ABB Invests in Renewable Energy

The investment was made by ABB’s venture capital division, ABB Technology Ventures, and a portion of the investment of $4.8 million was from SSE Venture Capital, the venture capital unit of Scottish and Southern Energy and other investors.

The venture enhances the scope of ABB in the increasingly popular marine energy market and also provides it with a developmental opportunity in this renewable energy technology. The award winning wave power generation systems of Aquamarine are relatively easier to mount.

Recently, the company also made a sizable investment in an Israeli wind power technology company, Pentalum Technologies. Pentalum is engaged in the development of superior wind sensing technology for monitoring and most favorably utilizing wind turbines and wind farms.

ABB enjoys a strong position in the wind energy market. The investment enhances ABB’s scope in the market as Pentalum has good partnership with many wind turbine manufacturers and wind farm developers and operators.

The company’s power and automation technologies offer a wide range of solution for sustainable development, thus helping to shield the world’s resources. The company has a number of technologies for the solar power industry and also a growing installed base. In the recent quarters, ABB has also witnessed improving signs in late-cycle power, with some recent large contracts.

However, ABB’s results are likely to be adversely affected by macroeconomic weakness as more than 80% of the company’s orders are derived from outside the US. A major competitor of ABB Ltd. is Siemens AG (SI).

Based in Zurich, Switzerland, ABB Ltd. is a power and automation technology company. The company operates in five segments: Power Products and Power Systems supply products and complete Transmission and Distribution (T&D) solutions to utility and industrial customers.

Discrete Automation & Motion, Low-Voltage Products and Process Automation supply products, systems and solutions to customers across nearly all segments of the process and manufacturing industries, as well as specialist end markets, such as marine and utility. ABB Ltd. operates in approximately 100 countries and has structured its global organization into five regions, Europe, Americas, Asia, the Middle East, and Africa.