Siemens Exits Solar Industry, Suffers $1 Billion In Losses Comment Now Follow Comments Siemens , the industrial conglomerate based in Munich, Germany, is shutting down its solar power division, which has suffered nearly $1 billion in losses over the past two years. In 2009, Siemens paid $418 million for Israel-based Solel Solar Systems, which it put up for sale late last year. The following year, Siemens acquired a significant stake Archimede Solar Energy, a solar thermal company based in Italy. Siemens decision to exit the solar market is a stark reminder of the havoc caused by the unprecedented decline in costs for solar photovoltaic panels. Earlier this year, Bosch also shut down its solar division, Bosch Solar Energy, which had struggled to compete in crystalline photovoltaics amidst depressed solar PV module prices. Bosch’s total potential losses in the solar space have been estimated to be as high as $3.1 billion, according to PV Tech.
Posted on: Thu, 20 Jun 2013 05:47:45 +0000