Siemens buys stake in Archimede Solar

BERLIN, March 27 (UPI) -- Germany-based Siemens Energy announced it will acquire a 28-percent stake in Italian solar company Archimede Solar Energy S.p.A.

The acquisition is part of Siemens' goal to expand its knowledge and expertise of solar thermal power plants.

Archimede is the only producer of solar receivers that use molten salt as the heat-transfer fluid. It is a subsidiary of the industrial group Angelantoni Industrie S.p.A. and is headquartered in Massa Martana in Italy's Umbria region.

Siemens is already a market leader in producing steam turbine-generators for solar thermal power plants. Now the company has an even larger hold in the solar industry.

Financial details of the deal were not released.