Germany-based Siemens Venture Capital said that it has acquired stake in Transparent Energy Systems, a Pune based provider of energy and waste heat recovery system. The financial details of the transaction were not disclosed.
Transparent Energy Systems said it plans to use the new capital to expand operations.
"The field of energy and environmental technologies is highly attractive for venture capital investors," said Ralf Schnell, the CEO of Siemens Venture Capital, in a news release. "Despite the difficult overall business environment, we will continue to see attractive growth rates in the area of green technologies." This is the 12th energy and environmental technologies company in which Siemens has invested. Financial details of the transaction were not disclosed.
According to Siemens Venture Capital, with the recent acquisition, more than 30 percent of the companies in its portfolio are active in environmental technologies. The parent company, Siemens, said it generates about a quarter of its revenue, or €19 billion ($26.4 billion) in fiscal year 2008, from products in the company’s environmental portfolio.