Siemens Buys Israel's Solel for $418 Million
Karin Kloosterman | | 14 Comments | Email this
It’s getting really hot over here in the Middle East – at least when it comes to solar energy investing and buying. Siemens, reports Haaretz today, just bought Israel’s solar energy company Solel yesterday for a scorching hot price tag of $418 million USD.
The news between Siemens and Solel was already bubbling back in July, Green Prophet reports. And just this week General Electric (GE) announced its B round financing of SolarEdge, another Israeli solar energy company.
The Solel purchase will expand Siemens’ business with solar thermal power plants, according to the paper:
“We aim to be the global market leader in the solar thermal sector,” Siemens Chief Executive Peter Loescher said during a conference call. It was broadcast live and available through the Siemens’ website.
The company’s name will most likely be changed to Siemens-Solel, and Siemens is willing to continue using the manufacturing plant here in Bet Shemesh, for five years. However, after this period, the Israeli office is expected to concentrate mostly on research and development.
Solel has 400 employees in Israel and 100 in Spain.
Read more on Solel here, and link to the Haaretz article. Or at the Financial Times.
The Financial Times says:
Siemens is part of a consortium – called Desertec – that aims to supply up to 15 per cent of Europe’s energy needs by 2050 through thermal and other renewable energy plants in the deserts of North Africa and the Middle East.
14 Responses to “Siemens Buys Israel's Solel for $418 Million”
Twitted by greenprophet • October 16th, 2009 • 8:19 am
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Karin Kloosterman • October 16th, 2009 • 8:35 am
RT @GreenProphet Siemens Buys Israel’s Solel for $418 Million http://bit.ly/93D0G
Jewish Bloggers • October 16th, 2009 • 10:33 am
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Twitted by mika2k1 • October 16th, 2009 • 10:05 pm
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Lior Barak • October 23rd, 2009 • 8:10 am
Siemens Buys Israel’s Solel for $418 Million #israel #solar http://bit.ly/93D0G
Twitted by liorb • October 23rd, 2009 • 10:15 am
[...] This post was Twitted by liorb [...]
Green Prophet » Can Israel’s Prime Minister’s Alternative Energy Agenda Help the Middle East? • November 9th, 2009 • 1:45 pm
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[...] new trails worldwide in solar power. Israeli companies, from the solar hot water firm Chromagen, to (the now Siemens-owned) Solel, to the invisible solar window inventor, Pythagoras – all go overseas to succeed in [...]
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[...] energies towards renewable energy projects has already been felt in countries like Israel, where Siemens purchased the controlling interest in the solar energy company Solel Solar for $413 Million in [...]