News, Renewables, Solar

FIMER SpA completes buy of ABB’s solar inverter business

Solar, wind and hydro will be part of the content in the Renewables knowledge hub at POWERGEN International happening December 8-10 in Orlando, Florida. The POWERGEN 2020 call for abstracts ends this week

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The restructuring energy and technology giant ABB has completed its divestment of the solar inverter business.

Swiss-based ABB sold the division to Italian company FIMER SpA. The solar inverter business has approximately 800 employees in more of 30 counties and generated close to $290 million in annual revenue, according to a report last year.

The divestment will enable ABB’s Electrification business to improve its focus on priority growth markets, according to a company release.

“The completion of this divestment is another step forward in our strategy of systematic portfolio management,” Tarak Mehta, president of ABB’s Electrification business, said in a statement. “ABB will continue to integrate solar power into a range of solutions for smart buildings, energy storage and electric vehicle charging throughout intelligent low- and medium-voltage offering.”

The solar inverter business has manufacturing and research and development sites in Italy, India and Finland. Part of the division came with the ABB acquisition of Power-One in 2013.

ABB, which operates in more than 100 counties, is focused on four business lines including electrification, industrial automation, motion and discrete automation.

In December 2018, Hitachi announced it was acquiring ABB’s power grids business, including grid automation, grid integration and high voltage products and transformers. The joint venture continues until Hitachi takes full control in a year or so.

In August 2019, ABB announced that former Sandvik CEO Björn Rosengren was succeeding Peter Voser as global company CEO effective this month.

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Solar, wind and hydro will be part of the content in the Renewables knowledge hub at POWERGEN International happening December 8-10 in Orlando, Florida. The POWERGEN 2020 call for abstracts ends this week, so submit your session idea soon.