Technically advanced bearings allow for increased turbine size and help maximize efficiency and durability
NORTH CANTON, Ohio, June 3, 2022 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings and power transmission products, today announced that it is designing and supplying main shaft bearings for GE Renewable Energy's Haliade-X, the world's most powerful offshore wind turbine. Each Haliade-X turbine will have a capacity of up to 14 MW and be able to generate up to 74 GWh of clean energy a year. Initial Haliade-X installations are scheduled to begin in 2023.
"We are honored to play a significant part in taking wind energy to the next level with this milestone in turbine technology," said Andreas Roellgen, Timken vice president, Europe, Asia, Africa. "As turbine manufacturers like GE continue to push the limits on performance to expand renewable energy options, we're there to help them overcome challenges with our technical problem-solving expertise and long history of engineering innovation."
Timken first collaborated on a wind project with GE to supply the bearings used for Haliade 1, the 6 MW precursor to Haliade-X. When operational later this year, the Parc du Banc de Guérande, an offshore wind farm off the coast of France, will consist of 80 Haliade 1 turbines equipped with Timken bearings.
In 2021, Timken achieved double-digit revenue growth in the renewable energy market sector for the fourth consecutive year. The company reached record sales in wind energy last year and is poised for continued success in the years to come. Over the last five years, Timken wind energy sales have grown at more than double the CAGR for the global wind energy market during the same period.i As global demand for equipment and services for the growing wind energy industry continues to increase, the company is prepared to capitalize further.
To support future growth, Timken has made targeted capital investments, including more than $75 million through 2022 to increase renewable energy capabilities across its footprint. With 12 percent of total company sales in 2021, renewable energy represents Timken's single-largest end-market sector.
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 $4.1 billion in sales in 2021 and employs more than 18,000 people globally, operating from 42 countries. Timken has been 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 and plans for future growth 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; weakness in global or regional economic conditions and capital markets; 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 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, 2021, 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.
i Based on company and Wood Mackenzie data.
SOURCE The Timken Company