After having sold its South Korean central inverter subsidiary to OCI Power, KACO new energy wanted to focus on string inverters and energy storage business. But only little later, the German company has now sold the string inverter business to Siemens. (Source: Kaco New Energy)
- KACO new energy is selling its string inverter business to Siemens AG for a price that hasn’t been disclosed
- The project development and EPC activities of KACO aren’t part of the deal
- Siemens, that has launched into residential storage business, will add string inverter to its product portfolio
- KACO will also benefit from this deal as it will secure resources it needs to scale up
Germany based power electronics company KACO new energy GmbH will sell its string inverter business to global technology company Siemens AG. While the companies haven’t disclosed financial terms of the deal, KACO said it only relates to its string inverter business, and does not extend to the project development and EPC activities of the company.
Earlier this year in January 2019, KACO exited the central inverter business by selling its South Korean central inverter subsidiary to OCI Power to be able to focus on string inverters and energy storage (see KACO Sells South Korean Subsidiary). Now, it has sold its string inverter business as well.
“With this acquisition, Siemens gains access to the latest technology, while KACO new energy will benefit from the resources required to scale up. Together, we will be able to apply the technology in exciting growth segments,” said Cedrik Neike, Managing Board Member of Siemens AG. Closing of the deal with KACO is expected in the first half of 2019, subject to regulatory approval.
Back in 2017, Siemens announced its plans to manufacture its own inverter portfolio in India, after its partnership with SMA Solar Technology ran its course (see Siemens Returns To Inverter Manufacturing). In February 2019, Siemens announced the launch of its residential storage solutions with its Junelight Smart Battery.
And now, it is adding string inverters to its portfolio. Head of Siemens’ new Future Grids business, Jean-Christoph Heyne said the company’s new Smart Infrastructure Operating Company will start operations from April 1, 2019. ‘Our strengths in electrification and buildings will enable us to thrive in the market and continue to expand in the areas of decentral energy, renewables, storage and electric vehicle charging infrastructure,’ he said.