Timken Providing Precision Drives for First-of-Its-Kind Solar Power Project in South Africa

Rhea-AI Summary

The Timken Company (NYSE: TKR) has been selected to provide advanced precision drives for the Redstone Solar Thermal Power project in Northern Cape, South Africa. This facility, expected to start operations by late 2023, will generate up to 100 MW of emissions-free electricity, supporting 200,000 homes. Utilizing molten salt for energy storage, it will operate without the need for fossil fuel backup. Timken's renewable energy segment accounted for approximately 12% of its total sales in 2021, showcasing its commitment to sustainability and innovation in the solar energy market.

Positive

• Timken is the exclusive provider of advanced precision drives for the Redstone Solar project.
• The project is expected to generate up to 100 MW of electricity, supporting 200,000 homes.
• The facility is entirely emissions-free and utilizes molten salt for energy storage.

Negative

• None.

Redstone facility in Northern Cape will use molten salt to store energy from the sun, deliver electricity to 200,000 homes during peak demand

NORTH CANTON, Ohio, July 11, 2022 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings and power transmission products, has been selected as the exclusive provider of advanced precision drives for the Redstone Solar Thermal Power project in Northern Cape, South Africa. BrightSource Energy chose Timken's solar-tracking technology, developed by its Cone Drive business, to properly position Redstone's heliostat mirrors to reflect the sun's rays. The facility will store the thermal energy it collects in molten salt and convert it to electricity for delivery to South African consumers day and night. 

"Our expertise in application engineering is a differentiating factor that customers look for in a partner," said Kurt Gamelin, president, Cone Drive. "We work side-by-side with world-leading solar power providers and developers like BrightSource, offering innovative technology and solutions that help advance their products. These close partnerships lead to enhanced performance, extended product life and reliable operations for the customers we serve. It's rewarding to know that our engineering expertise is helping to create a more efficient and resilient world."

Expected to begin commercial operations by the end of 2023, Redstone is capable of generating up to 100 MW, South Africa's largest renewable energy project to date. The facility is entirely emissions-free, with no requirement for natural gas or oil back up. Furthermore, Redstone significantly reduces water consumption for cooling by using an efficient, low-water dry cooling system.

Timken's contributions to Redstone demonstrate its commitment to advancing environmental sustainability through product innovation, operational excellence and technology. The company has invested heavily in research and development for the solar energy market sector, building strong manufacturing, engineering and testing capabilities in both the United States and China.

Renewable energy, which consists of both solar and wind, is Timken's single-largest end-market sector, representing approximately 12 percent of total company sales in 2021.

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.

Media Relations:
Scott Schroeder
234.262.6420
scott.schroeder@timken.com

Investor Relations:
Neil Frohnapple
234.262.2310
neil.frohnapple@timken.com

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SOURCE The Timken Company

FAQ

What is the Timken Company's role in the Redstone Solar project?

Timken is the exclusive provider of advanced precision drives for the Redstone Solar Thermal Power project in South Africa.

When is the Redstone Solar project expected to start operations?

The Redstone Solar project is expected to begin commercial operations by the end of 2023.

How much electricity will the Redstone Solar project generate?

The Redstone Solar project is capable of generating up to 100 MW of electricity.

What percentage of Timken's sales came from renewable energy in 2021?

Renewable energy represented approximately 12% of Timken's total sales in 2021.