German solar manufacturer Conergy AG (Frankfort: CGY.F) announced that Pennsylvania will be the North American headquarters for subsidiary voltwerk (renewable energy project development and financing) and will be the East Coast operations for subsidiary SunTechnics (solar engineering and installation).
The decision will bring the company closer to customers in the growing renewable energy market in the eastern U.S. Conergy has local-market offices in California, New Mexico and Colorado.
The Conergy Group is first in sales among European solar power firms, with a global presence in 22 countries. With a vertical integration strategy that positions the company strongly in each component of the renewable energy value chain, the company expects global revenues to continue to surpass EUR 800 million for 2006 and rise by at least 50% in 2007 and 2008.
"Pennsylvania’s clean energy efforts are producing real results – our economy is growing, residents are working more and the environment is improving," Governor Rendell said. "With long-term investments from leading global firms such as Conergy, our commonwealth remains at the forefront of building and deploying innovative alternative energy solutions. That means more clean energy jobs, more development and, in today’s rapidly expanding energy market, evens more opportunities."
Legislation, an array of state-funded projects and favorable environmental conditions make Pennsylvania an ideal location for solar, wind, and bioenergy systems. Experts have noted that this East Coast state is well-suited to benefit from environmentally sound wind energy systems providing a total peak output of roughly 5,000+ megawatts. Likewise, after Governor Rendell’s estimations, Pennsylvania contains enough plant matter to generate annually up to 40 million gallons of biodiesel and 500 million gallons of cellulosic ethanol for the production of clean environmental-friendly motor fuels. A comprehensive set of renewable resources were compelling reasons for the Conergy Group to move its subsidiaries voltwerk and SunTechnics to Pennsylvania and establish a base to pursue the further expansion of its operations in the growing US market.
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