Siemens to Acquire KACO New Energy’s String Inverter Business
Siemens announced plans to acquire the string inverter business of the KACO New Energy GmbH, a manufacturer of energy-related power electronics, for an undisclosed sum. KACO's EPC and project development activities are not part of the acquisition. The closing of the transaction is subject to regulatory approval and is to be completed in the first half of 2019.
Siemens intends for the acquisition of KACO's string inverter portfolio to strengthen its technological leadership in the high-growth fields of decentralized energy systems and bring these corresponding benefits to its customers.
KACO New Energy is headquartered in Neckarsulm, Germany, and is active in more than nine countries with local sales and service companies, and its has more than 350 employees. The company is one of the largest manufacturers of inverters for grid-feed solar power.
The company's inverter product line covers the full power range from inverter units designed for family homes, commercial buildings, and infrastructures, to complete systems for solar parks generating megawatts of electricity. Kaco focuses on the fastest growing segments of string inverters for solar and storage applications. These inverters offer up to 1500V and employ the latest semiconductors.
KACO's next generation inverter technology is based on SiC, which results in high power density and superior thermal performance for installation in demanding environments.
"With Siemens, we are happy to have found a buyer where we see our technological know-how in good hands. Embedded in a strong corporate group, KACO new energy is well prepared for the challenges of the coming years," said Ralf Hofmann, executive manager of KACO new energy, as well as Ralf Sturm and Dr. Marc-Olaf Grumann, executive managers of the Sturm Family Office.
"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," explained Cedrik Neike, Managing Board Member of Siemens AG.
"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 April 1, 2019 where our strengths in electrification and buildings will enable us to thrive in the market and continue to expand in the areas of decentral energy, renewables, storage and electric vehicle charging infrastructure," Jean-Christoph Heyne, head of Siemens' new Future Grids business, added.