Also known as Kvaerner Hangfa, the company is a n an equity joint venture established in 1995, and is owned 61% by Norwegian Kvaerner Energy and 39% by Chinese State-owned Hangzhou Electric Equipment Works (Hangfa).

The new company will be named ge-hydro Asia Co Ltd. GE will own 90% while Hangzhou Industrial Asset Management Co. Ltd, Hangfa’s parent company, will remain a minority owner with 10%.

Previously a global manufacturer supplying water-to-wire packages up to 150MW, the new business will become part of global operations of GE Hydro, a division of GE Power Systems.