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WEG acquires Northern Power Systems’ energy storage business

WEG acquires Northern Power Systems’ energy storage business

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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.

Source: renewablesnow
Anand Gupta Editor - EQ Int'l Media Network

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