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

FischTank Marketing and PR - Shine a Spotlight on your Vision. - PR can Help.

FischTank Marketing and PR - Shine a Spotlight on your Vision. - PR can Help.

FischTank Marketing and Public Relations provides communications and marketing services to both start-up and established renewable energy companies. We provide media relations, content writing, digital/social media, and other marketing support to companies working in sectors spanning solar, LED lighting, energy storage, hydrogen, battery development and manufacturing, alternative fuels, and more. Our clients have been featured in top tier media including print, online and broadcast.