FIMER has completed the acquisition of ABB's solar inverter business announced on July 9, 2019. The Italian company is now the fourth largest solar inverter manufacturer in the world.
The acquisition of ABB's solar inverter business, which had sales of approximately $ 340 million in 2019, includes 800 employees in 26 countries, as well as two manufacturing facilities in Italy and India and an R&D facility in Finland. The former division of ABB comprises a comprehensive, innovative and completely complementary portfolio of products, systems and services for different segments and types of solar systems. For the past eight months, both FIMER and ABB have worked closely to ensure a smooth transition for customers and employees and to ensure business continuity.
Through this acquisition, FIMER will strengthen its global presence from Latin America, where the company is already present, to key strategic geographic regions such as Europe, Africa, the Middle East, Asia-Pacific, particularly Japan and North America. To date, FIMER can count on three manufacturing facilities and two R&D hubs with deliveries expected by the end of 2020, given the combined business of over 7 GW.
FIMER is committed to continuing to create value and maintain existing facilities and employment levels. Investing in research and development is key. As a result, FIMER decided to have both the R&D hub in Finland and manufacturing facilities in Italy and India. Looking ahead, FIMER's main growth drivers will be the development of advanced technologies, including the use of blockchain and cutting-edge miniaturized products, as well as strong efforts in digitization. Another major driver will be the decentralized generation of solar energy to connect millions of renewable energy sources together and support clean, reliable electricity that has a huge impact on the entire transmission and distribution system. Last but not least, FIMER will also focus on microgrids, systems that connect electrical loads and distributed power generation sources and can work both in conjunction with the national electricity system and independently, as well as storage solutions.
"I am very pleased to announce the completion of this acquisition," said Filippo Carzaniga, CEO of FIMER. “In recent years the solar industry has played a pivotal role in the clean energy transition, outperforming traditional power generation technologies. Our next level strategy therefore focuses on expansion opportunities into promising growth markets. We firmly believe that this significant expansion of our offering represents a further step to serve all customers in all PV market segments and will strengthen our position in a very competitive environment. The size and importance of the solar business has grown rapidly in recent years, and we believe this is a tremendous opportunity for us to create customer value and business growth. I am confident that the combination of one of the strongest product portfolios with our knowledge, expertise and passion will be a key element for success. "
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