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.
"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.
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.
SOURCE The Timken Company