GE has completed the $1.65 billion acquisition of LM Wind Power, a Denmark-based technology developer and manufacturer of rotor blades to the wind industry. The completion of the transaction follows regulatory approval in the European Union, the U.S., China and Brazil.
The transaction in-sources wind turbine blade design and manufacturing for GE’s Renewable Energy business, improving its ability to increase energy output and create value for onshore and offshore wind customers.
“The completion of the LM Wind Power acquisition provides us with the operational efficiencies necessary to support the growth of our wind turbine business, which is the fastest growing segment of power generation,” says Jérôme Pécresse, president and CEO of GE Renewable Energy. "With LM’s technology and blade engineering, we are now able to improve the overall performance of our wind turbines, lowering the cost of electricity and increasing the value for our customers. Together, we are set to capitalize on the expansion of renewable energy and be a growth engine for GE.”
LM Wind Power will be run as an individual operating unit within GE Renewable Energy, providing blades for both GE’s onshore and offshore wind business units. LM Wind Power will also continue to supply blades to the rest of the wind industry, having established protocols and safeguards to protect customers’ confidential data.
Marc de Jong, CEO of LM Wind Power, said, “LM Wind Power has had a long-standing partnership with GE that has yielded many innovations and commercial successes, including the installation of the first-ever offshore wind farm in the United States. We see many digital and advanced manufacturing technology capabilities that will help accelerate our technology development and increase our customer reach.”
In the past year, GE has delivered the first offshore wind farm in the U.S., won its first offshore project in China, launched its onshore digital wind farm and digital hydro plant, and developed hybrid projects in wind-solar and hydro-wind.
Editor PickIACMI, Utah Advanced Materials Manufacturing Initiative sign MOU
The partnership will address specific focus areas such as technology research and development while expanding certain initiatives and programs for those in the composites manufacturing community.