The Timken Co., a company that specializes in engineered bearings and power transmission products, says it is allocating more than $75 million in capital investments through early 2022 to increase the company’s renewable energy capabilities across its global footprint.
“This has been a breakout year for us in renewable energy markets,” says Richard G. Kyle, president and CEO of Timken. “Through both innovation and acquisitions over the last several years, we’ve become a major supplier and technology partner in wind and solar energy. This latest round of investments represents our confidence in the future growth of our wind and solar business as the world continues to transition to renewable energy sources.”
To serve Timken’s global renewable energy customers, the company has developed a network of engineering and innovation centers and manufacturing facilities located throughout the U.S., Europe and Asia.
Timken will use the announced $75 million investment to:
-Expand its LEED-certified manufacturing facility in Xiangtan, China, where it makes engineered bearings for wind turbines
-Continue to scale-up its production capacity at sites in Wuxi, China, and Ploiesti, Romania, where Timken manufactures engineered bearings for wind turbines
-Consolidate multiple sites into a new, larger campus in Jiangyin, China, to increase production capacity, broaden the product range and improve productivity for precision drives used in the solar energy market
Timken’s 2018 acquisition of Cone Drive launched the company’s position in the solar energy sector. Timken develops and manufactures precision motion control products that provide solar-tracking system positioning for both photovoltaic (PV) and concentrated solar power (CSP) applications.
Photo: Timken’s landing page
The post Timken Remains Confident in Expanding Renewables Market appeared first on Solar Industry.