In the future, Voith Group will be the sole owner of the Voith Hydro Group Division, which previously was operated as a joint venture with Siemens Energy. The technology group and the long-term partner Siemens Energy came to a mutual agreement on a buy-out of the remaining 35% stake in the former Voith Siemens Hydro Power Generation GmbH & Co. KG. With this move, Voith is supporting its ongoing strategy to strengthen the core business in the field of sustainable technologies. This strategy will allow the company to consistently benefit from the growing role of hydroelectric power in the renewable energy mix and act as a trailblazer in the energy transition. The two parties have agreed not to disclose the financial details of the transaction which is expected to close near the end of Q1 2022, subject to antitrust and other approvals.
Voith Hydro is assuming a key role in the continued use of water as a renewable energy resource and is paving the way for the energy transition with its pumped storage technology. A significant share of the energy gained worldwide from hydropower is already generated today with turbines and generators designed and manufactured by Voith Hydro.