Founded in 1979, Vestas is a Danish company manufacturing wind turbines for energy production. The company is global market leader in onshore wind with a 30-35% market share (ex-China), while it is also increasingly focusing on offshore wind. Vestas has the largest installed base and has a particularly strong position in the US onshore market. The company is gradually transitioning towards a more asset light business model with higher emphasis on services and aftermarket sales, resulting in an increasing proportion of recurring revenues at higher margins.
As a pure play in the wind energy industry, Vestas contributes to the increase of renewable power production capacity. The company therefore directly helps in the transition towards a net zero emission world, using clean energy and diverting away from fossil fuels. As a pioneer in the renewables industry, the company has vast experience in developing, installing and servicing wind turbines.
Vestas is leading amongst its peers with regards to ESG initiatives, including:
1) making wooden towers for wind turbines, which are estimated to result in a 80% CO2 reduction compared to the more common steel models, and
2) recycling blades at end-of-life, which is currently still the hardest part to recycle of the entire wind turbine.
Vestas is leading the CETEC (Circular Economy for Thermosets Epoxy Composites) initiative, which aims to enable the adoption of new technologies to create fully recyclable wind turbines.