German Firm Gains Majority Stake in Dankoff Solar

Dankoff is one of the leading solar equipment distributors in North America with sales revenues totaling around US$ 17 million and a staff of 22. Conergy Holding, the wholly owned U.S. subsidiary of Conergy AG, will now own an 80 percent stake in Dankoff Solar Products, with Dankoff President Paul Benson holding the remaining 20 percent.

"With Conergy, we know we have Europe's leading solar system provider on our side," Benson said. "Their versatile solar product range will ensure we win new customer groups for the rapid expansion of our market share in the USA."

With revenues topping EUR 285 million and currently around 400 employees, Conergy is one of the world's leading solar enterprises. And they see major potential in the U.S., which is the world's largest solar market after Germany and Japan.

"The USA is one of the solar markets that has a high growth potential," said Hans-Martin Ruter, CEO of Conergy AG. "With this early acquisition of an established player in the field, and with staff who are among the pioneers in the industry, we are occupying an excellent position in this market also."

The move is also part of Conergy's broadening international experience. This year, in addition to its entry into the US market, the Conergy group has also opened subsidiaries in Portugal and Australia.

In related news, thin-film solar photovoltaic (PV) manufacturer United Solar Ovonic signed a two-year distribution agreement with Conergy for 1.5 MW of PV products. Conergy will distribute Uni-Solar products in France, Greece, Spain, and Switzerland through its main subsidiaries.

Accompanying its expansion into new solar markets worldwide, Conergy is also planning a customer-oriented diversification of its product range. Conergy said this strategy enables the company to react flexibly to temporary demand fluctuations in regional markets due to the balancing effect from other segments and business areas.