Tuesday, 23 October 2012

Siemens gets rid of its solar power activities - does not want to become another Solyndra

Another sign of the unraveling of the solar power business - German Siemens does not want to become another Solyndra:

German engineering giant Siemens said Monday that it plans to pull out of solar energy 
where business expectations have not been met and is currently negotiating to sell its activities in this area.

"The company plans to divest its solar business activities and is currently holding talks with potential buyers on this subject. Siemens intends to focus its renewable energy activities on wind and hydro power," the group said in a statement.

"The energy division will be slimmed down and the Solar and Hydro Division will be discontinued," it said, adding that the Solar and Hydro Division generated revenue "in the low triple-digit millions" in the business year ended September 30, 2012 and has "roughly 800 employees."

Siemens explained that the solar business had not been as profitable as hoped.

The next logical step for Siemens is to also get rid of its wind power activities. That is likely to happen when more and more governments begin to reduce subsidies for the ineffective, overexpensive, landscape destroying and bird killing wind turbines. 

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