centrotherm photovoltaics expands international commitment, and focuses on Indian growth market with new subsidiary in Bangalore
centrotherm photovoltaics AG is strengthening its presence in Asia with its own subsidiary in the Indian economic metropolis of Bangalore. This step allows the world’s leading technology and equipment supplier to the photovoltaics sector to expand its sales and service activities in the growth market of India. At a formal opening ceremony today, representatives from the business and political arenas paid tribute to the internationally leading photovoltaics specialist's commitment within the region.
India is regarded as an important growth market in the renewable energies area: the country aims to create solar electricity capacities of around 20 gigawatts by 2022 as part of its "National Solar Mission". Fielding its highly efficient production systems and services, centrotherm photovoltaics generates cost benefits for Indian solar cell manufacturers that allow them to service the domestic sales market and gain global market shares. The "National Solar Mission" government initiative mandates that as of next year the crystalline solar cells destined for the domestic market must also be manufactured in India.
"This local content regulation will act as an additional growth driver. With our subsidiary in India we have taken a key step to tap these tremendous potentials by way of our local presence", explained Dr. Thomas Riegler, CFO of centrotherm photovoltaics AG. "Moreover, it is our declared aim to offer advanced, leading edge technology and excellent service by our closeness to customers. We have already been maintaining partnerships with our Indian customers over many years. And we are firmly convinced of the further, successful and sustained development of the Indian photovoltaics market."
India comprises a further important pillar for centrotherm photovoltaics in the Asian economic region. The company has been present to date with subsidiaries in China, Korea, Singapore and Taiwan. centrotherm photovoltaics meanwhile generates more than 80% of its sales on the Asian market. A total of 95% of sales are generated abroad.
About centrotherm photovoltaics AG
centrotherm photovoltaics AG, which is based at Blaubeuren, Germany, is the world's leading technology and equipment provider for the photovoltaics sector. The company equips well-known solar companies and new sector entrants with turnkey production lines and single equipment to manufacture silicon, crystalline solar cells and thin film modules. As a consequence, the Group possesses a broad and well-founded technological basis, as well as key equipment at practically all steps of the photovoltaics value chain. centrotherm photovoltaics guarantees its customers important performance parameters such as production capacity, efficiencies, and completion deadlines. The Group employs over 1,400 staff members, and operates in Europe, Asia and the USA. centrotherm photovoltaics achieved revenue in the 2010 financial year of EUR 624.2 million, EBIT of EUR 75.4 million, according to provisional figures. The company is listed in the TecDAX index on the Frankfurt Stock Exchange.
centrotherm photovoltaics AG
Admitted to the Regulated Market/Prime Standard, Frankfurt Securities Exchange
Corporate domicile: Germany