Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Munich Auto Show
    • Geneva Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Focus on Electrification
    • Focus on Technology
    • Segment Analysis
    • Cars & Concepts
    • Supplier Spotlight
    • Europe By The Numbers
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Podcasts
  • Car Cutaways
  • EVENTS
    • ANE Congress
    • ANE Rising Stars
    • ANE Eurostars
    • Browse photos from the 2021 awards ceremony
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Capgemini: Securing the industry's future through a radical rethink
    • Capgemini: Succeeding with the automated driving journey through AI
    • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
    • HEXAGON: Plugging into data is the only way to make winning EVs
    • TUV Rheinland: Battery testing center for large battery packs and more
    • TUV Rheinland: Ideas, services and certifications for smart mobility
    • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
    • Toyota Europe
    • UFI Filters
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Automotive News Europe
January 18, 2012 12:00 AM

Spain's Gamesa builds EV unit to wring profit from wind plants

  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    MADRID -- Gamesa Corp., the Spanish wind-turbine maker with factories from China to Brazil, plans to grab a share of the market for electric-car charging as use of the low-emission vehicles expands.

    The company is using spare capacity at a turbine converter plant in Valencia to produce car-charging stations, Business Development Director David Mesonero said on Tuesday.

    Last month, Gamesa Corp. Tecnologica SA bought 20 percent of Madrid-based technology company N2S to gain software that is used to monitor power use by EVs.

    Sales of EVs in Spain may reach 5,000 in 2012 from less than 200 in 2011 as rental companies and fleet managers add models, Mesonero said.

    The N2S deal is part of a plan to broaden the product range in areas where Gamesa's technology allows it to compete, he said in an interview in Madrid. "Gamesa has industrial capacity we can't ignore. The idea is to have synergies from the first minute."

    Profit at the manufacturer, based in Zamudio near Bilbao, probably rose about 27 percent to 63.5 million euros ($81.2 million) last year, according to the median estimate of 11 analysts surveyed by Bloomberg.

    The stock fell 44 percent as Chinese competitors Sinovel Wind Group Co. and Xinjiang Goldwind Science & Technology Co. expanded globally.

    Since taking charge of the company in 2009, CEO Jorge Calvet has given up market share in turbine production in order to preserve profitability and avoid the price cuts that have forced larger rival Vestas Wind Systems A/S to slash jobs. Analyst estimates show that Vestas probably lost about 41 million euros last year.

    Target valuation

    Gamesa bought the N2S stake for as much as 5 million euros, Mesonero said. The software company, valued at about 15 million euros in the acquisition, is targeting a valuation of 100 million euros within five years and is studying an initial public offering, he added.

    As well as monitoring vehicle power use, N2S's software can analyze consumption at factories and office buildings and recommend ways to help clients cut their power bills. Gamesa is offering the software to clients bundled with its charging-station product.

    Gamesa can afford to wait for the electric-vehicle market to develop because it produces the charging stations using spare capacity that's already been amortized, Mesonero said. "There's going to be a very fast take-off for electric vehicles," he said. "The question is, when? We can afford to wait."

    Source: Bloomberg

    RECOMMENDED FOR YOU
    VW agrees to buy $4 billion worth of lidar components from Israel's Innoviz
    Recommended for You
    Innoviz Daily Drive.jpg
    VW agrees to buy $4 billion worth of lidar components from Israel's Innoviz
    2022 ANE Rising Stars winners
    Automotive News Europe awards the 2022 Rising Stars
    Andreas-Christoph Hofmann 2021 Eurostars
    Hyundai marketing VP Andreas-Christoph Hofmann to speak at Automotive News Europe Congress
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • Advertise with us
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Munich Auto Show
        • Geneva Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Focus on Electrification
      • Focus on Technology
      • Segment Analysis
      • Cars & Concepts
      • Supplier Spotlight
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Podcasts
    • Car Cutaways
    • EVENTS
      • ANE Congress
      • ANE Rising Stars
      • ANE Eurostars
        • Browse photos from the 2021 awards ceremony
    • More
      • Publishing Partners
        • Capgemini: Securing the industry's future through a radical rethink
        • Capgemini: Succeeding with the automated driving journey through AI
        • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
        • HEXAGON: Plugging into data is the only way to make winning EVs
        • TUV Rheinland: Battery testing center for large battery packs and more
        • TUV Rheinland: Ideas, services and certifications for smart mobility
        • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
        • Toyota Europe
        • UFI Filters
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us