Germanys Kaco New Energy Group with subsidiaries in the U.S. and South Korea has today published financial guidance that reveals the company has almost doubled its 2014 turnover this year.
The financial report shows that Kaco will reach revenues of 200 million ($213 million) in 2015, which is close to double the figure posted in 2014. The firm attributes its strong 2015 showing on its successes in the U.S. as well as a growing presence in the markets of South Korea and elsewhere in southeast Asia.
According to the report, revenue in the U.S. alone has almost tripled this year compared to 2014. Globally, Kaco expects to achieve a turnover of close to 250 million ($266 million) in 2016.
This year, Kaco laid out its 2020 Vision strategy, designed to realign the company on a more global footing following the slow decline of the European market that had traditionally underpinned its revenues. This strategy has included the successful expansion into Thailand and Saudi Arabia in particular, predicated on cooperation and partnerships with local manufacturing and sales partners in these regions.
The company has also maintained a cost-effective manufacturing presence in Germany (at its HQ in Neckarsulm), San Antonio in the U.S. and South Korea the latter proving key in laying the groundwork for the shipment of 15 of Kacos Powador XP 500-HV TL central inverters into the notoriously insular Japanese market. Allied to a further 25 that have been supplied to Thailand, this 20 MW of inverter capability accounted for $3 million in turnover in the Asia Pacific region alone.
"In times of faceless mass-produced goods, our customers worldwide can continue to rely on top Made in Germany quality," said Kaco CEO Ralf Hofmann.