Siemens and Kensington MoU brings cleantech energy to Canada
May 9, 2017
German technology giant Siemens and Kensington Capital Partners have signed a memorandum of understanding (MoU) aimed at accelerating the commercialisation of cleantech energy in Canada.
The collaboration combines the complementary capabilities of Kensington’s financial expertise with the engineering and technological know-how of Siemens.
“As an asset manager, Kensington is all about relationships and we view our relationship with Siemens as one which will help investment programmes in energy infrastructure and cleantech.” said Tom Kennedy, chairman of Ontario-based Kensington.
The MoU identifies numerous focus areas including energy storage, transmission and distribution, combined heat and power plants, power generation, smart grid, micro grid and biomass. Canada's national cleantech industry revenue is expected to grow to $26bn by 2018.
“Siemens and Kensington have a long-standing, trusted relationship and share a common goal to demonstrate innovation leadership in Canada,” said Lucy Casacia, vice president of Siemens Canada. “Cross-company teams are being formed and we are already actively exploring how to accelerate the development of energy and cleantech that will power Canada’s next 150 years.”
The collaboration also includes potential to pursue infrastructure projects jointly at municipal, provincial and federal levels facilitating cross jurisdictional opportunities and strengthening both firms penetration in the Canadian and North American markets.
Siemens in Canada has about 5000 employees, 44 offices and 15 production facilities from coast-to-coast. Sales for Siemens Canada in fiscal 2016 (ended September) were $3.1bn CAD.
Kensington Capital Partners is a Canadian alternative asset management firm with $1.1bn in assets under management. Its investment platform includes diversified funds focused on private equity, venture capital, infrastructure assets and hedge funds.