Končar Inc. and Siemens Energy have signed a Joint Venture Agreement. KONČAR – Transformer Tanks will focus on manufacturing transformer tanks. The strategic alliance aims to boost manufacturing capacities, streamline the sale of a portion of future capacity to Siemens Energy, foster the exchange of knowledge and expertise, mitigate risks, and increase the global supply of transformer tanks.
KONČAR – Transformer Tanks will be jointly owned, with KONČAR holding a 60% majority stake and Siemens Energy holding 40%. Transformer tanks are viral components for the energy transition, and this collaboration will result in a manufacturing facility for these tanks at KONČAR’s site in Sesvetski Kraljevec, Croatia.
The Special Delegate of the Prime Minister, Deputy Prime Minister and Minister of Finance of the Republic of Croatia emphasized that the JV would benefit the country as a whole and that KONČAR leads the green energy transition and contributes to the decarbonization of the power sector in Croatia and the world.
“The launch of this new joint venture with Siemens Energy marks yet another historic milestone for KONČAR Group, the significance and value of which will become increasingly apparent in the years ahead. We are immensely proud to continue our long-standing and fruitful partnership with a company that is not only a leader in Europe but also a global powerhouse in the energy industry. By bringing together KONČAR and Siemens Energy – two renowned high-tech leaders on the global and European stages – we are bolstering our recognition and competitiveness domestically and particularly in Europe,” commented M.Sc. Gordan Kolak, President of the Management Board of KONČAR.
Tim Holt, Member of the Executive Board of Siemens Energy AG, said: “This future facility will produce around 160 large power transformer tanks per year – enough to support 2.4 million households with energy annually. Končar was a natural partner for us – they have the expertise to produce high-quality equipment smoothly and swiftly and we are delighted to continue our strong relationship”.
