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Company Profile

Vestas is the only global energy company dedicated exclusively to wind energy - improving business case certainty and reducing the cost of energy for our customers.

Vestas works in close partnership with customers to offer the most effective solutions towards energy independence. Our core business is the development, manufacturing, sale and maintenance of wind power plants – with competencies that cover every aspect of the value chain from site studies to service and maintenance.


Vestas History

110 years of expertise, willpower and passion

Ever wondered how this all started? Ever had any question about what Vestas does and offers? This is where you will find the answer. Know more about Vestas' journey from 1898 to the present day.

The story of how we got to where we are today contains many successes and a few setbacks. However, all our experiences have prepared us to harness the power of modern energy as the world moves further into the 21st century.

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    From 1898-1970

    From country blacksmith to modern exporter

    Starting out as blacksmiths, the Hansen family built a manufacturing company that by 1968 was exporting hydraulic cranes to 65 countries. It’s a story of willpower, wind, fire and the ability to make the right move at the right time.

    1898 Setting up in Lem

    On the windswept west coast of Denmark the 22-year-old Hand Smith Hansen steps off a train at the sleepy farming town of Lem.

    He buys the local blacksmith workshop and quickly establishes himself as a blacksmith full of ideas and enthusiasm.

    Smith Hansen is known for his trustworthiness: if any customer is dissatisfied with his work, Smith Hansen corrects it immediately.

    1928 Developing the family business

    Smith Hansen and his son Peder make test window frames for Lem’s new dairy. Once approved, the steel frames go into production.

    Soon, they have enough orders to establish Dansk Staalvindue Industri, a company dedicated to making steel window frames for industrial buildings.

    Business booms until the outbreak of World War II when occupation and rationing restrict metal supplies. The Hansens have to fight to keep their company afloat.

    1945 The Vestas name is born

    The war ends. Peder Hansen and a handful of colleagues, including his father, establish VEstjysk STaalteknik A/S.

    The name proves unmanageable and is soon shortened to Vestas. Working from wooden barracks left empty by the Germans, Vestas starts making household appliances such as mixers and kitchen scales.

    1950 Changing with the times

    Peder wants the company to become international so he buys the worldwide patent for a milk urn cooler. Vestas’ employees, all from Lem’s farming community, know that agricultural equipment must be robust and practical.

    They apply their know-how and expertise to produce equipment they know customers will want. Vestas exports its first goods - primarily to Finland, Germany and Belgium.

    1956 Developing new products

    At a family party, Søren Hansen, Peder’s brother, explains that the Burmeister & Wain shipyard is looking for a partner to develop a new type of cooler for turbo chargers.

    It’s a small but creative leap from milk coolers - and the intercooler soon becomes a bestseller in the Vestas portfolio.

    1960 Fire and triumph

    Peder Hansen buys out his partners in 1959 to take sole control of the company but celebrations are short-lived: in 1960, the Vestas offices and warehouse burn to the ground.

    Incredibly, the company goes on to record a higher turnover than 1959. And with a new factory, Vestas expands to become 100 people strong.

    1968 Vestas’s biggest ever export product

    With a little inventiveness, Vestas adapts to the sudden demand for hydraulic cranes for light trucks. This will become Vestas’ first export, with 96 percent of Vestas’ production output exported to 65 countries.

    From 1971-1986

    Energy experiments and brink of disaster

    Vestas starts to experiment with alternatives to traditional energy production, developing wind turbine technology in secret. Despite technological success, the company stands on the brink of closure.

    1971 Ready for a new era

    A year after building a separate factory for crane production, Vestas hires its first engineer, Birger Madsen.

    Known in the company as a provocateur and innovator, Madsen's ingenuity proves essential in developing the technology that turns wind into electricity.

    With the oil crisis looming, Vestas will soon be known for something completely different: alternative energy.

    1978 Experimenting with the whisk

    Keen to avoid ridicule from customers and suppliers, Vestas carries out initial wind turbine experiments in secret. The first prototype looks like a giant egg whisk - and fails to produce sustainable, economical electricity.

    Meanwhile, in another Danish town, two black smiths, Karl Erik Jørgensen and Henrik Stiesdal, are developing a wind turbine but don’t have the money to go into production.

    They call Vestas to ask for help. Vestas tests their design - essentially the same three-blade model used today - and invites Karl and Henrik to join the team.

    1979 The first successful turbine

    Vestas sells and installs its first turbine – with a 10-metre rotor and capacity of 30 KW – and the first costumers begin to benefit from clean, sustainable electricity from wind. The above photo shows one of the earlier turbines, the HVK15/55 kW, being dismantled in Lem, Denmark in 1981.

    1980 Start of mass production and stormy times

    An American company, Zond, sends a team to Europe to source wind turbines. As Vestas gears up to welcome the Americans, they receive a call: Zond won’t visit Denmark after all, as they are happy with what they’ve seen in the Netherlands. Determined to show their turbines, a Vestas team jumps into the company’s twin-engine plane and arrives in the Netherlands three hours later. The Americans agree to make the trip to Denmark - and buy two turbines there and then.

    Autumnal storms rip through the Danish countryside. High winds snap the blade off a turbine at the Vestas factory, raining debris onto the ground below. Peder Hansen knows there is a serious design flaw and he cancels turbine production and stops all the turbines already installed at customer sites. For a year, the company pays compensation to costumers as it desperately tries to resolve the issue.

    1981 Taking control of quality

    After a year of investigation, Vestas finds a flaw in the blade’s construction. But instead of conceding defeat and abandoning the dream, Vestas starts to produce its own fiberglass components, ensuring high quality in every stage of production.

    Early investing in new wind technology turns out to be a stroke of genius. New legislation in the United States gives tax breaks to wind energy  investors and Zond places an order for 155 turbines. The following year, Zond orders 550. Vestas swells from 200 employees to 870. 

    For Zond, Vestas’ experience in agricultural machinery is important. Farmers like rugged machines that can handle rough treatment, and Vestas’ turbines have the same robust strength.

    1985 Intelligent turbines

    The first pitch-regulated turbine rolls out. The OptiTip® innovation constantly fine-tunes the angle of the blades - and no competitors can match the increased efficiency.

    Zond orders a further 1,200 turbines to be delivered by 1 December. But on the second shipment, disaster strikes: the shipping company goes bankrupt. Anchored outside Los Angeles, Vestas misses the deadline. When the turbines finally arrive, Zond refuses to accept them – and can’t even pay for the turbines already delivered.

    1986 The brink of bankruptcy

    Suddenly, Vestas finds itself with a huge stockpile of turbines to shift. At home, the Danish government changes the tax laws on turbines, halving the rebate.

    Vestas' financial situation looks bleak. On 3 October it goes into suspension of payments. And still, there is nothing wrong with the turbines.

    From 1987-1998

    Harnessing the power of the wind

    Vestas focuses solely on wind energy and its turbines are soon in demand around the world. With ever-improving technology, the company reaches many milestones, including the first turbines to supply a constant current of electricity to the energy grid.

    1987 Making wind energy a specialty

    After the crisis in 1986, the company decides to focus exclusively on its goal of making wind energy a viable solution to meet the world’s energy demands. Much of the group is sold, and a new company, Vestas Wind Systems A/S, is born.

    Johannes Poulsen becomes Managing Director of the company, now 60-strong. A few months later, Vestas is chosen for six wind energy projects in India sponsored by Danida, a Danish state-financed aid agency.

    1990 Weight reduction and giant orders

    With a new blade design that weighs just 1,100 kg (down from 3,800 kg) Vestas turbines are beginning to stand out as a formidable technical achievement. Orders from investors keen to secure a quick return on their investment include a record order from the US: 342 wind turbines for the Sky River wind farm in California.

    1991 Expanding around the world

    Vestas sells its 1,000th turbine. The company is buoyant. Wind farms are growing in size and more countries are beginning to look seriously at wind energy.

    Vestas turbines are now supplying clean energy around the world, from Great Britain to India to New Zealand.

    Vestas’ goal to be the largest modern energy company in the world looks like it will become a reality.

    1994 The technology to supply consistent energy

    Competition in the industry increases, but Vestas’ engineers rise to the challenge with new turbine innovations that once more place Vestas firmly at the forefront. The V44 can produce 600 KW of electricity and uses OptiTip® to minimise stress on the turbine blades.

    But the real breakthrough is OptiSlip®, which ensures the V44 supplies the grid with an even electrical output - the first time wind power is able to achieve this.

    1995 Going offshore

    Vestas constructs the offshore wind turbine farm “Tunoe Knob” in Denmark. One of the first offshore wind farms ever built, it has significant potential: moving off shore increases energy production by 15 percent. Although water is new ground for the “farmers” from Vestas, they still manage to install 10 turbines in just five days. With 20 metre-long blades, each turbine can produce 500 kW of electricity.

    1997 The world’s best wind turbines

    The technology behind Vestas’ wind energy is developing faster than ever before- keeping the company at the forefront. The V66 turbine is the world’s largest commercial wind turbine to date.

    Its capacity of 1.65 MW is 55 times greater than the first wind turbine produced by Vestas in 1979. With its 32-metre long blades, it produces enough electricity to supply approximately 1,000 households.

    At this time, Vestas supplies turbines to 15 different countries. The company still has to increase turbine efficiency to achieve its ultimate goal: to compete on an equal footing with traditional energy sources.

    1998 Stock exchange listing

    Vestas goes public. Shares are launched on the Copenhagen Stock Exchange - and the capital is used to boost growth. With a share of 22.1 percent of the world’s wind power (measured in installed MW) Vestas is the industry’s dominant player.

    From 1999-2004

    New technology puts wind in the blades

    New technology increases the efficiency of wind energy around the world - and Vestas merges with NEG Micon to become the undisputed world-leader in modern wind energy. Producing turbines is now only part of Vestas' offerings. Transporting and installing turbines is also a huge operation – it takes 10 specially designed trucks to transport one turbine.

    1999 New models drive energy efficiency

    Responding to increasing demand from growing markets, Vestas introduces the V80-2.0 MW wind turbine. The new turbine features the OptiSpeed® system, developed specially for areas with low wind speeds. The V80-2.0 MW is still in Vestas’ portfolio today. 

    2000 The largest order to date

    Vestas receives the world’s largest ever wind turbine order: 1,800 turbines for the Spanish energy giant Gamesa Eólica S.A. In November, Vestas offers shares to its employees. More than 80 percent of eligible employees choose to take up the offer. And why not? The global market for wind power has grown by around 4,500 MW of newly installed capacity - and Vestas has supplied approximately 26 percent of the installed capacity throughout the world.

    2001 The world’s largest offshore wind farm

    Vestas is selected for the first large offshore wind farm in the North Sea, the Horns Reef project in Denmark. Eighty of Vestas’ new V80s will supply power to about 150,000 Danish households. In the spring, Vestas also signs its first contracts in Costa Rica and Iran. A number of new markets are also showing positive signs of growth, including France, Portugal and Poland.

    2002 The end of Mr. Vestas and trouble at sea

    Johannes Poulsen, Managing Director for 15 years, retires on 18 April. Svend Sigaard takes over. Vestas installs 80 turbines at Horns Reef, erecting the final turbine 11 days ahead of schedule. But as none of the turbines work properly 80 nacelles are taken back for repairs. It’s an expensive lesson – but once again, Vestas proves that it will always deliver what it promises, however challenging. Despite the setbacks, the project establishes Vestas as the leader in offshore wind energy.

    2003 The V90 improves competitiveness

    One of the company’s major goals is to bring down the cost per KWh of electricity. Vestas launches three new turbine types: V90-1.8 MW, V90-2.0 MW and V90-3.0 MW. The V90 turbines improve the efficiency of wind power - and make it more competitive compared to other energy sources.

    2004 Mergers and new management

    Vestas and NEG Micon merge and the two Danish wind energy giants become the undisputed world leader in the wind power industry with a 32 percent market share.

    In October, Managing Director Svend Sigaard resigns. Despite recording a loss for the year, Vestas finishes December with a 34 percent market share and announces forecasted sales of EUR 2,561 million.

    From 2005-2008

    The will to win

    The will to win helps Vestas become "No.1 in Modern Energy". As more fast-growing economies demand sustainable, predictable and clean energy, Vestas solidifies its position as industry leader.

    2005 The Will to win

    New CEO Ditlev Engel announces the company’s new strategy. “The Will to Win’ lays out Vestas’ determination to make wind a competitive energy source on a par with oil and gas.

    It’s not all smooth sailing. Financially, Vestas has a tough year: the weak US dollar and high steel prices squeeze margins and suppliers struggle to deliver on time. Still, there are encouraging signs - and Vestas receives its biggest order to date, from Horizon Wind Energy in the USA.

    2006 Vestas in China

    Vestas’ blade factory opens in Tianjin – becoming Vestas’ first production facility in China. Even before the official opening, increased demand means that the factory will soon need to double its capacity.

    Vestas announced good sales figures, but is still losing money - partly because of repair costs. To resolve the issue, Vestas assembles 80 engineers to work solely on repairs - and Vestas’ share price rises by 10 percent as optimism begins to grow.

    2007 Showing willpower

    Vestas expands its position as the world’s leading supplier of modern energy solutions. Instilled with the will to succeed, the company never stops working.

    Vestas is now installing one wind turbine every four hours somewhere in the world - and in total, the turbines generate more than 50 million MWh of energy per year, enough electricity to supply millions of households.

    2008 No.1 in Modern Energy

    Vestas realises that it can make wind energy an even more attractive investment. The company is determined to use advanced technology to improve wind energy technology until wind is accepted as a mainstream energy source on a par with oil and gas.

    Vestas has its best year ever in 2008, achieving record financial results. An operating profit of EUR 668 million and the creation of 5,524 jobs in 2008 confirm the company’s belief in renewable energy as a source of growth in the future.

    From 2009-2020

    Leading the industry into the future

    Wind energy currently accounts for less than two percent of the world’s energy production. Vestas expects it to account for 10 percent by 2020.

    To achieve this, the industry must increase wind energy production by 900,000 MW worldwide. At Vestas, we know this can be done. Wind energy can supply local energy anywhere there is ample wind, and it can create thousands of jobs. Many national and regional governments are setting clear, long-term renewable energy targets.

    2009 Meeting global challenges

    The global financial crisis poses a serious challenge for Vestas and renewable energy. Nevertheless, the company announces it will maintain its financial goals and bring new groundbreaking turbines such as the V112-3.0 MW to the market. Built using tried-and-tested technology, it features the latest advances in blade and nacelle design to set new standards in turbine performance and efficiency.

    2010 - Wind. It means the world to us

    In 2010, Vestas presented “Wind. It means the world to us.TM”, a new tagline emphasising its position as the leading wind energy manufacturer. It highlights Vestas as a pure player in wind, the source of 30 years’ experience and commitment to the future. Vestas believes that wind is the best energy source for the planet, for its customers and, all other stakeholders who share its passion. Wind. It means the world to us.

    2012 Vestas achives 50 GW of installed capacity

    Thirty-three years after the installation of its first successful turbine, Vestas installed its 50,000th MW in Q1 2012. With projects installed in 73 countries, Vestas solidifies its position as the world’s leading and most global manufacturer of wind power solutions.

    2013 A crucial year for Vestas

    A new operating business model continues to be implemented from 2012, as changes in the organisational set-up are carried out to increase customer focus and earnings, and to reduce investments required for future growth. Consequently, Vestas appoints Anders Runevad as new Group President & Chief Executive Officer (CEO), succeeding Ditlev Engel who leaves the company. Ditlev Engel has been with the company since 2005 and has, during the past 1½ years, focused his efforts on leading Vestas’ extensive restructuring programme.

    The new management areas “Technology & Service Solutions”, “Manufacturing & Global Sourcing” and “Sales” represent the company’s core competencies, crucial for achieving Vestas’ short-term objectives.

    The company is now entering a new phase, in which the focus turns to maximising growth potential. Vestas expects to see deliveries, revenue and the positive journey of the turnaround.

    Executive Management

    Vestas - Anders Runevad

    Anders Runevad

    Group President & CEO

    Born: 16 March 1960
    Nationality: Swedish
    Resident: Sweden
    Position: Group President & CEO, Vestas Wind Systems A/S (2013-) 

    Shareholding

    Vestas shareholding as per 5 February 2014: 5,000 shares.

    Competencies

    Education:
    1985-1989 MBA studies, University of Lund (SE)
    1980-1984 Master of Science in Electrical Engineering, University of Lund (SE)

    Former positions:
    2010-2013 President Region West & Central Europe, Ericsson (UK)
    2006-2010 Executive Vice President, Sony Ericsson (UK)
    2004-2006 President, Ericsson Brazil (BR)
    2000-2004 Vice President, Sales and Marketing, Business unit Network, Ericsson AB (SE)
    1996-2000 President, Ericsson Singapore (SG)
    1991-1996 Product Manager / Director Product Management, Ericsson Group (SE)
    1989-1991 Product Manager, Ericsson-General Electric USA (USA)
    1985-1989 Various positions at Ericsson Group (SE)

    Fiduciary positions

    Member of the board of: MHI Vestas Offshore Wind A/S.

    Positions of trust

    Member of the Industrial Policy Committee of the Confederation of Danish Industries.

    Vestas - Anders Vedel

    Anders Vedel

    Executive Vice President & CTO

    Born: 6 March 1957
    Nationality: Danish
    Resident: Denmark
    Postition: Exectuive Vice President & CTO, Vestas Wind Systems A/S (DK) 2012-.

    Position in Vestas Wind Systems A/S

    Member of the Executive Management since February 2012.

    Shareholding

    Vestas shareholding as per 9 May 2014: 4,941 shares.

    Competencies

    Education:
    2008 Business Program at IMD (International Institute for Management Development) (CH)
    2002 Scandinavian International Management Institute (DK)
    1991-1995 Mechanical Engineer at Ingeniørhøjskolen Horsens (DK)

    Former positions:
    2007-2012 Managing Director, Vestas Technology R&D, Vestas Technology R&D Chennai Pte. Ltd. (IN)
    2007-2012 Senior Vice President, Vestas Technology R&D, Vestas Wind Systems A/S (DK)
    2006-2007 Vice President of CIM, Vestas Technology R&D, Vestas Wind Systems A/S (DK)
    2005-2006 Vice President of Operations, Vestas-Americas Wind Technology Inc. (USA)
    2004-2005 Vice President of Service Northern Europe, Vestas Northern Europe AB (SE)
    2003-2004 Service Manager, Vestas International Wind Technology A/S (DK)
    2000-2002 Technical Director, IWT – Italian Wind Technology S.r.l.(IT)
    1995-2000 Various positions at Vestas Wind Systems A/S (DK)

    Fiduciary positions

    Member of the board of: MHI Vestas Offshore Wind A/S (DK).

    Jean-Marc Lechêne

    Executive Vice President & COO

    Born: 29 October 1958
    Nationality: French
    Resident: Denmark
    Position: Executive Vice President & COO, Vestas Wind Systems A/S (DK) 2012-.

    Position in Vestas Wind Systems A/S

    Member of the Executive Management since July 2012.

    Shareholding

    Vestas shareholding as per 27 February 2014: 2,000 shares.

    Competencies

    Education:
    1988 MBA, INSEAD, Fontainebleau (FR)
    1981 Master Degree in Engineering, École des Mines de Paris (FR)

    Former positions:
    2011-2012 President, Lechene Consulting (FR)
    2008-2011 Executive Vice President, Truck Tires Europe, Michelin (FR)
    2002-2008 Executive Vice President & President, Cement Operations North America (USA)
    2000-2001 Senior Vice President & President, Canadian Cement Operations, Lafarge (CA)
    1996-2000 Executive Vice President, China Cement Operations, Lafarge (CN)
    1993-1996 Senior Vice President, Cement Strategy, Lafarge S.A. (FR)
    1988-1993 Senior Manager, Manager and Associate, McKinsey & Co (FR)
    1986-1987 Deputy Technical Director, Dassault Systemes S.A. (FR)
    1984-1986 Technical Sales Engineer, Dassault Systemes S.A. (FR)

    Juan Araluce

    Executive Vice President & CSO

    Born: 17 January 1963
    Nationality: Spanish
    Resident: Denmark
    Position: Executive Vice President & CSO, Vestas Wind Systems A/S (DK) 2012–.

    Position in Vestas Wind Systems A/S

    Member of the Executive Management since February 2012.

    Shareholding

    Does not hold shares in the company.

    Competencies

    Education:
    2003-2004 Advanced Management Program, IESE, Barcelona (ES) and Sales and Marketing Leadership Program, Kellogg School, Chicago (USA)
    1992-1995 Doctorate level courses in Economics, ICADE, Madrid (ES)
    1988 Degree in Economics and Business Administration, Universidad Complutense de Madrid (ES)

    Former positions:
    2007-2012 President, Vestas Mediterranean, Vestas Eólica SAU (ES)
    2004-2007 Gas Performance Unit Leader Spain, BP Group, Gas, Power and Renewables Europe and Africa Business Unit (ES)
    2001-2003 Business Development Director, BP Group, Power and Renewables Europe and Africa Business Unit (ES)
    1999-2001 Sales Director, BP Group, Gas and Power Business Spain, Power and Renewables Europe and Africa Business Unit (ES)
    1995-1999 National Business Development and Distributors Network Director, Consumer Industry Division, BP Oil Spain (ES)
    1993-1995 Planning, Administration, and Systems Development Director/Retail SAP Implementation Director, Retails Division, BP Oil Spain (ES)
    1992-1993 Temporary Assignment, Polygon Retailing Ltd., (GB)
    1991-1992 Global Customers Service Director, Oil Marketing Unit, BP Oil International (GB)
    1989-1991 Retail Network Development Manager, BP Med. (ES)
    1988-1989 Business Analyst, Retail Division, BP Spain (ES)
    1987-1988 Financial Controller, Yago Group (ES and USA)

    Fiduciary positions

    Member of the board of: MHI Vestas Offshore Wind A/S (DK).

    Marika Fredriksson

    Executive Vice President & CFO

    Born: 2 November 1963
    Nationality: Swedish
    Resident: Denmark
    Position: Executive Vice President & CFO, Vestas Wind Systems A/S (DK) 2013-

    Position in Vestas Wind Systems A/S

    Member of the Executive Management since May 2013.

    Shareholding

    Vestas shareholding as per 5 February 2014: 5,500 shares.

    Competencies

    Education:
    1982-1987 Masters’ degree, Swedish School of Economics (FI)

    Former positions:
    2009-2012 Senior Vice President & CFO, Gambro AB (SE)
    2008-2009 Senior Vice President Finance & CFO, Autoliv, Inc. (SE)
    2005-2008 Senior Vice President & CFO, Volvo Construction Equipment (BE)
    2001-2005 Senior Vice President & CFO, Volvo Construction Equipment International AB (SE)
    1996-2001 Finance Director, Volvo Construction Equipment International AB (SE)
    1995 Management Consultant, Vilnius Stiklas UAB (LT)
    1991-1994 Managing Director, Cafir Trade AB (SE)
    1988-1990 Area Manager – Analysis, Svenska Handelsbanken AB (SE)

    Fiduciary positions

    Member of the boards of: Ferronordic Machines AB (SE) and ÅF AB (SE).

    Organisational Structure

    Vestas’ organisation is structured on seven key pillars representing all key disciplines of the company and all employees. These seven key pillars are headed by the eight members of the Executive Committee, which ensures the well-functioning of the company as well as Vestas’ overall performance.

    As a structurally lean organisation,  Vestas has offices in 24 countries and five strong regional sales business units in Northern Europe, Central Europe, Americas, Mediterranean, and Asia Pacific & China.


    (click to enlarge)


    Corporate Strategy

    Vestas’ new corporate strategy “Profitable Growth for Vestas” builds on the solid foundation of the successfully completed two-year turnaround and outlines the strategic objectives and initiatives for the mid-term (3-5 years) which will take Vestas steps closer to the realization of the vision. The turnaround has created a strong foundation for future growth, enabling Vestas to control the things we can control and to react flexibly to those we can’t.

    Vestas | Corporate strategy


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      Our Vision

      To be the undisputed global wind leader

      Since Vestas was established in 1979, we have been solely committed to harvesting the potential wind holds for our planet’s energy supply, which has made us the market leader within wind with more than 60GW installed to date. We intend to continue down the path of 100% dedication to wind, and in order to fulfil our vision we want to have the strongest brand in the industry, have best in class margins, be the market leader measured by volume and bring wind on par with coal and gas.

      Our Mission

      Together we deliver superior cost-effective wind technologies, products and services.

      Our mission defines what we deliver, the quality of what we deliver and how we aim to deliver it; namely together. It advocates for a collaborative effort of Vestas employees and stretches to include all our stakeholders and partners, particularly our customers and shareholders, without whom we cannot succeed.

      Willpower

      Vestas was founded to take on one of biggest challenges facing the earth. We have never been, and will never be, characterised by losing faith and commitment when met with resistance. On the contrary, Vestas have shown persistence in breaking down misconceptions towards wind energy and supporting the growth of the industry. We call this our Willpower.

      Values

      Accountability

      • Acknowledge your responsibility and remain accountable for everything you do – including when you make a mistake.

      Collaboration

      • Collaborate across all functions to share knowledge and reduce complexity

      Simplicity

      • Don’t overcomplicate your tasks but apply simplicity and grasp opportunities without ever jeopardising safety or quality.

      Our promises to stakeholders

      Our customer promise: Your business case certainty. It means the world to us.

      • Our products and service continue to bring the cost of energy down, which together with our strong safety record ensures our customers’ business case.

      Our shareholder promise: Your sustainable return. It means the world to us.

      • We are transparent in our communication and assure our shareholders that we will make the necessary decisions to ensure their sustainable return.

      Our employee promise: Your meaningful profession. It means the world to us.

      • We are making the world’s energy mix more sustainable and hereby have a positive impact on a global scale. We believe this is truly meaningful.

      Our society promise: Your informed choice. It means the world to us.

      • To all stakeholders, whether politicians, customers or citizens, we provide our expert knowledge and hereby empower informed choices.

      Profitable Growth for Vestas

      Strategy House

      Our overall strategic ambition for 2014 and beyond is to ensure Profitable Growth for Vestas. 

      By reaching this ambition we will be one step closer to our vision of being the undisputed Global Wind Leader. We will become the undisputed Global Wind Leader by being the market leader in volume, having best-in-class margins and the strongest brand in the industry while bringing wind on par with coal and gas.

      Achieving “profitable growth” entails building on the successes of our turn-around as well as positioning Vestas to meet customer demands and society’s expectations ever more efficiently and profitably in order for us to reach our financial goals.


      Reducing the levelised cost of energy:

      • Our goal is to reduce the levelised cost of energy faster than the market average

      Achieving operational excellence:

      • Our goal is to achieve operational excellence in all parts of the business

      Capturing the full potential of the service market:

      • Our goal is to capture the full potential of the service business – and to grow the service business by more than 30% in the mid‐term.

      Growing profitably in mature and emerging markets:

      • Our goal is to grow profitably in mature and emerging markets – and in the mid‐term to grow faster than the market.

      Strategy house