Germany's Siemens to give up solar energy business

Siemens AG announced plans to give up its loss-making solar business and concentrate its renewable energy business on wind and hydroelectric power.

The German industrial conglomerate, whose products range from trains to turbines, said Monday it's in talks with possible buyers, but offered no details. It said the move is part of a wider effort to increase its productivity and efficiency.

The solar power industry has been hit by falling subsidies, weaker sales and increasingly stiff price competition, especially by Chinese manufacturers.

Siemens said that "due to the changed framework conditions, lower growth and strong price pressure in the solar markets, the company's expectations for its solar energy activities have not been met."

Several German solar manufacturers, including Q-Cells SE and Solar Millennium AG, have filed for insolvency over the past year. Another German company in the solar market, SMA AG, announced last week that it will slash up to 1,000 jobs — about a fifth of its global workforce — amid falling revenues and a possible annual loss in 2013 due to the growing price pressures.

Comments (0)

This post 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 Product

Rolls Battery - Maintenance-Free AGM & GEL Batteries

Rolls Battery - Maintenance-Free AGM & GEL Batteries

With a full range of capacity options (85AH-3300AH) and voltage configurations to choose from, Rolls Battery maintenance-free 2V, 6V & 12V AGM and broad range of 2V GEL models offer a valve regulated lead acid (VRLA) battery option with the same dependable energy storage and heavy-duty construction customers have grown to expect from the Rolls brand for over sixty years. Installed in off-grid, grid-tied or backup float applications, these sealed batteries require minimal ongoing maintenance and provide a versatile energy storage solution for remote or confined installations. Rolls Battery AGM and GEL battery lines deliver superior cycle life and are backed by an industry-leading warranty.