ABB, the leading power and automation technology group, has agreed to buy a 35 percent stake in Novatec Solar (formerly Novatec Biosol), an innovative Concentrated Solar Power (CSP) technology company based in Karlsruhe, Germany.
The investment includes an option to acquire 100 percent of Novatec Solar and an agreement to cooperate on future solar power plant projects. The companies agreed not to disclose financial details of the transaction.