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Conergy sells heat pump business to SmartHeat

Conergy has agreed to sell its solar heat pump subsidiary Güstrower Wärmepumpen to SmartHeat.

By Isabella Kaminski

Solar system manufacturer Conergy develops and produces crystalline solar modules, inverters and mounting systems at three locations in Germany. Its subsidiary company Güstrower Wärmepumpen produces and sells heat pumps.

As a result of the sale, Güstrower Wärmepumpen will take over the Conergy factory premises and 100% share ownership of the subsidiary, which will be transferred to US company SmartHeat.

SmartHeat is listed on the US NASDAQ and is a market leader in China’s heat transfer and energy savings industry. According to the China Heating Association, China's heat transfer market is currently estimated at approximately US$2.4 billion with double-digit annual growth

The contract remains subject to clearance, with execution expected to take place in February 2011. Both parties have agreed not to disclose the purchase price.

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