Bosch acquires Conergy inverter subsidiary19. April 2012 | Industry & Suppliers, Markets & Trends, Storage & smart grids | By: Becky Stuart
Bosch has officially acquired Conergy’s photovoltaic inverter subsidiary, voltwerk electronics GmbH, following approval from the German anti-trust authorities. The purchase price was not disclosed.
In November, the Bosch Group announced its intentions to take the inverter company over, and the two parties signed a purchase agreement.
In today’s statement, Bosch said that voltwerk electronics, which has around 100 employees based in Germanys’ Hamburg and Bad Vilbel, will become a part of Bosch Power Tec GmbH by the end of the year. The acquisition takes Bosch Power Tech’s workforce to 130.
The two parties have also entered into a long-term supply cooperation agreement, under which Conergy will offer complete solar solutions, which will be combined with Bosch’s new storage technology.
"The purchase of voltwerk electronics is very significant for us. Not only have we gained additional associates with a high level of expertise and experience, the acquisition has enabled us to expand our product portfolio in the best possible manner," commented Andreas Stratmann, general manager of Bosch Power Tec.
Solar storage solutions
In addition to the string and central inverters voltwerk manufactures, Bosch says the company will offer an "innovative" hybrid solution for existing inverters and battery storage in the second half of 2012. In a statement released by Conergy, the company said the solar storage solution will feature an integrated inverter and intelligent energy management system.
"Own consumption and storage system solutions will become increasingly important under the planned changes to the German Renewable Energy Act (EEG) … As part of the purchase agreement with voltwerk electronics and Bosch, Conergy has concluded a long-term supply cooperation agreement. It will therefore continue to be able to offer its customers these solar solutions for optimising energy consumption and energy storage," said Conergy.
Bosch added that the company is also working on a new generation of string inverters. "We will now benefit from our combined strengths and want to grow in the photovoltaics markets in all the major global regions," continued Stratmann.
For Conergy, the sale of its inverter subsidiary is said to represent an important step in its strategic realignment as a system supplier. Board member Alexander Gorski commented, "The restructuring of our module manufacturing has significantly improved Conergy's manufacturing cost structure. Selling voltwerk to Bosch and thereby further reducing our manufacturing depth will bring additional cost benefits throughout the year. Despite the difficult market environment we therefore believe Conergy is currently in a strong position."
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