While we’ve cut down on the cleantech reporting, this one’s a winner that deserves to be written about: American Superconductor has acquired The Switch Engineering for 190 million euros. We’ve previously written about The Switch as being one of the most potential cleantech companies coming out from Finland. They create generator and converter packages for the wind energy industry. Back in April 2010 we wrote that Switch is the next success story Finland has been looking for – it seems we were quite right with that statement.
American Superconductor is a NASDAQ -listed company operating also in the wind energy business and its market capitalisation is about 1.23 billion USD, so the acquisition is a significant investment for the company.
The Switch shareholders include the employees (25%), PowerFund (32%), StartFund 1 (10%), Vacon (14%) and Semikron (19%).
The Switch was founded in December 2006, by the combination of Rotatek Finland, Verteco and Youtility. The company has had a stunning growth trajectory as in 2009 it already had a turnover of 96,5 million euros.