Bosch secures majority stake in Aleo Solar

German technology giant Bosch has become the majority stakeholder in Aleo Solar AG as part of moves to increase its presence in the market for solar panels.

In a statement released this week, Bosch said that it had secured 68.7 per cent of Aleo, which specialises in mono and polycrystalline solar cells.

According to Bosch, Aleo generated sales of around €360m in 2008 and employs some 800 people at facilities in Prenzlau, Germany and Barcelona.

Bosch said the deal will enable it to further expand its position in the renewable energy sector.

“With Aleo Solar and Johanna Solar, we are strengthening our photovoltaics business by completing our value-added chain and opening up new distribution channels,” said Holger von Hebel, president of the Bosch Solar Energy division.

Bosch also announced that anti-trust authorities have given the green light to its purchase of around 60 per cent of thin-film specialist Johana Solar Technology, also based in Germany and which is a partner of Aleo.

Bosch made an unsolicited bid for a controlling 39.4 per cent stake in Aleo in August. Bosch said at the time its aim was to further build up its rooftop solar division.

In September low-cost solar specialist Nanosolar announced that its European panel-assembly factory is now fully operational and capable of producing one panel every ten seconds.

Nanosolar said the fully-automated factory located in Luckenwalde near Berlin would help it meet current orders for its panels totaling around $4.1bn.

"Getting to the point of serial production with the unusual cost reduction involved in our technology is an accomplishment due to the incredible work and perseverance of our team," said Nanosolar chief executive Martin Roscheisen.