In its first investment Siemens Venture Capital (SVC) is acquiring a minority stake of about 20% in Maxxtec AG, a waste-heat and organic rankine cycle (ORC) technology specialist for biomass and industrial applications.
‘Maxxtec’s ORC technology is increasingly used in decentralized biomass power plants and also allows for the utilization of energetically valuable industrial waste heat. As a result, Maxxtec enables the infrastructure for renewable energy to be expanded and operates in long-term growth markets’, said SVC’s Rudolf Ohnesorge.
The financing of the Sinsheim, Germany, based company totals about €10 million and is the first investment of SVC’s newly launched Growth Capital initiative.
The company plans to use the fresh capital primarily to finance its international sales efforts, new products and expanding production. In addition, Maxxtec is also reviewing possible investments in small or medium-sized companies in areas close to its core business.
SVC also plans to make additional global investments, aiming for significant minority holdings and investment volumes ranging from €10 – €30 million in each case.
The move marks a new strategy in which the company is now also taking minority holdings in established companies that need growth funding.
‘We are interested in global companies that profit from a solid market position and can fuel their growth with the help of Siemens’ expertise. In this way, we are expanding Siemens Financial Services’ equity investment offer’, said Ralf Schnell, CEO.