Oct. 24 (Bloomberg) -- Siemens AG, Europe’s largest engineering company, already makes wind turbines and solar energy equipment. Now it’s getting into the geothermal energy business.
Siemens will unveil a 60-megawatt steam turbine designed for geothermal power plants today at a Geothermal Energy Association conference in San Diego, California, the Munich-based company said in an e-mailed statement.
It wants to gain a slice of the global market for geothermal turbines that is controlled by Japanese manufacturers including Toshiba Corp., Mitsubishi Heavy Industries Ltd. and Fuji Electric Co. Those companies have market shares of about 24 percent, 22 percent, and 21 percent, respectively, according to data compiled by Bloomberg New Energy Finance.
“We are optimally set up with this machine to be well-positioned in the marketplace,” Markus Tacke, chief executive officer of the Industrial Power Business unit of Siemens Energy Inc., said in the statement.
The U.S. is the world’s largest geothermal power producer with 3.1 gigawatts of installed capacity, according to the statement. Siemens will also seek to sell machines in the Philippines, the second-largest producer with 1.9 gigawatts of capacity.
Siemens is also interested in Indonesia, East Africa, Central America, Chile, Russia, Italy, Iceland and Turkey, the company said. It hasn’t yet received any orders, Albrecht Geissler, a spokesman for Siemens, said in an e-mail.
Geothermal energy is produced by drilling wells deep into the earth and tapping into underground heat through naturally occurring steam or other hot fluids, generating electricity. Global installed geothermal energy capacity may triple by 2020 to 31 gigawatts, according to the statement.
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