Ferrostaal eying on doubling revenue from solar energy
Abu Dhabi government owned German industrial contractor, Ferrostaal has announced to expand its solar business for increasing its revenue and fulfilling the growing energy needs of the region. The company, 70 per cent-owned by the International Petroleum Investment Company (IPIC), will build solar energy based plants in the country for making optimum use of hugely available solar energy.
Ferrostaal, a clean energy firm of the Mubadala Development, signed a deal with California-based eSolar which is known for building mirrors and towers to capture solar energy for electricity generation.
IPIC had acquired stakes in Ferrostaal last year from German based lorry maker- MAN. Matthias Mitscherlich, the Chief Executive of Ferrostaal said that the firm intends to be a dominant player in the renewable energy sector for pushing its growth across the segment.
Mitscherlich added, “We intend to double our annual turnover in the solar business. We will strongly participate in renewable energies that are a growth market.” He told that the firm which registered revenue of €340 million from its solar business last year has also been looking for more opportunities in the UAE, Qatar, Oman and South Africa.
New Zealand News
- Porsche reportedly developing electric version of 718 sports car
- Tesla Model Y Performance becomes little bit more expensive to order in China
- Porsche’s recently unveiled Mission R Concept previews electric race cars of future
- Chinese manufacturer GAC’s Aion V e-SUV can charge 0-80% in just 8 minutes
- Oshidori International exits Japanese casino race, citing serious ethical irregularities
- Plug-in cars’ share grows to 32% in Netherlands in September 2021
- Italian motorcycle racer Valentino Rossi enters e-bike business with VR46 MTB range
- Micro Mobility shows off production version of Microlino 2.0 and 3-wheeled e-scooter
- Chinese electric motorcycle maker Evoke Motorcycles to set up shops in Spain
- TenneT adds more electric BMWs to study use of EVs to support power grids