- Sep 19, 2011
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German industrial group Siemens is pulling out of its loss-making solar power business, in the latest sign of difficulties in the renewable energy market.
The company said on Monday it would concentrate its renewable energy business on wind and hydroelectric power in a bid to increase productivity. It hopes to sell the unit and is in talks with possible buyers.
Siemens said the solar business had not been as profitable as hoped. "Due to the changed framework conditions, lower growth and strong price pressure in the solar markets, the company's expectations for its solar energy activities have not been met." It said the solar and hydro division generated sales "in the low triple-digit millions" in the year to September and has "roughly 800 employees".
Siemens pulls out of loss-making solar power business | Business | guardian.co.uk
Well they are in good company.. Solyndra cost at least a half-billion public dollars
Abound Solar ($400 million loan guarantee from the federal government, )
The company said on Monday it would concentrate its renewable energy business on wind and hydroelectric power in a bid to increase productivity. It hopes to sell the unit and is in talks with possible buyers.
Siemens said the solar business had not been as profitable as hoped. "Due to the changed framework conditions, lower growth and strong price pressure in the solar markets, the company's expectations for its solar energy activities have not been met." It said the solar and hydro division generated sales "in the low triple-digit millions" in the year to September and has "roughly 800 employees".
Siemens pulls out of loss-making solar power business | Business | guardian.co.uk
Well they are in good company.. Solyndra cost at least a half-billion public dollars
Abound Solar ($400 million loan guarantee from the federal government, )
