Following the approval by the anti-trust authorities, Conergy has completed the sale of its inverter subsidiary, voltwerk electronics GmbH, to the Bosch Group. A purchase agreement had already been signed by both parties in December 2011 with the purchase price being kept confidential by mutual agreement. Following the successful completion of the transaction, the company, which has around 100 employees in two locations in Hamburg and Bad Vilbel, now belongs to the Bosch Group.
Conergy Board Member Alexander Gorski said: "This sale is an important step in our strategic realignment as a system supplier with a clear focus on international sales and service. The restructuring of our module manufacturing has significantly improved Conergy's manufacturing cost structure. Selling voltwerk to Bosch and thereby further reducing our manufacturing depth will bring additional cost benefits throughout the year. Despite the difficult market environment we therefore believe Conergy is currently in a strong position."
Voltwerk's current product portfolio includes string and central inverters for photovoltaic installations in all common sizes, as well as monitoring systems and own consumption solutions. In the second half of 2012, the company plans to introduce a solar storage system with an integrated inverter and intelligent energy management system onto the market.Own consumption and storage system solutions will become increasingly important under the planned changes to the German Renewable Energy Act (EEG). Under the German federal government's current plans, only 80% of the yields of residential solar installations will be subsidised by the state. Installation operators will have to sell or use the remaining 20% themselves. As part of the purchase agreement with voltwerk electronics and Bosch, Conergy has concluded a long-term supply cooperation agreement. It will therefore continue to be able to offer its customers these solar solutions for optimising energy consumption and energy storage.
"We are delighted to have found such a renowned partner as Bosch, a company that can continue to further develop the whole product portfolio", said Gorski. "All Conergy customers will benefit from the fact that we will continue to offer complete solar systems with the highest technical and quality standards. The storage and inverter product portfolio offered by Bosch and voltwerk electronics will be an integral part of these systems."