Solar startups aren’t the only ones getting burned in the solar power market these days. Siemens, which up until now has actively invested in solar startups, announced on Monday it will exit the solar biz and sell its solar energy business.
The decision reflects the poor outlook for the solar market by an energy giant, which had previously raced to tackle various segments of the business — including manufacturing, equipment sales and power plant engineering and construction — in order to compete with its big nemesis, GE. But the growth of the global solar market hasn’t met expectations, Siemens said in a statement, adding that changes in government policies and slim profit margins are among the chief causes.
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