Danish firm picks up 50% in Emmvee Solar

Danish company SolarCAP, a solar thermal company, has picked up a 50 per cent stake in Bangalore-based Emmvee Solar Systems for an undisclosed sum.

Emmvee Solar Systems produces 'Solarizer' brand of solar heaters and has a topline of close to Rs 50 crore. The company's profitability is around 15 per cent.

Emmvee Solar, with this infusion, is looking to expand its manufacturing capacity from the present 5 lakh sq metre of solar collector area to 20 lakh sq metre area in the next six months.

SolarCap is a Rs 1,500- crore company and will offer technology to Emmvee to target the global markets in addition to the proposed expansion.

A spokesperson for Emmvee Solar said with SolarCAP acquiring a stake in Emmvee Solar Systems, the combined strengths of the two companies would soon be able to offer the customer in India a range of solar thermal products and services comparable with global standards.

This tie-up will result in Emmvee Solar offering high-end technology in pump-based and non-pump based systems for domestic, commercial and industrial use.