Shell and Siemens agree joint venture in Solar Energy

Siemens Solar GmbH (Siemens) and Shell Renewables (Shell) have reached agreement to form a joint venture in their solar energy businesses. Shell and Siemens regard this co-operation as key for growth and necessary to execute their ambitious targets for solar energy. Subject to relevant regulatory approvals and consultations, the joint venture, Siemens and Shell Solar Gmbh, will begin operation in April 2001. The joint venture will have two managing directors, Gernot Oswald, the current Managing Director of Siemens Solar and Philippe de Renzy Martin, Chief Operating Officer of Shell Solar. Philippe de Renzy Martin said, "This co-operation shows Shell's commitment to make solar energy work. As a leading and experienced energy company we are convinced that the best way to make solar energy a major part of the energy mix is to make it a commercial success. The combination of these two experienced solar companies makes this possible." Gernot Oswald said, "Bundling of the complementary strengths of the partners will improve our potential to grow even faster and to expedite the worldwide implementation of solar energy." Source: