GE Energy buys ScanWind for USD18m

General Electric subsidiary GE Energy is paying SEK130m (USD18.1m) to acquire ScanWind from Morphic Technologies and Nord Trondelag Elektrisitetsverk. The deal is expected to close early next month. Based in Norway, ScanWind manufactures 3.5MW-capacity offshore wind turbines.

Of the purchase price, Morphic will receive 81.55% and Nord-Trondelag will receive the remaining 18.45%. Morphic paid NOK189m (USD31m) for its stake in ScanWind in June last year, and says the deal will result in a loss of around SEK 135m (USD18.7m). The capital raised from the sale will be channelled into the firm’s fuel cell business. Morphic says it will also reduce its base costs and lead to an annual saving of SEK58m (USD8m).