Spain

Spain

Gamesa moves into electric vehicles

SPAIN: Gamesa today announced it had bought a 20% stake in a company specialising in electric vehicles and energy efficiency.

The partial acquisition of Spanish tech start-up N2S is part of Gamesa’s invest €50 million diversification strategy announced in June 2011.

The turbine manufacturer intends to invest €10 million per year in non-wind renewable-energy technologies until 2016 via its investment fund, Gamesa Venture Capital.

The investment in N2S is Gamesa Venture Capital’s third deal and follows transactions carried out in 2011 in the area of off-grid solutions, which included acquiring stakes in two US-based ventures: 28.7% of SkyBuilt Power and 25% of Worldwater & Solar Technologies.

Gamesa Venture Capital has identified other technologies of interest and continues to research potential investments in areas including tidal energy, next-generation photovoltaics and small wind.

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