Gamesa to make €50m shift away from wind

WORLDWIDE: Gamesa has announced a five-year plan to invest €50 million in companies developing renewable energy technology.

The company said it is launching a venture capital fund to buy minority stakes in companies working in sector’s other than wind. Gamesa said the move was part of a diversification strategy.

These are: tidal, photovoltaic, energy storage, electric vehicles, ways of maximising energy efficiency and off-grid energy generation for remote areas.

In return, Gamesa said it would be able to offer a number of benefits including market access and technological know-how.

In the medium to long-term, Gamesa will look to acquire control of the companies.

Last year, Gamesa announced a major research and development (R&D) push in its core wind energy business.

Gamesa said it would open five new R&D centres across the globe while simultaneously closing one in Denmark.

Gamesa said the centres, which include the two recently announced R&D facilities planned for the US and UK, would be opened over the next six months. 

The other centres will be in Brazil (March 2011), India (January 2011) and Singapore (December 2010).

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