European Business
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
European Business
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
European Business
No Result
View All Result
Home < INDUSTRIES Energy

Voith Group strengthens hydropower core business and acquires Siemens Energy’s complete stake in Voith Hydro

by Marie Weil
October 23, 2021
A A
Share on LinkedinShare on Twitter
  • Voith acquires remaining 35 percent stake in Voith Hydro from joint venture partner Siemens Energy
  • With the acquisition, Voith is continuing its expansion of the core business in the field of sustainable technologies
  • Great potential for sustainable profitable growth through rising importance of hydropower for achieving global climate targets

HEIDENHEIM, GERMANY. In the future, Voith Group will be the sole owner of the Voith Hydro Group Division, which previously was operated as a joint venture with Siemens Energy. Yesterday, the technology group and the long-term partner Siemens Energy came to a mutual agreement on a buy-out of the remaining 35 percent stake in the former Voith Siemens Hydro Power Generation GmbH & Co. KG. With this move, Voith is supporting its ongoing strategy to strengthen the core business in the field of sustainable technologies. This strategy will allow the company to consistently benefit from the growing role of hydroelectric power in the renewable energy mix and act as a trailblazer in the energy transition. The two parties have agreed not to disclose the financial details of the transaction which is expected to close near the end of Q1 2022, subject to antitrust and other approvals.

“For a few years now, our strategy has been to tap into promising business fields in connection with the megatrends of digitalization and decarbonization and expanding our core business in this direction,” said Dr. Toralf Haag, President and CEO of Voith Group. “After a number of strategic acquisitions in our Paper and Turbo Group Divisions, we are pleased that with complete ownership of Voith Hydro, we will be able to drive the expansion of hydropower even further in the future.”

As a leading full-line supplier for equipping hydroelectric power plants throughout the world, Voith Hydro is assuming a key role in the continued use of water as a renewable energy resource and is paving the way for the energy transition with its pumped storage technology. A significant share of the energy gained worldwide from hydropower is already generated today with turbines and generators designed and manufactured by Voith Hydro. Uwe Wehnhardt, President and CEO of Voith Hydro, explained, “The hydropower business has been a main pillar of Voith Group for more than 140 years. Today, it is considered to be the backbone of renewable energies and plays a key role in the decarbonization of our society in many regions of the world because of its grid-stabilizing effect. We, therefore, see great potential for sustainable profitable growth in Voith Hydro.”

In 2000, the two partners had established Voith Siemens Hydro Power Generation GmbH & Co. KG as a joint venture to bundle the turbine knowledge of Voith with the generator know-how of Siemens in order to offer the entire power unit for hydroelectric power plants from a single source. Today, Voith Hydro has comprehensive expertise as a complete provider of “water to wire” solutions which means the original joint venture structure has little relevance for business operations anymore. There will be no personnel changes in the division’s management nor elsewhere at Voith Hydro.

Tags: < Invest

Related Industries

Energy

TotalEnergies EP Canada acquires an additional interest in Fort Hills, ahead of its planned spin-off

January 28, 2023
Energy

UPM appoints Christian Librera to lead Biofuels

January 11, 2023
Energy

GE and MYTILINEOS To Supply Approximately 200 Megawatts of Reserve Power to the Electricity Supply Board of Ireland (ESB)

December 20, 2022
Energy

GE Grid Solutions awarded contract by TransnetBW to ramp up transmission capacity in southwest Germany

December 16, 2022
Energy

Amazon announces Spanish on-site solar energy installation is its largest in Europe

December 1, 2022
Energy

Aramco completes three transactions with PKN ORLEN in Poland

December 1, 2022

Investment in the production of future-proof and sustainable packaging solutions: Voith acquires stake in Swedish start-up Yangi® AB

January 25, 2023

...

Barclays appoints new co-heads of Investment Banking

January 25, 2023

...

Toyota Motor Manufacturing Turkey to become Toyota’s first European plant to produce plug-in-hybrid vehicles and batteries

January 31, 2023

...

HOLCIM ACQUIRES NICEM

January 11, 2023

...

Spark collaborates with Ericsson and Red Hat for 5G Standalone trial

January 26, 2023

...

TotalEnergies EP Canada acquires an additional interest in Fort Hills, ahead of its planned spin-off

January 28, 2023

...

Bosch agreed to acquire roughly 12 percent shares in Husqvarna in total

January 28, 2023

...

Siemens and Skyway collaborate to develop infrastructure to pave way for Vertiports

January 27, 2023

...

Patricia Villoslada appointed Managing Director of SUEZ Smart & Environmental Solutions

January 17, 2023

...

Aleksandra Rizo Appointed as CEO of Vividion Therapeutics

January 25, 2023

...

Asia Pacific Business Asia Pacific Business Asia Pacific Business

EUROPEAN BUSINESS is a premier source of corporate news, business information and insights across broad spectrum of industries in Europe and worldwide.  We are one of the members of the Business World Network.

RESOURCES

  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

CONTACT US

EDITORIAL:     editor # european-biz.com

PARTNERSHIP:     partnership # european-biz.com

HUMAN RESOURCE:     hr # european-biz.com

* (replace # with @)

  • Official Site

Copyright © EUROPEAN-BIZ.COM All rights reserved.

No Result
View All Result
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

Copyright © EUROPEAN-BIZ.COM All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist