Mergers and acquisitions, knowledge based, and technological trajectories. An exploratory study in the wind energy sector

ROBERT, VERÓNICA; CRETINI, IGNACIO; VÁZQUEZ, DARÍO

Conferencia; GLOBELICS; 2021

During the last 20 years, the wind energy sector has increased its t echnological complexity The sectoral knowledge base was enriched by the arrival of several key enabling technologies (KETs) that revolutionized the traditional technological- base of the sector, rooted in mechanical engineering . Many fist movers lack the capacities needed to complex their knowledge base and at the same time new firms entry into the sector with specific capacities in new technological and convergent domines like, aerodynamics, complex simulation and artificial inteligence. In this context , M&A have become a key channel to absorb new knowledge and capacities . The aim of this paper is to trace the recent trajectory of the knowledge base in the wind energy sector and, in particular, to analyze the role of M&A in the generation of new capabilities in the sector. We developed a novel methodological approach to investigate the trajectory of the wind energy sector at a global level based on the analysis of the knowledge base of: incumbents, new startups and acquired firms . We analyze sectoral knowledge base trajectory through a database composed by 777 wind energy firms and 522 acquisitions performed by those firms. The empirical analysis allows to build a periodization of the sector maked by a: a fist stage of "experimentation", a second stage of s diversification of its knowledge base towards the "core" community related with Renewable Energies, and a third stage of diversification towards new fields of knowledge around industry 4.0 KETs. M&A have had a very relevant contribution in this process of broadening and complexification of the sector's knowledge base.