• Germany edition
 
Siemens lets the sun go down on solar power
Photo: DPA

Siemens lets the sun go down on solar power

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

Don't miss...X
Left Right

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
German jobless rate rises in July
Photo: DPA

German jobless rate rises in July

Unemployment in Germany rose in July to 6.6 percent, the Federal Employment Agency said on Thursday, blaming the increase on "seasonal reasons". READ  

Your lottery numbers are 9, 10, 11, 12 and 13
The winning numbers in Wednesday night's lotto. Photo: DPA/Lotto

Your lottery numbers are 9, 10, 11, 12 and 13

Three lucky Germans will take home a six-figure prize after an extremely rare lottery draw. The lucky numbers on Wednesday night were 9, 10, 11, 12, 13 and 37. READ  

Germany denies 'land for gas' deal with Putin
Merkel with Poroshenko and Putin in June. Photo: DPA

Germany denies 'land for gas' deal with Putin

UPDATE: Chancellor Angela Merkel and Russian President Vladimir Putin have been working on a secret peace plan for Ukraine, The Independent newspaper reported on Thursday. The report was later denied by the German government. READ  

Space ship brings special cargo for astronaut
A cargo compartment on the ATV. Photo: ESA

Space ship brings special cargo for astronaut

The last European space freighter blasted off to the International Space Station (ISS) on Wednesday, carrying a special treat for the station’s German astronaut. The launch of the German-built supply ship marks the end of an era. READ  

World Cup victory makes Germans thirsty
Beer sales abroad and during the World Cup were behind the rise. Photo: DPA

World Cup victory makes Germans thirsty

Germany’s World Cup victory was also good news for the country’s brewers who saw a welcome reversal in the long-term trend of draining beer sales. READ  

Foreigners less likely to get jobs than Germans
A woman walks past a German job centre in Saxony. Photo: DPA

Foreigners less likely to get jobs than Germans

Foreigners from outside the EU suffer from a much lower employment rate in Germany than native citizens and EU immigrants, a study confirmed on Wednesday. READ  

German squad leaves out one-legged long jumper
Markus Rehm. Photo: DPA

German squad leaves out one-legged long jumper

German athletics officials said on Wednesday they would not nominate the country's long jump champion Markus Rehm for the European championships because of fears his prosthetic leg gives him an unfair advantage. READ  

Second man arrested after synagogue attack
The synagogue on Tuesday after the attack. Photo: DPA

Second man arrested after synagogue attack

Police arrested a second suspect on Wednesday in connection with an attempted arson attack in which Molotov cocktails were thrown at a synagogue in western Germany. Another man who said he was Palestinian has denied involvement. READ  

German women fall short of equality
Still a man's world: women in Germany find it hard to rise as high as Defence Minister Ursula von der Leyen. Photo: DPA

German women fall short of equality

Women in Germany are still underrepresented in leadership jobs and among professors, a new government report said on Wednesday. They are also paid less and remain unlikely to study science, technology, engineering or mathematics. READ  

The Local List
Five reasons to visit (and to avoid) Oktoberfest
Photo: DPA

Five reasons to visit (and to avoid) Oktoberfest

With just over 50 days to go until Munich's Oktoberfest starts, it is time to book your train/plane/horse to the world’s biggest beer festival. Or is it? The Local List looks at five reasons you should be making that trip, and five why you'd better steer clear. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Photo: DPA
Gallery
Five reasons to visit Oktoberfest (and five not to)
Photo: DPA
Analysis & Opinion
Have Your Say: Should Germany legalize cannabis?
Photo: DPA
Education
Germany's students fail to graduate in time
Photo: DPA
Gallery
Hamburg harbour lit up in blue
Business & Money
JobTalk: 'Application process is failing'
Photo: Bundesarchiv/Bild 183-S45825
Culture
Germany puts 700,000 WWI docs online
Photo: DPA
Society
This man wants to give all of us €12,000 a year
Photo: DPA
Education
Top university switches master's courses to English
instagram.com/gotzemario
Gallery
Germany's World Cup stars share their holiday photos
Travel
Plans unveiled for bike trail along former Iron Curtain
Photo: DPA
Gallery
The Local List: 12 best words in German
Photo: DPA
Gallery
German Bucket List: How many of these can you tick off?
Photo: Europeana.de 1914 - 1918
Gallery
A German soldier's life behind WWI lines
Education
Raising the bar for law & business in Germany
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
Photo: DPA
Features
The Local List Archive - Your guide to all things German
National
Share news tips with The Local Germany
Sponsored Article
Bilingual school turning education on its head
Sponsored Article
CurrencyFair: Why it pays when making overseas transfers
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

3,244
jobs available
Toytown Germany
Germany's English-speaking crowd