Israeli company Rioglass Solar, which produces HCE receivers and mirrors used for Solar Thermal Energy (STE) and Concentrated Photovoltaic (CPV) technologies, has signed an agreement with Schott Solar CSP GmbH (Schott Solar), for the acquisition of its receiver business, including the company in Spain and the assets in Germany. Schott Solar is Rioglass Solar's main competitor, and has been the main player in the thermo-solar market up to now. Rioglass thus completes its second acquisition deal in two years, after buying the thermo-solar receiver business of Siemens in 2013.
Financial details of the current deal were not disclosed, but market estimates put it at tens of millions of euros.
The deal covers all related patents and intellectual property.
Schott Solar was founded in 2007, and by the end of 2013 it had a 70% share of the global market for thermo-solar receivers, the remaining 30% being held by Siemens. Siemens had bought Israeli company Solel for $400 million after failing to buy Schott Solar itself. The upshot of the current deal is that Rioglass dominates the thermo-solar installation market.
Jose M. Villanueva, Chairman of Rioglass Solar Holding, said, "By combining the technology and expertise of both Rioglass Solar and Schott Solar, this transaction will propel us forward, enabling Rioglass Solar to meet customer demands across the industry and prepare the group for the next phases in the rapidly evolving and intensely competitive STE (also referred to as CSP) and CPV businesses. As such, it reemphasizes Rioglass Solar’s commitment to supporting its customers worldwide".
2015 has been a successful year for Rioglass, which was selected as preferred supplier in all the thermo-solar projects initiated around the world this year and for projects to be carried out in 2016 to the tune of hundreds of millions of shekels, in Africa, Israel (the Ashelim project) and other places.
As a result of the current deal, Rioglass will triple its manpower to more than 300 employees who will be employed at its plants in Israel and Spain under Israeli management located in Beit Shemesh. The Beit Shemesh plant will be expanded at an investment of NIS 20 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 9, 2015
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