APC Consortium Partner Acquires Majority Shares in Project Lead
Today, Danish multi-national, Danfoss, announced they are the new majority shareholders of Artemis Intelligent Power (AIP) Ltd, an R&D and engineering company based near Edinburgh – with plans to develop the firm’s existing facilities and generate new jobs.
The news follows an investment of around £11m through the Advanced Propulsion Centre to support a project led by AIP, supported by Danfoss and Robbie Fluid, which aims to introduce a disruptive technology to the off-highway vehicle sector. The technology has the potential to reduce fuel consumption and CO2 emissions of some off-highway vehicles by more than 50% when fully developed and will also help anchor future R&D and manufacturing capability in Scotland.
Artemis Intelligent Power (AIP) specialises in hydraulic system development, and the acquisition includes Artemis’ Digital Displacement® technology, which will enable Danfoss to develop hydraulic pumps, motors and systems for use in off-road vehicles, trains, industry and other market sectors worldwide.
Danfoss also confirmed it will establish a manufacturing presence near to Artemis’ existing facility at Loanhead, just outside the capital. This will enable them to deliver products to the market based on Digital Displacement technology, while establishing Edinburgh as the centre of excellence for this technology.
A further announcement on the development plans is expected in the coming weeks.
Commenting on the acquisition, Eric Alström, President, Danfoss Power Solutions, said:
“Digitalisation is a key driver in our industry and Artemis Intelligent Power constitutes a strategic fit with our ambition for technology leadership, innovation speed and the core product differentiators of efficiency and controllability. Digital Displacement technology will provide Danfoss with a competitive advantage in developing innovative Danfoss products and systems and bringing them to the market. The team at Artemis has the right entrepreneurial spirit and agile mindset and I’m looking forward to welcoming them to Danfoss.”
Artemis will now become a joint venture between Mitsubishi Heavy Industries (MHI) and Danfoss, with Danfoss as the majority shareholder.
In 2010 Artemis Intelligent Power was acquired by Mitsubishi Heavy Industries (MHI) and worked with them to develop the world’s largest hydrostatic transmission for their 7MW offshore wind turbine at the National Offshore Wind Turbine Test Facility at Hunterston.
Niall Caldwell, Managing Director at Artemis Intelligent Power, said:
“For as long as people need to dig, build and plough, we will need heavy machines to help. But this market urgently demands cost-effective digital technologies to reduce emissions and enable automation. I’m thrilled that our technology and our team have been recognised as a key part of the solution by a leading global manufacturer. Like Mitsubishi, Danfoss sees developing energy-saving technologies as the foundation of its future business.”