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| ABB to buy a 35 percent stake in Novatec Solar  ABB, the leading power and automation technology group, has agreed to buy a 35 percent stake in Novatec Solar (formerly Novatec Biosol), an innovative Concentrated Solar Power (CSP) technology company based in Karlsruhe, Germany.The investment includes an option to acquire 100 percent of Novatec Solar and an agreement to cooperate on future solar power plant projects. The companies agreed not to disclose financial details of the transaction. CSP is a fast-growing sector of the renewable energy market and this investment complements ABB's existing activities in power plant automation, electrification and long-distance electricity transmission. Novatec Solar is a leading provider of Linear Fresnel CSP technology using flat mirrors to concentrate the sun's energy onto a receiver to produce steam. The solar-produced steam reduces the need for fossil fuels to generate electricity in existing or new power stations, and also in process plants and other industrial applications where heat is required. Compared with other CSP technologies, Novatec Solar's technology is highly competitive due to its use of flat glass and common steel in low-lying mirror modules that are easy to assemble and install. Novatec Solar's patented Linear Fresnel technology has been demonstrated with a 1.4 megawatt (MW) plant connected to the Spanish electricity grid since March 2009. The company is currently constructing the world's first commercial 30 MW Linear Fresnel power plant, also in Spain, and recently won an order to retrofit a solar field to a 2,000 MW coal-fired power plant in Australia. Novatec Solar has developed a highly automated manufacturing process and solar field cleaning system. The company, which has about 80 employees, also won the overall Industry as well as Energy and Environment Awards at the 2009 Hanover Fair. write your comments about the article :: © 2011 Construction News :: home page |