Denmark's AP Moller Holding is to take a further step down the energy transition road with a deal to buy wind farm cooling systems maker Nissen Cooling Solutions (NCS).
The ultimate owner of AP Moller-Maersk and Maersk Tankers is acquiring the business from Danish company Nissens, which is owned by domestic private equity fund Axcel.
NCS is a market-leading manufacturer of components, systems and modules used in offshore and land wind farms.
The company will become a separate standalone company under its new owner.
AP Moller Holding said electricity will account for more than 30% of global power consumption by 2050, and renewable power is vital to meet decarbonisation targets.
Jan T Nielsen, chief investment officer at AP Moller Holding, said: "Cooling solutions and thermal management [are] fundamental to renewable energy. The more effectively cooling solutions operate, the more effectively we can produce and consume renewable electricity.
"In AP Moller Holding, we are committed to investing in the transition into renewable energy, and we therefore see NCS as an important addition to our portfolio."
NCS has about 1,000 employees working from its sites across Denmark, China, the Czech Republic and Slovakia.
Seeking clearance
Competition authorities still have to approve the deal.
NCS chief executive Mikkel Krogslund Andersen said: "NCS has a proud history and a promising future, since renewable energy and electrification in general continue to penetrate global energy markets.
"Being part of the AP Moller Group, with its heritage and long-term perspectives, will open up a new set of opportunities."
AP Moller Holding already owns KK Wind Solutions (KKWS), a global supplier of electronic power system solutions for the wind turbine industry.
KKWS built the world’s first such control system for wind turbines and is today a power electronics integrator offering a wide range of products and services to wind turbines and parks.
