Vestas Eyes Opportunities in Energy Storage
File Image: A Vestas Wind Farm (CREDIT: Vestas)
Denmark's Vestas is looking at expanding its core wind business into areas such as energy storage in a bid to expand global usage of wind.
Energy storage could overcome the current problem where power is generally consumed just at the time it is generated.
"We will have a combination of renewable energy and we see a great opportunity to take an expanding role in the new energy systems that we think will be built," chief executive Anders Runevad told the firm's general assembly.
The wind industry is entering a phase with slower growth and steadier demand for turbines, prompting producers to look alternatives to grow revenue.
Vestas came back from the brink of bankruptcy just four years ago and the share price has risen more than 1,000 percent over the past five years.
The company is set to lose its status as the world's biggest wind turbine maker as Germany's Siemens (SIEMENS.NS) and Spain's Gamesa agreed to combine their assets in the sector.
Reporting by Stine Jacobsen
