Siemens has acquired a 28% share in Italian solar thermal specialist Archimede Solar Energy for an undisclosed sum, using the purchase to claim that the German engineering conglomerate was intending to become the leading global company for solar thermal power plants. Siemens believes that solar thermal power market would experience double-digit growth rates per annum, reaching more than €10 billion in sector revenue by 2015.
Siemens said it would provide the capital necessary for a rapid expansion of production capacity at Archimede, with the option to acquire a majority stake in the solar company in the ‘mid-term.’ Archimede only had revenue in single-digit million euro range in 2008.
“By acquiring a stake in Archimede Solar Energy, Siemens is underlining its intention to become the leading provider of solutions for solar thermal power plants,“ said René Umlauft, CEO of the Siemens Renewable Energy Division. “In the upcoming years the market for solar thermal power plants will grow at a rapid pace and the interest of our traditional customers in the energy sector in this promising future-oriented technology will increase significantly.”
Archimede uses molten salt as heat transfer fluid in its solar receivers for parabolic-trough power plants.