Voith Group and Siemens Energy have agreed that Voith will take over Siemens Energy’s 35% stake in the joint venture, Voith Hydro.
The move aligns with Siemens Energy’s primary focus areas, which include transporting and storing energy, decarbonizing industrial processes, and generating electricity with little or no CO2 emissions.
Up till now, the hydropower sector has played a subordinate role for Siemens Energy.
The deal will allow Voith to continue its ongoing strategy to strengthen the core business in the field of sustainable technologies.
This strategy will further allow Voith to benefit from the growing role of hydroelectric power in the renewable energy mix.
The two parties have agreed not to disclose the financial details of the transaction which is expected to close near the end of Q1 2022, subject to antitrust and other approvals.
Dr Jochen Eickholt, Member of the Executive Board at Siemens Energy: “The transaction is further evidence that we’re consistently aligning our portfolio with our core business. Less complexity, more efficiency – this is how we want to position Siemens Energy for the future.
“With the takeover of all the shares, our previous partner Voith will be able to pursue the expansion of hydropower in the electricity mix even more consistently, which is the optimal solution for everyone involved.”
The Voith Hydro joint venture (formerly Voith Siemens Hydro Power Generation) was founded in 2000 when Siemens and Voith merged their activities in the field of turbine and generator technology for hydropower plants.
Dr Toralf Haag, President and CEO of Voith Group, said: “For a few years now, our strategy has been to tap into promising business fields in connection with the megatrends of digitalization and decarbonization and expanding our core business in this direction.
“After a number of strategic acquisitions in our Paper and Turbo Group Divisions, we are pleased that with complete ownership of Voith Hydro, we will be able to drive the expansion of hydropower even further in the future.”