ABB Australia , a leader in power and automation technology has decided to acquire 35% in Novatec Solar, a Concentrated Solar Power (CSP) technology company based in Karlsruhe, Germany
The proposal extends to cooperation on future solar power plant projects and an option for the automation technology company to purchase 100% of Novatec Solar.
The companies are mutually beneficial with CSP complementing ABB’s existing activities in power plant automation, electrification and long-distance electricity transmission.
Novatec Solar produce competitive CSP technology using flat glass and common steel that makes modules easy to assemble and install.
Novatec Solar’s Linear Fresnel Concentrated Solar Power technology concentrates the sun’s energy using flat mirrors onto a receiver to produce steam. It reduces the need for fossil fuels to generate electricity.
The move supports ABB’s focus on renewable energies and complements their power offering, according to Peter Leupp, head of ABB’s Power Systems division.
ABB were attracted to the technologies simplicity, financial viability and minimal resource requirements. Leupp said the technologies advantages would be particularly attractive in emerging markets where ABB already has developed relationships.
Equally, Guido Belgiorno-Nettis, Chairman of the Board of Novatec and joint Managing Director of Transfield Holdings said the partnership would help position the Concentrated Solar Power technology company as a leading global solar technology provider.