NORTH CANTON, Ohio,
Aug. 30, 2021 /PRNewswire/
-- The Timken Company (NYSE: TKR; www.timken.com),
a global industrial leader in engineered bearings and power
transmission products, has helped power industry-leading growth for
solar energy customers over the last three years. Timken entered
the solar energy market with the acquisition of Cone Drive in 2018.
Under Timken, Cone Drive has continued to build momentum with the
world's leading solar energy original equipment manufacturers
(OEMs) and, as a result, has tripled its solar revenue in the past
three years1, outpacing underlying market growth by a
significant margin. In 2020, the company generated more than
$100 million in solar energy revenue.
As demand for solar energy continues to increase, Timken expects
double-digit revenue growth in the sector over the next three to
five years.
![The Timken Company Logo. (PRNewsfoto/The Timken Company) The Timken Company Logo. (PRNewsfoto/The Timken Company)](https://mma.prnewswire.com/media/647794/TIMKEN_COMPANY_Logo.jpg)
"Our teams established a reputation for quality and reliability
early on with solar energy OEMs and created positive momentum that
continues to build," said Carl D.
Rapp, Timken group vice president. "We work as a trusted
technical partner with the largest manufacturers in the world to
develop individual, customized solutions for each solar
installation. Our application engineering expertise and innovative
solutions stand out as distinct competitive
advantages."
Cone Drive's high-precision drives provide tracking and
positioning capabilities for both photovoltaic (PV) and
concentrated solar power (CSP) applications. These engineered
products improve stability and enable systems to handle higher
torque loads with lower backlash and anti-back driving capabilities
– strong attributes for solar applications. All Cone Drive
facilities are ISO-certified and its solar products are
manufactured with robust quality controls.
Since 2018, Timken has played a role in more than one-third of
the world's utility-scale solar projects2, such as the
Al Maktoum Solar Park in Dubai, where the power tower
installation utilizes Cone Drive's precision solar tracking
technology. The solar park will have capacity to generate 600 MW of
clean energy using CSP technology and an additional 2,200 MW from
PV technology. Earlier this year, China-based solar tracker OEM Arctech Solar
awarded Cone Drive a multi-million dollar contract to provide a
custom engineered slewing drive system for PowerChina's Jiangxi
Electric power project. It is reportedly the largest drive project
of its kind in the world.
Timken has invested heavily in research and development and has
built strong manufacturing, engineering, and testing capabilities
in both the United States and
China to reinforce its leadership
position in solar energy. The company is also making targeted
investments to increase production capacity, broaden its product
range and improve productivity for precision drives used in the
solar energy industry. In 2020, renewable energy, which consists of
wind and solar, became Timken's single-largest end-market sector,
representing 12 percent of total company sales.
About The Timken Company
The Timken Company (NYSE:
TKR; www.timken.com) designs a growing portfolio of
engineered bearings and power transmission products. With more than
a century of knowledge and innovation, we continuously improve the
reliability and efficiency of global machinery and equipment to
move the world forward. Timken posted $3.5 billion in sales in 2020 and employs more
than 17,000 people globally, operating from 42 countries. Timken is
recognized among America's Most Responsible Companies by
Newsweek, the World's Most Ethical Companies® by Ethisphere,
and America's Best Employers, Best Employers for New
Graduates and Best Employers for Women by Forbes.
Certain statements in this release (including statements
regarding the company's forecasts, estimates, plans and
expectations) that are not historical in nature are
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. In particular, the
statements related to expectations regarding the company's future
financial performance are forward-looking.
The company cautions that actual results may differ
materially from those projected or implied in forward-looking
statements due to a variety of important factors, including: the
company's ability to respond to the changes in its end markets that
could affect demand for the company's products or services;
unanticipated changes in business relationships with customers or
their purchases from the company; changes in the financial health
of the company's customers, which may have an impact on the
company's revenues, earnings and impairment charges; weakness in
global or regional economic conditions and capital markets;
logistical issues associated with port closures or congestion,
delays or increased costs; the ability to achieve satisfactory
operating results in the integration of acquired companies,
including realizing any accretion, synergies, and expected cashflow
generation within expected timeframes or at all; the impact on
operations of general economic conditions; fluctuations in customer
demand; negative impacts to the company's business, results of
operations, financial position or liquidity as a result of COVID-19
or other epidemics and associated governmental measures such as
restrictions on travel and manufacturing operations; and the
company's ability to complete and achieve the benefits of announced
plans, programs, initiatives, acquisitions and capital investments.
Additional factors are discussed in the company's filings with the
Securities and Exchange Commission, including the company's Annual
Report on Form 10-K for the year ended Dec.
31, 2020, quarterly reports on Form 10-Q and current reports
on Form 8-K. Except as required by the federal securities laws, the
company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Media Relations:
Scott
Schroeder
234.262.6420
scott.schroeder@timken.com
Investor Relations:
Neil
Frohnapple
234.262.2310
neil.frohnapple@timken.com
________________
1 Based on the 12 months ended June 30, 2021, compared to the 12 months ended
June 30, 2018. Timken acquired
Cone Drive in the third quarter of 2018.
2 Based on company estimates and IHS Markit and Wood
Mackenzie data.
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SOURCE The Timken Company