Danish multi-national Danfoss announce the full purchase of Edinburgh R&D firm Artemis Intelligent Power Ltd – with plans to roll out its innovative Digital Displacement® technology worldwide.
Commenting on the acquisition Jeff Herrin, Vice-President of R&D at Danfoss said:
“Digital Displacement is a disruptive technology which radically increases efficiency and lowers fuel consumption wherever hydraulic fluid power is required.
“It has global potential to reduce CO2 emissions in industrial and off-highway machinery.
“The technology is particularly appealing to customers because it improves efficiency, productivity and control and reduces fuel consumption in sectors where it is technically challenging to decarbonise.
“This is particularly pertinent as this year’s COP26 conference, being held in Scotland, will explore achievable routes to a zero-carbon future,” Herrin says.
In 2018 Danfoss took a majority stake in Artemis and commenced a £22 million / US$30 million project to develop low carbon off highway machinery – co-funded by the UK Government’s Advanced Propulsion Centre.
“The last few years have further strengthened our confidence in Digital Displacement and have enabled us to produce our first commercial pumps and engage with OEMs in Europe, China and the USA – where the feedback has been universally positive,” Herrin continues.
“This acquisition will enable us to accelerate the adoption of Digital Displacement technology in our core industrial and off highway markets. We look forward to commercialising this technology in a new family of hydraulic pumps,” Herrin concludes.
Danfoss will make a further announcement on plans to create a global centre of excellence in Edinburgh in the months ahead.
Commenting on the acquisition, Eric Bretey, Director Digital Displacement, said:
“Digitalisation is a key driver in our industry and Digital Displacement is a strategic fit with our ambition for the sustainable transformation of tomorrow. Digital Displacement technology provides Danfoss with a competitive advantage in developing innovative green Danfoss products and systems and bringing them to the market.
“A core group of the Artemis Directors are now part of our Digital Displacement leadership team where their incredible experience and agile mindset offers continuity to the business and makes them a very welcome addition to the Danfoss family.”
The parties have not disclosed the purchase price or other conditions of the acquisition