WEG acquires Northern Power Systems’ energy storage business

now viewing

WEG acquires Northern Power Systems’ energy storage business

February 14, 2019 Anand Gupta

now playing

SJVN Green Energy Limited Issue Tender for setting up Solar Power Project(s) up to 200 MW capacity in the State of Assam - EQ

February 14, 2019 Anand Gupta

now playing

South Asia Going Solar with Growatt Solutions - EQ

February 14, 2019 Anand Gupta

now playing

Navitas Solar wins “Silver” badge from UNFCCC - EQ

February 14, 2019 Anand Gupta

now playing

Jindal Stainless ropes in UK-based SBTi to help reduce carbon footprint - EQ

February 14, 2019 Anand Gupta

Sungrow-signed-a-strategic-partnership-agreement-with-PowernSun

now playing

WFES 2024: Sungrow Showcases its Advanced All-Scenario Renewable Energy Solutions in Abu Dhabi - EQ

February 14, 2019 Anand Gupta

AP-bets-on-renewable-energy-to-meet-goals

now playing

EIB approves €4.3 bn in transition funding, including €805 mn for clean power - EQ

February 14, 2019 Anand Gupta

Mahindra Group and Ontario Teachers’ Co-Sponsor India’s Largest Renewable Energy Listed InvIT with Offer Size of ₹2262.8 Crore ( $273 Mn)

now playing

How India can create a circular economy for renewables - EQ

February 14, 2019 Anand Gupta

IREDA to establish office in Gujarat’s GIFT city to finance Renewable Energy projects in foreign currency

now playing

IREDA's Strategic Move: GIFT City Office to Boost Green Hydrogen and RE Manufacturing Projects - EQ

February 14, 2019 Anand Gupta

now playing

BRBNMP Issue Tender for Supply of 410 KW (AC CAPACITY)/460 KWp (DC CAPACITY) GROUND MOUNTED SOLAR PHOTOVOLTAIC POWER PLANT, WITHOUT BATTERY BANK - EQ

February 14, 2019 Anand Gupta

now playing

INKEL Issue Corrigendum for SELECTION OF PROJECT MANAGEMENT CONSULTANT FOR POWER EVACUATION WORKS FOR SOLAR AND WIND HYRID PARK AT PALAKKAD KERALA - EQ

February 14, 2019 Anand Gupta

Brazilian electrical equipment manufacturer WEG SA (BVMF:WEGE3) announced today the acquisition of the Energy Storage System (ESS) business of US-based Northern Power Systems Corp.

WEG will become the sole owner of NPS’s energy storage assets, including a portfolio of ESS patents, know-how and related materials such as drawings, projects, specifications and software, the company said in a filing. It is also retaining the engineering team that focused on the research and development (R&D) of the ESS system.

NPS confirmed the completion of the transaction separately, saying that it got proceeds of USD 1.1 million (EUR 975,000). The company intends to focus on its distributed wind business, marketing and selling its products in Italy, the US, Canada, the Caribbean, the UK and Germany. However, it is exploring all strategic alternatives for some of its remaining assets or even the entire company.

WEG Automation Managing Director, Manfred Peter Johann, believes that the battery energy storage market has many growth opportunities for WEG and will bring even more synergies to the firm’s renewable energy solutions, such as wind and solar.

Back in 2013, the two companies entered into a technology partnership to introduce the permanent magnet direct drive wind turbine in Brazil. Three years later, WEG acquired NPS’s utility-scale wind turbine business.