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ABB acquires Power-One

ABB has completed its acquisition of power conversion specialist Power-One, making it a leading global supplier of solar inverters.

Solar inverters play an important role in converting the sun’s energy into electric current and controlling its flow into the power system. Power-One has one of the market’s most comprehensive offerings of solar inverters, ranging from residential to utility applications, and a broad global manufacturing footprint. It employs almost 3,500 people, mainly in China, Italy, the United States and Slovakia.

“The acquisition of Power-One expands our renewables businesses and provides substantial opportunities to create value for our customers, employees and shareholders,” said ABB’s CEO, Joe Hogan. “The combination of Power-One and ABB is fully in line with our 2015 strategy and creates a global player with the scale to compete successfully. We are pleased to welcome the Power-One employees on board.”

“We are happy to join the ABB family and look forward to a bright common future,” said Richard J Thompson, CEO of Power-One. “Together we can better address the growing worldwide demand for innovative, renewable energy solutions and strengthen our global leadership.”

Solar inverters are one of the fastest-developing technologies in power electronics, requiring substantial research and development (R&D) resources. In 2012, ABB invested about US$1.5 billion in R&D overall.

“The combination of these two successful companies will create significant value-driven growth based on global reach, high quality and technology leadership,” said Ulrich Spiesshofer, head of ABB’s discrete automation and motion division. “We are looking forward to a successful collaboration.” 

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Photovoltaics (PV)  •  Solar electricity  •  Solar heating and cooling

 

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