American Superconductor Acquires The Switch For 190M Euros

While we've cut down on the cleantech reporting, this one's a winner that deserves to be written about: American Superconductor has acquired The Switch Engineering for 190 million euros. We've previously written about The Switch as being one of the most potential cleantech companies coming out from Finland. They create generator and converter packages for the wind energy industry. Back in April 2010 we wrote that Switch is the next success story Finland has been looking for - it seems we were quite right with that statement.

American Superconductor is a NASDAQ -listed company operating also in the wind energy business and its market capitalisation is about 1.23 billion USD, so the acquisition is a significant investment for the company.

The Switch shareholders include the employees (25%), PowerFund (32%), StartFund 1 (10%), Vacon (14%) and Semikron (19%).

The Switch was founded in December 2006, by the combination of Rotatek Finland, Verteco and Youtility. The company has had a stunning growth trajectory as in 2009 it already had a turnover of 96,5 million euros.

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Olli Pölönen March 15, 2011

This might be a bit stupid question for one who knows more on the matter, but was this actually more of a merger than mere acquisition?

Perhaps AMSC only acquired 51% of Switch, which would make more sense when taking into account the company's revenue streams past years (135 million in 2010) and the acquisition value (190m). Also there are clear synergies in the sale for both parties.

However it's great news, congrats!

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Jussi Vanhanen March 23, 2011

Commenting this maybe little bit late but anyway...
It's 100% acquisition not merger even that there is lot of synergy. They paid with cash and amsc shares.