Denmark-based wind turbine producer Vestas is considering investing in energy storage technology developers, Reuters reported today.
The corporate would take minority stakes in smaller businesses to identify possible opportunities for an acquisition, but it has no specific interest in acquiring any large companies.
The news comes four years after Vestas was on the brink of bankruptcy. Since 2012 however, the company’s shares have risen by more than 1,000% putting a total of €3.2bn ($3.5bn) into its coffers – though it declined to say how much money it was seeking to invest.
Vestas chairman Bert Nordberg said the company would not undertake a share buyback program with the capital, calling the idea “pretty boring,” but identified energy storage, particularly industrial-scale batteries, as an area of interest.