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2010-05-25 08:30:00 CEST 2010-05-25 08:31:06 CEST BIRTINGARSKYLDAR UPPLÝSNINGAR Vacon - Company AnnouncementVacon invests in solar energy productsVacon Plc, Stock Exchange release, 25 May 2010 at 9.30 am: AC drive manufacturer Vacon is holding a Capital Markets Day in London today, where company management will provide information about prospects in the AC drive market, growth factors, and the company's plans in the solar energy market. At the capital markets day Vacon will report that it has obtained knowhow in the solar energy sector by acquiring a small Spanish company that specializes in the design of solar energy inverters. This is to speed up Vacon's entry into this market, and Vacon is currently recruiting experts in the field. The company's AC drive technology can be applied in the production of solar energy and the company is participating in several application projects. Vacon considers solar energy to be an extremely attractive market and a vital element in the company's growth. Renewable energy generation is boosting the global AC drive market. According to estimates by research organizations, investment in the production of renewable energy will rise from its 2009 level of some USD 90 billion to USD 150 billion by 2020. Investment in solar energy in particular is expected to increase sharply in the next few years. In fact, demand for solar photovoltaic systems positively surprised market expectations in 2009. Products made by Vacon are used in wind power and solar energy generation. Vacon will launch its new product family especially designed for solar energy generation in the second half of 2010. During the capital markets day Jukka Kasi, Vice President, Corporate Development at Vacon, will present the company's plans for developing its operations in the renewable energy sector. Other speakers at the event include Vacon President and CEO Vesa Laisi, Executive Vice President Heikki Hiltunen, CFO Eriikka Söderström and Sebastian Linko, Director, Corporate Communications. Mr Laisi will explain the importance of AC drives in the clean technology sector, Mr Hiltunen will talk about the growth factors for Vacon, and Ms Söderström will report on the financial state of the company."Vacon's business operations are experiencing an increasingly clear division into two growth areas. One is the long established field of controlling electric motors and the other is renewable energy applications. The AC drive market is going to grow strongly for a long time into the future and Vacon aims to grow faster than the market. Renewable energy will play a major role in achieving our goals," states Vacon President and CEO Vesa Laisi. The capital markets day presentations will be available after 1.00 pm today on our website at www.vacon.com <http://www.vacon.com/> under Investors > Presentations. Analysts and investors are invited to attend Vacon's Capital Markets Day in London, on Tuesday, May 25th, 2010, starting at noon until 3 pm (12:00 - 15:00) local time. Venue: The Vineyard, Vinopolis Wineworld, address: No 1 Bank End, London. Registration opens at 11:30 am, and presentations will be held from 12:00 to approximately 15:00. Lunch will be served at the beginning of the event. Attendance: If you would like to attend Vacon's Capital Markets Day, please contact IR Johanna Koskinen, Phone: +358 40 8371 528. Vacon Plc For further information, please contact: * Vesa Laisi, President and CEO, Vacon Plc, tel. +358 40 8371 510 * Sebastian Linko, Director, Corporate Communications, Vacon Plc, tel. +358 40 8371 634 Vacon in brief Vacon's operations are driven by a passion to develop, manufacture and sell the best AC drives in the world - and nothing else. AC drives are used to control electric motors and in renewable energy generation. Vacon has R&D and production units in Finland, the USA, China and Italy, and sales offices in 27 countries. In 2009 Vacon had revenues of EUR 272 million and globally employed 1200 people. The shares of Vacon Plc (VAC1V) are quoted on the main list of the Helsinki stock exchange. Driven by Drives, www.vacon.com Distribution: NASDAQ OMX Nordic Exchange, Helsinki Main media Financial Supervisory Authority [HUG#1418255] |
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