Timken Wins Contract as Sole Provider of High-Precision Drives for World's Largest Solar Power Plant

Rhea-AI Summary

The Timken Company (NYSE: TKR) announced it will supply high-precision drives for the world's largest single-site solar power plant, Al Dhafra PV2, located in Abu Dhabi, UAE. This project features 4 million solar panels controlled by 83,000 Cone Drive drives, set to power 160,000 homes and reduce CO2 emissions by 2.4 million metric tons annually. Since acquiring Cone Drive in 2018, Timken's solar revenue has grown at over 20% CAGR, indicating strong demand in renewable energy solutions, which comprised 12% of total sales in 2021.

Positive

• Secured a contract as the sole provider of high-precision drives for the world's largest solar plant.
• Solar revenue achieved over 20% CAGR since 2018.
• Renewable energy sector represents 12% of total sales in 2021.

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• None.

NORTH CANTON, Ohio, Feb. 15, 2022 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings and power transmission products, is providing high-precision drives for what will be the world's largest single-site solar power plant. Timken's solar-tracking technology, developed by its Cone Drive subsidiary, will be used to precisely position solar panels in line with the sun for the Al Dhafra PV2 site in Abu Dhabi, United Arab Emirates (UAE).

"We partner with leading manufacturers to develop customized solutions that are essential to some of the most significant solar energy projects in the world," said Carl Rapp, Timken group vice president. "Our application engineering expertise is critical to advancing the use of renewable energy around the globe."

The Al Dhafra facility is expected to become fully operational in 2022. When complete, its 4 million solar panels – controlled by 83,000 Cone Drive high-precision drives – are projected to power as many 160,000 homes across the UAE and reduce carbon dioxide emissions by approximately 2.4 million metric tons annually.

Timken entered the solar energy market with the acquisition of Cone Drive in 2018. Under Timken's ownership, Cone Drive solar revenue has achieved a compound annual growth rate (CAGR) of more than 20 percent over the past four years. Cone Drive's high-precision drives provide tracking and positioning capabilities for photovoltaic (PV) applications, such as the Al Dhafra site, as well as concentrated solar power (CSP) applications. Since 2018, Timken and Cone Drive have played a role in more than one-third of the world's utility-scale solar tracking system projects¹.

Timken has invested heavily in research and development for the solar energy market, and the company has built strong manufacturing, engineering and testing capabilities in both the United States and China. In 2021, Timken consolidated multiple sites into a new, larger campus in Jiangyin, China, to increase production capacity, broaden the product range and improve productivity for precision drives used in the solar energy market.

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 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.

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

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

¹ Based on company estimates and IHS Markit and Wood Mackenzie data.

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SOURCE The Timken Company

FAQ

What contract did Timken win regarding solar energy?

Timken won a contract to supply high-precision drives for the Al Dhafra PV2 solar power plant in Abu Dhabi, UAE.

How many homes will the Al Dhafra solar power plant power?

The Al Dhafra solar plant is expected to power 160,000 homes.

What is Timken's stock symbol?

Timken's stock symbol is TKR.

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

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

When is the Al Dhafra solar power plant expected to become operational?

The Al Dhafra solar power plant is expected to become fully operational in 2022.