In a significant move to enhance the European power sector, KONČAR Inc. and Siemens Energy have signed a Joint Venture Agreement to establish KONČAR - Transformer Tanks (KTK). This collaboration, formalized in Zagreb, will focus on manufacturing transformer tanks, essential components for the energy transition across Europe. KONČAR will hold a 60% stake, with Siemens Energy holding 40%.

This joint venture aims to increase manufacturing capacity, facilitate the exchange of knowledge, mitigate risks, and enhance the global supply of transformer tanks. The state-of-the-art facility will be located at KONČAR's site in Sesvetski Kraljevec, creating jobs and advancing technological expertise. The new facility is expected to produce around 160 large power transformer tanks annually, supporting energy needs for approximately 2.4 million households.

Marko Primorac, the Special Delegate of the Prime Minister,Deputy Prime Minister and Minister of Finance of the Republic of Croatia, highlighted the venture's role in driving the green energy transition and decarbonizing the power sector. M.Sc. Gordan Kolak, President of the Management Board of KONČAR, emphasized the historic significance of the partnership, which dates back to 1994 with the creation of KONČAR – Power Transformers (KPT).

Tim Holt, Member of the Executive Board of Siemens Energy AG, noted the crucial role of transformer tanks in ensuring the reliability and safety of electrical grids.

This partnership is expected to enhance operational efficiency, business growth, and secure better working conditions for employees, contributing to the European Net Zero scenario.

Source: koncar.hr