Swiss-based engineering group ABB has announced it is buying a stake in California-based solar power system provider GreenVolts.
ABB said it was investing $20 million (SFr19 million) for a “substantial” minority stake in the group.
Through the investment ABB gains access to GreenVolts’ technology. ABB said the American company delivers energy yields that can be 30 to 40 per cent higher than traditional panel-based systems. The pairing up of the two companies would help “make this technology globally accessible”.
In January ABB bought Baldor Electric, the North American leader in industrial motors, and in March it took a stake in the German alternative energy firm Novatec Solar.
ABB operates in around 100 countries and employs about 130,000 people.
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