In the later part of the decade the technology in direct competition with solar thermal, photo voltaic (PV) made significant improvements, making it more viable than solar thermal. This development, combined with the Global Financial Crisis, meant that Transfield had to provide significant resources and a constant presence in Karlsruhe, Germany. Led by Guido Belgiorno-Nettis and CFO, Nick James, a procession of Transfield staff spent often long periods of time at Novatec’s headquarters in Karlsruhe. In March 2015, Transfield Holdings divested its interests in Novatec, recognising that the technology was not commercial in its current form.
Chapter Four
