ABB Buys 35% of Germany’s Novatec Solar With Option to Buy All

ABB Ltd., the world’s biggest power-grid supplier, agreed to buy 35 percent of the concentrated sun-power technology developer Novatec Solar with an option to acquire the rest of the German company.

ABB also agreed to cooperate with Novatec on solar power projects, the Zurich-based company said today in a statement. It did not give a price. Concentrated solar systems reflect sunlight, usually with mirrors, to heat liquids and produce steam to generate electricity.