ABB Agrees to Buy 35 Percent Stake in Novatec Solar
ABB, the leading power and automation technology group, has agreed to buy a 35 percent stake in Novatec Solar (formerly Novatec Biosol), an innovative Concentrated Solar Power (CSP) technology company based in Karlsruhe, Germany.
The investment includes an option to acquire 100 percent of Novatec Solar and an agreement to cooperate on future solar power plant projects. The companies agreed not to disclose financial details of the transaction.
CSP is a fast-growing sector of the renewable energy market and this investment complements ABB's existing activities in power plant automation, electrification and long-distance electricity transmission.
Novatec Solar is a leading provider of Linear Fresnel CSP technology using flat mirrors to concentrate the sun's energy onto a receiver to produce steam. The solar-produced steam reduces the need for fossil fuels to generate electricity in existing or new power stations, and also in process plants and other industrial applications where heat is required. Compared with other CSP technologies, Novatec Solar’s technology is highly competitive due to its use of flat glass and common steel in low-lying mirror modules that are easy to assemble and install.