A FIMER, a leading manufacturer of utility-scale inverter solutions, has successfully completed the acquisition of ABB's solar inverter business, which was announced on July 9, 2019. The Italian company is now the fourth largest solar inverter manufacturer in the world. world. FIMER's commitment is to continue creating value and maintaining existing facilities, as well as employment levels.
At the end of July 2020, Brazil reached the historic mark of 6 GW of operational power from photovoltaic solar sources. These are large plants, small and medium-sized systems installed on roofs, facades and land, generating clean, renewable and competitive electricity, bringing increasingly more economic, social and environmental benefits to the country.
There are more than R$31 billion in new private investments, having generated around 180 thousand jobs accumulated since 2012. When it comes to the DG (distributed generation) modality, Brazil surpassed the mark of 3,3 GW of installed power, where approximately 260 thousand consumer units became energy generators.
FIMER's mission is to understand the high potential of the Brazilian market, strengthen relationships and the particularities that exist in this favorable scenario so that our company can be part of the sustainable development of solar energy in Brazil, through our technological solutions and the support of our professionals highly qualified.
Globally, investment in research and development is of fundamental importance. As a result, FIMER decided to maintain the R&D center in Finland and the factories in Italy and India.
Looking to the future, FIMER's key growth drivers include the development of advanced technologies, including the use of blockchain and cutting-edge miniaturized products, as well as a major effort in digitalization. Another important factor is distributed solar power generation to connect millions of renewable energy sources and help support clean and reliable energy, with a strong impact on the entire transmission and distribution system.
Last but not least, FIMER will also focus on microgrids, systems that interconnect electrical loads and distributed power generation sources, with the ability to operate both in connection with the national electricity system and independently, as well as in storage solutions.
The acquisition of ABB's solar inverter business, which reported revenue of approximately US$340 million in 2019, includes 800 employees in 26 countries, 2 factories in Italy, one in India and an R&D facility in Finland.
ABB's legacy business line includes a comprehensive, innovative and fully complementary portfolio of products, systems and services that address different segments and types of solar installations. Over the past eight months, FIMER and ABB have worked closely to ensure a smooth transition for customers and employees and to ensure business continuity.
With this acquisition, FIMER will increase its presence on a global scale, from Latin America, where the company is already present in key strategic geographic regions, including Europe, Africa, the Middle East, Asia-Pacific – particularly Japan – and North America . Today, FIMER can count on 3 factories and 2 R&D centers with shipments expected by the end of 2020, considering the combined business, of more than 7 GW.
“I am very pleased to announce the closing of this acquisition,” said Filippo Carzaniga, CEO of FIMER – “In recent years, the solar industry has played a central role in the clean energy transition, surpassing traditional power generation technologies. Our next-level strategy is therefore focused on expansion opportunities in promising growth markets.
We firmly believe that this significant increase in our offering will represent a further step towards serving all customers in all photovoltaic market segments and will enhance our position in a very competitive arena.
The size and importance of the solar business has increased rapidly in recent years and we believe this is a tremendous opportunity for us to create customer value and grow the business. I am confident that the combination of having one of the strongest product portfolios, together with our knowledge, experience and passion, will be a key element of success.”
FIMER was assisted by PwC for Day 1 preparation and preparation for the post-closing integration process, by White & Case for legal assistance during the acquisition process and by Deloitte to perform preliminary due diligence.
About FIMER
The fourth largest supplier of solar inverters in the world. Specializing in solar inverters and mobility systems, it has more than 1100 employees worldwide and offers a comprehensive portfolio of solar solutions across all applications. FIMER's abilities are further strengthened by its bold and agile approach, which considers investing consistently in R&D. With a presence in 26 countries, along with local training and manufacturing centers, FIMER remains close to its customers and the ever-evolving dynamics of the energy sector.
Following the acquisition and integration of ABB's solar inverter business in the first quarter of 2020, and under the umbrella of the renewed FIMER brand, the newly acquired solar inverter portfolio continues to carry the ABB brand under the trademark license agreement. https://bit.ly/3cMvxQW
