2007-10-31
Mathias Drummer, Member of the Solar Millennium Board, strengthens the management of technical subsidiary Flagsol. Significant increase in Flagsol’s turnover expected.
Erlangen/Cologne, Germany, October 31, 2007. Full member of the board Mathias Drummer will leave the Board of Directors of Solar Millennium with effect from October 31, 2007, in order to fully concentrate on the role of chief financial officer for the technical subsidiary Flagsol GmbH (based in Cologne, Germany). The strong growth of Flagsol has led to this step. The technological company is expecting a large increase in contracts in the coming year and, as a result, a significant rise in turnover to over € 10 million euros. Member of the Board Thomas Mayer will take over responsibility for Finance and Controlling at Solar Millennium from November 1, 2007, in addition to his current duties.
Mathias Drummer has been sharing the position of managing director at Flagsol since July 1, 2007. The hundred percent technological subsidiary of Solar Millennium has been commissioned with the design of the solar fields of the first parabolic trough power plant in Europe. It is also responsible for the quality assurance during construction and provides the controls for the solar fields. Furthermore, the technology company has a decisive role in a feasibility study for the first parabolic trough power plant in China as well as in offers for further solar-thermal power plants across the globe. The management expects further contracts in the next financial year.
Mathias Drummer commented on his new role: "I am looking forward to the new area of responsibility which I already know intimately through being a member of the Solar Millennium board. My aim is to further enhance the position of Flagsol as a world leader and thus to play a significant role in the growth of Solar Millennium."
About Solar Millennium AG:
Solar Millennium AG, Erlangen, is a globally active company in the renewable energy sector, with its main focus on solar thermal power plants. Together with its subsidiaries, Solar Millennium specializes in parabolic trough power plants - a reliable, proven technology in which the company is a worldwide leader. The company covers all important business sectors of the value-added chain for solar thermal power plants, from project development to technology and the turn-key construction of power plants, to the operation and ownership of power plants. In Spain, Solar Millennium developed Europe's first ever parabolic trough power plants, two of which are already under construction. Further projects are planned with a capacity of several hundred Megawatts are located worldwide, with the focus upon Spain, the USA, China and North Africa. The company is also developing solar chimney power plants, with the aim of making this technology ready for the market.
About the technology:
Solar thermal power plants generate electricity using heat energy captured from solar radiation. In a parabolic trough power plant, trough-shaped mirrors concentrate the sun rays onto a pipe in the focal line of the collector. Their absorption causes a heat transfer fluid to be heated in the pipe, generating steam in the power block by way of heat exchange. As with conventional power stations, the steam is utilized in a turbine to generate power; by integration of thermal storage, this power can then be supplied on demand. Thus, solar power plants can also generate electricity after sunset.
