• Germany's news in English
 

Siemens lets the sun go down on solar power

Published: 22 Oct 2012 11:32 GMT+02:00

The move was necessary, the firm said, because, "changed framework conditions, lower growth and strong price pressure in the solar markets,” meant the business sector was not meeting its expected goals.

The company will sell Solel Solar Systems, which it acquired in 2009 for $418 million, and the photovoltaic business of its solar and hydro division.

The solar and hydro division generated revenue "in the low triple-digit millions" in the business year ended September 30, 2012, and has "around 800 employees," the company said.

“The global market for solar thermal energy has fallen from four gigawatts to recently a little more than one gigawatt,” said Michael Süß, a member of Siemens’ board of directors and the CEO of its energy sector, in a statement. “In the future, specialized providers will be able to play off their strengths here.”

Siemens CEO Peter Löscher just announced a two-year savings programme, because of weak economic growth, during which all unprofitable enterprises will go under the microscope.

The company is in the midst of talks with interested parties about selling its solar businesses, which will continue operating until a sale is final. Siemens will retain its hydropower business, it confirmed.

DAPD/DPA/AFP/The Local/mbw

The Local (news@thelocal.de)

Your comments about this article

13:26 October 22, 2012 by blackboot11
Not a surprise and probably a good move as solar energy is more efficient in a place where there is abundant sunshine. Germany has a great deal of wind and water to harness for its energy.
13:33 October 22, 2012 by IchBinKönig
Interesting. I'm guessing subsidies dried up as well. Here is a list of failing 'Green' Companies, and those that have gone Bankrupt*, and their respective stimulus handouts.

1. Evergreen Solar ($25 million)*

2. SpectraWatt ($500,000)*

3. Solyndra ($535 million)*

4. Beacon Power ($43 million)*

5. Nevada Geothermal ($98.5 million)

6. SunPower ($1.2 billion)

7. First Solar ($1.46 billion)

8. Babcock and Brown ($178 million)

9. EnerDel¦#39;s subsidiary Ener1 ($118.5 million)*

10. Amonix ($5.9 million)

11. Fisker Automotive ($529 million)

12. Abound Solar ($400 million)*

13. A123 Systems ($279 million)*

14. Willard and Kelsey Solar Group ($700,981)*

15. Johnson Controls ($299 million)

16. Schneider Electric ($86 million)

17. Brightsource ($1.6 billion)

18. ECOtality ($126.2 million)

19. Raser Technologies ($33 million)*

20. Energy Conversion Devices ($13.3 million)*

21. Mountain Plaza, Inc. ($2 million)*

22. Olsen¦#39;s Crop Service and Olsen¦#39;s Mills Acquisition Company ($10 million)*

23. Range Fuels ($80 million)*

24. Thompson River Power ($6.5 million)*

25. Stirling Energy Systems ($7 million)*

26. Azure Dynamics ($5.4 million)*

27. GreenVolts ($500,000)

28. Vestas ($50 million)

29. LG Chem¦#39;s subsidiary Compact Power ($151 million)

30. Nordic Windpower ($16 million)*

31. Navistar ($39 million)

32. Satcon ($3 million)*

33. Konarka Technologies Inc. ($20 million)*

34. Mascoma Corp. ($100 million)
13:40 October 22, 2012 by truth is treason
IchBinKing, is right. Solar energy is a giant hole that sucks all the money. Now Seimens should abandon wind as well. see

http://www.dailymail.co.uk/news/article-1345233/Its-use-waiting-turbines-warm-snow-returns.html?openGraphAuthor=%2Fhome%2Fsearch.html%3Fs%3D%26authornamef%3DDavid%2BDerbyshire%2BEnvironment%2BEditor

Global warming is a myth and is being used as an extra way to tax the public:

http://www.dailymail.co.uk/sciencetech/article-2217286/Global-warming-stopped-16-years-ago-reveals-Met-Office-report-quietly-released--chart-prove-it.html
14:14 October 22, 2012 by whiteriver
In principle all energy we use is solar, only stored differently.

Siemens selling the solar division because it makes little or no profit may be linked to Chinese companies dumping (backed by the Chinese gov): http://www.bloomberg.com/news/2012-09-21/european-solar-lobby-says-china-talks-should-wait-for-eu-finding.html
11:01 October 23, 2012 by JDee
@truth is reason

Preventing climate change isn't the primary motivation for diversifying energy sources. ( Recent climate change has already happened, whether it had anything to do with man made C02 is unproven ). The primary motivation for these failed green companies and the extra taxes is to try and diversify the energy supply in advance of the expected decline in oil. We have taken out Iraq, Afghanistan and Libya in the last decade. Syria is underway and sadly Iran are also under the crosshairs. All of this may buy the west another decade of unbridled consumption. The cost of the oil wars pails the investment in green-tech into insignificance. So keep some perspective.
14:36 October 23, 2012 by z5um
Even if climate change is a myth. Fossil fuels will run dry, fossil fuels pollute the environment, germany is dependent on oil producing countries. What's bad about clean air and an independent energy supply?
15:46 October 23, 2012 by neunElf
What;s bad about it?

You obviously don't pay your own power bills.

The extra expense that people pay to fund this green fantasy means you have that much less money left to buy other things, making your country less competitive in the market and people poorer.

Outside of higher costs, a less reliable grid and lower competitiveness, it's great!
07:23 October 29, 2012 by honeybeee
Sun resource is the most valuable asset which this earth endows upon human, so many german industry manufacturers always tried their best to take good advantage of it . German auto supplier Schaeffler Ag is one of them , they aleady develop the solar power of future auto fuel solution technology as well as traditional hytropower.But it seems traditional hytropower has its more profitable assurance in this economic downturn for all auto manufacturers including Siemens.But schaeffler is just 4th ranking in auto innovation field behind Siemens , let alone Schaeffler registered 1,832 patents in Germany during the past year ­ the largest number ever.
17:04 October 29, 2012 by raandy
Siemens was interested in the world solar market ,not just Germany. The main reason is that siemens was no longer competitive in this market. Its expensive to finance R/D only to have it copied by your competitor, especially when you buy many of the components from them, not to mention Government subsidies.
Today's headlines
EU-US trade talks prompt German ire
Photo: DPA

EU-US trade talks prompt German ire

In much of Europe any mention of TTIP might receive a blank stare, in Germany the proposed US-EU free trade pact is likely to prompt a volley of angry words. READ  

Auschwitz expert slams Nazi justice record
Photo: DPA

Auschwitz expert slams Nazi justice record

Oskar Gröning, 93, a former Nazi known as the "bookkeeper of Auschwitz", goes on trial in Germany on Tuesday in what could be the last Nazi war crimes trial while an expert calls the country's judicial record 'miserable'. READ  

Turkish Airlines: married pilots are safer pilots
Photo: DPA

Turkish Airlines: married pilots are safer pilots

The general manager of Turkish Airlines has urged single pilots to marry, after the Germanwings tragedy blamed on a pilot with psychological problems. READ  

Germany and Greece
'It hurts when Germans call Greece a failed state'
Thanasis Glavinas outside one of the German parliament's buildings. Photo: Private

'It hurts when Germans call Greece a failed state'

With the war of words – and cashflows – between Greece and Germany showing no sign of dying down, The Local meets one young Greek who's come to see what the Germans have to teach about running a country successfully. READ  

Interior Minister wants quicker deportations
'Loitz doesn't need any asylum seekers' reads the graffiti. Photo:DPA

Interior Minister wants quicker deportations

Interior Minister Thomas de Maizière called on Friday for state governments to speed up deportations of failed asylum applicants, in the latest round in a war of words between the federal government and the states. READ  

VW CEO survives despite departure rumours
Photo: DPA

VW CEO survives despite departure rumours

Volkswagen CEO Martin Winterkorn has dodged a broadside from company chairman Ferdinand Piech which many thought would unseat him from the troubled car maker. Instead, the steering committee has offered him an extension to his contract. READ  

Bayern doctor quits in spat with Guardiola
Tension on the touchline: Guardiola, Schweinsteiger and Müller-Wohlfahrt Photo: DPA

Bayern doctor quits in spat with Guardiola

The resignation of iconic club doctor Hans-Willhelm Müller-Wohlfahrt on Thursday evening threatens to unleash internal chaos at Bayern Munich after their Champions League humiliation at the hands of FC Porto. READ  

Deutsche Bahn flirts with drivers' strike deadline
An InterCity train in Hannover's main train station. Photo: DPA

Deutsche Bahn flirts with drivers' strike deadline

Rail operator Deutsche Bahn has until 3 pm on Friday to respond to demands from the Train Drivers' Union (GDL) for a "reasonable provisional result" in talks over pay, conditions and union representation. READ  

Liberals: Data retention unconstitutional
Deputy leader of the Free Democratic Party Wolfgang Kubicki. Photo:DPA

Liberals: Data retention unconstitutional

The deputy leader of the Free Democratic Party (FDP), Wolfgang Kubicki, called the government's plans to store communications data 'unconstitutional' and said he will fight the proposals in court. READ  

Germany honours Warsaw Uprising fighters
Leszek Zukowski (c) participated in the Warsaw uprising. Photo:DPA

Germany honours Warsaw Uprising fighters

Germany on Thursday awarded its highest honour for the first time to Poles who fought the occupying Nazis in the ill-fated Warsaw Uprising of 1944, one of World War II's bloodiest episodes. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Politics
A Greek learning politics in Germany
Features
The battle of the "Gates of Berlin"
National
Germany's favourite baby names of 2014
National
Germany's 'very poor' lobbying record
National
VIDEO: Mario Draghi suffers anti-ECB confetti attack
Politics
Merkel's 15 years at the top of German politics
Shutterstock
Sponsored Article
10 things you didn’t know about Zagreb (and why you should go)
Features
Spice up asparagus season with The Local's serving suggestions
Sponsored Article
What expat parents should ask before choosing a school
Travel
Lowest of the low: how woman exploited Germanwings crash
Sport
Football and the €30,000 firework
Technology
Why scientists oppose killer robots
National
Germanwings co-pilot 'searched suicide info'
Technology
Electrifying 'Ostalgia'
National
Which city is Germany's worst for drivers?
National
'Cannibal cop' gets 8 years
Can the 'nightmare' of a pilot downing a plane be prevented?
National
LIVE: Co-pilot suspected of crashing plane
Pupils mourn lost classmates
National
Freed after 25 years on death row
National
Cologne Cathedral returns from space
Features
Paddy's Day, Berlin style
Is your workload 'out of control'? You're not alone...
National
Why east Germans are happy to get it on on camera
National
What would you do with a 250-year-old pretzel?
Features
Just why is the German flag Schwarz, Rot, Gold?
Business & Money
Getting German workers and bosses thinking positive
National
Uplifting thoughts to get you through the last week of winter
National
Who wants the Olympics more - Hamburg or Berlin?
National
Last-minute drama of Germany's Eurovision 2015 entry
National
German photographer takes world's top prize
Features
Meet the woman getting Germans to drink more – and better – beer
Gallery
Get inspired for International Women's Day with German heroes
Green party proposes first-ever cannabis legalization plan
Gallery
In pictures: Germany's seven most livable cities
National
Singapore canes Germans for train graffiti
Politics
Surprise! Germans love feeling like they run the EU
Politics
Anger over plan to show women what men earn
Travel
Munich tram fans bicker over new bell
Features
Kafka: puzzling translators 100 years on
Business & Money
France or Germany: Which country really is the best country to work in?
Photo: Police
Rhineland
Student driver crashes tank into family garden.
Photo: DPA
Politics
There was a notable absence at the Anti-Semitism Commission
National
How Dresden bombing still divides Germany, 70 years on
Photo: DPA
Gallery
Take a cute break with this gallery of baby animals
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

7,184
jobs available
Toytown Germany
Germany's English-speaking crowd