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

AllEarth Renewables - The AllSun Tracker™

AllEarth Renewables - The AllSun Tracker™

Designed and manufactured in the U.S., the AllSun Tracker is a complete grid-tied, dual-axis solar electric system that produces up to 45% more electricity than fixed systems. The tracker uses GPS and wireless technology to follow the sun throughout the day for optimal energy production. It has an industry-leading 10 year warranty and 120 mph wind rating, superior snow shedding, and automatic high wind protection. Its simple, durable design and complete system pallet simplifies costly procurement and installation time. Contact us about becoming a dealer partner.

Alternative Energy Partners and Sponsors

 

 

More Technical eMagazine from LJB