Home / M&A Activity / Siemens Enters Solar Production Business with Acquisition of Minority Stake in US Firm

Siemens Enters Solar Production Business with Acquisition of Minority Stake in US Firm

Siemens AG (NYSE: SI) has acquired a 16.1 percent stake in Semprius Inc., a U.S. maker of high-efficiency solar modules. It is Siemens’ first acquisition the photovoltaic business. Terms were not disclosed.

Siemens will use its experience as a solar project general contractor to help Semprius set up production. Siemens specializes in planning, designing, delivering and installing solar power generating systems.

Semprius employs 33 people in Durham, N.C., and develops solar modules that increase efficiency by concentrating sunlight on power-producing cells.

“This is a technology that can provide higher efficiency levels than conventional photovoltaic and we have high hopes for it, ” said Siemens’ energy unit spokeswoman Eva-Maria Baumann.

Check Also

Lockheed-Raytheon JV Secures $186M Contract to Produce Javelin Weapon Systems for US Military

A partnership between Lockheed Martin (NYSE: LMT) and Raytheon (NYSE: RTN) has landed a potential four-year, $185.6M contract to manufacture man-portable anti-tank weapon systems for the U.S. Army, Navy and Marine Corps.

Michael Ames Promoted to VP Role at Leidos

Leidos (NYSE: LDOS) has promoted Michael Ames, a three-decade information technology services industry veteran, from a division director position to serve as a vice president at the company, FedHealthIT reported Thursday.