Siemens Exits Solar, Focuses on Wind and Hydro

Siemens AG is exiting the solar business. So reports the Wall Street Journal.

Siemens is in discussions to sell the business, which it acquired three years ago. At the time, Chief Executive Peter Löscher said the acquisitions would make Siemens a solar-thermal power leader, the Journal says.

Siemens will now focus on its wind- and hydro-power business in the renewable sector.

Siemens had been focused on solar-thermal technology, which uses the sun to heat water to create steam to power generators. It initially expected double-digit growth over a decade, especially in the Mediterranean. But cutbacks have taken a toll and the market for concentrated solar power has shrunk, the Journal says.

To read the full Wall Street Journal article cited in this story, click here

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