Royal Philips Electronics (NYSE: PHG) announced today the acquisition of a 10% stake in Tendris Holding, a business incubator and operator in sustainable technology and services headquartered in the Netherlands.
The partnership will explore new business opportunities in the area of sustainability, and Philips will be represented on the Tendris Board of Directors. Financial details of the investment were not disclosed.
Tendris has developed sustainable services and products in a number
of industries. Current daughter companies are active in sustainable
lighting solutions with Lemnis, financial services with ‘green’ credit
cards via Repay International, carbon neutral traveling (Greenbookings) and chemicals with
Sparkxis. Other
concepts and technologies are said to be under development in the field of medical
technology, solar, bio-fuel, pump and clean water systems. Tendris was
also the co-founder of Oxxio, a green energy supplier.
Rudy Provoost, CEO of Philips Lighting and Philips Board Member responsible for sustainability, said: “Our two companies share a common vision that sustainable products and services, empowered with the right business models, will positively contribute to a better and higher quality of life for everyone on the planet while maintaining a vital profit when conducting business.”
