country, where it’s lagging behind suppliers such as Vestas Wind Systems A/S (VWS), while competition puts pressure on prices. Profitability at Siemens’s renewable-energy unit was wiped out last year, calling into question Chief Executive Officer Peter Loescher’s strategy of focusing more on green technologies.

Read Full Article:

Comments (0)

This story does not have any comments. Be the first to leave a comment below.

Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Hot Product

Sol Outdoor Lighting - New and Improved Product Line

Sol Outdoor Lighting - New and Improved Product Line

Sol products combine the latest in LED lighting innovation with robust solar energy management systems, state-of-the-art LED luminaires and architecturally elegant designs. Our three core product lines can be configured to meet a wide variety of location and lighting requirements making them reliable, economical and environmentally responsible lighting solutions for corporate complexes, roads & highways, industrial sites, paths & parking lots and more. Sol also offers a selection of decorative lighting options to enhance pedestrian areas and pathways.

Alternative Energy Partners and Sponsors

 

 

More Technical eMagazine from LJB