ABB investment endorses Novatec’s technology
ABB, the leading power and automation technology group, has signed an agreement to buy a 35 percent shareholding in Novatec Solar, 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.
This investment complements ABB’s existing activities in power plant automation, electrification and long-distance electricity transmission.
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