Breaking News
Get 40% Off 0
👀 Reveal Warren Buffett's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

PKN Orlen invests in hi-tech wind turbine and inspection companies

Published Sep 08, 2022 11:28 Updated Sep 08, 2022 18:06
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: A woman refuels a car at PKN Orlen petrol station, Poland's top oil refiner, in Warsaw, Poland April 25, 2019. REUTERS/Kacper Pempel 2/2
 
PKN
+1.87%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
PKN
+1.91%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

GDANSK (Reuters) -Poland's biggest oil refiner PKN Orlen stepped up its commitment to new technologies on Thursday, saying it had invested in a company that helps improve the efficiency of wind turbines and another that automates infrastructure inspections.

The investments are in Eologix Sensor Technology and Invert Robotics Group respectively, and were made through PKN Orlen's venture capital fund Orlen VC, the company said.

"In terms of the investment value, in both cases we are talking about 2-3 million euros ($2-3 million) each," Orlen VC investment director Marek Garniewski told Reuters.

Orlen VC bought 10-20% stakes in both companies through new share issues, he added.

"We want the founders, that is the people who are running these companies to keep their huge motivation to continue developing them," Garniewski said.

Austria-based Eologix Sensor Technology makes systems that monitor turbine blade angles, turbine element placement and ice detection, which can help to increase turbine efficiency by up to 20-30%, Orlen said in a statement.

The system can be installed on new as well as existing turbines.

Ireland-based Invert Robotics Group develops machines to automate inspection processes for industrial infrastructure, necessary to extend its lifetime. These tasks are currently performed by technicians in what can be an expensive and dangerous process, Orlen said.

"Acquiring and efficiently implementing innovation determines the competitive position of Orlen Group," the company's chief executive Daniel Obajtek said in the statement.

He first announced the investments in a post on Twitter (NYSE:TWTR).

Orlen VC's portfolio also includes Polish industrial cybersecurity solution provider ICSec.

The multi-energy group launched Orlen VC in March, with a goal of accessing new solutions and technologies and deploying them in the group’s core and related businesses, while maintaining positive return rates.

($1 = 1.0041 euros)

PKN Orlen invests in hi-tech wind turbine and inspection companies
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email