ABB To Exit Solar Inverter Business

In Clean News, News, Products, Renewable Energy, Solar

Switzerland-headquartered ABB and Italian company FIMER have signed an agreement under which FIMER will acquire ABB’s solar inverter business.

The transaction is expected to enhance the prospects of the solar inverter business and enable ABB to focus its core business portfolio on other growth markets, the company announced in a media statement.

In India, there are over 30 inverter suppliers meeting the demands of the rapidly growing solar market. 

Mercom recently reported that ABB was the top supplier of solar inverters to the Indian market for the calendar year 2018 as well as cumulatively. Even in 2017, ABB had emerged as the market leader in this segment.

This acquisition includes the solar inverter business from Power-One which was acquired by ABB’s Discrete Automation and Motion division in 2013. The business offers a comprehensive portfolio of products, systems, and services for different types of solar installations.

It is currently within ABB’s electrification business and has achieved revenues of approximately $290 million in 2018.

According to ABB’s statement, both the companies will ensure a smooth transition for the customers and employees and FIMER will honor all the existing warranties and ABB will compensate FIMER for taking over its business and liabilities.

Reference- Mercom India, ABB PR

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