Siemens has revealed plans to acquire the string inverter business of KACO new energy for an undisclosed price.
Based in Neckarsulm, Germany, KACO new energy is one of the leading manufacturers of energy-related power electronics.
Its inverter units are designed for homes and commercial buildings to complete systems for solar parks producing megawatts of electricity.
Siemens managing board member Cedrik Neike said: “With this acquisition, Siemens gains access to the latest technology, while KACO new energy will benefit from the resources required to scale up. Together, we will be able to apply the technology in exciting growth segments.”
Subject to regulatory approval, the deal is expected to be completed in the first half of this year.
Upon completion of the proposed acquisition, KACO new energy will be integrated into a new smart infrastructure operating company.
Siemens global head of future grid Jean-Christoph Heyne said: “Siemens is in a strong position to succeed in technology that supports the energy and mobility transition. The acquisition of KACO new energy enhances our portfolio in attractive growth segments at the grid edge.
“Our new Smart Infrastructure Operating Company comes into operation on 1 April, 2019 where our strengths in electrification and buildings will enable us to thrive in the market and continue to expand in the areas of decentralised energy, renewables, storage and electric vehicle charging infrastructure.”
Last December, Siemens agreed to acquire a 25% non-controlling stake in high-voltage disconnect switches producer Coelme Group, an Italian-based subsidiary of Southern States.