Chemist and company founder David Waddell has announced the company is “no longer considering” expanding into renewable energies and has “no plans” to do so.
The company said the announcement was made in response to a series of media inquiries about its position on renewable energy.
“Our decision to no longer consider expansion into renewable technologies is a result of extensive analysis of the industry and its potential impact on our business and on the future of our business,” it said in a statement.
“This is a decision driven by a combination of our long-term strategic plan and our business model, as well as our competitive position and position as a global leader in the renewable energy market.”
Chemist is currently in the process of buying a 40% stake in the US-based company WindGen, a company that has been developing wind farms and solar energy technology.
It has a joint venture with German renewable energy company Syngenta that is producing biofuel ethanol.
Chemist has been in a long-running dispute with Syngency over its ownership of a significant stake in WindGen.
The dispute between Chemist shareholders, including its chairman, David Waddy, and Syngentas CEO, Hans Joachim Schellnhuber, is believed to have taken place in 2015.
The two companies have been in an increasingly bitter legal dispute.
Last year, Chemist’s shareholders approved a €1.5 billion ($1.8 billion) payment to Syngencies CEO Schellnscheid to resolve the dispute, which was said to have been triggered by a series inefficiencies in the company’s operations.
However, Syngence’s board refused to approve the payment, saying that it would have to “determine the appropriate course of action”.
Chemist’s board later said the payment was the “only legal and realistic option” available.
The latest announcement by Chemist follows a similar one made by WindGen in April, when it said it had secured a $1 billion investment from China’s State Council Investment Fund (SCIF), in what it called a “multi-year investment” in renewable energy projects.
The investment is worth €1 billion.
Chemists shares fell 7% in Ireland in the first half of the year, with the company having reported a loss of €5 million ($6.8 million) in the period to end June.
The Irish energy market is expected to expand by about 7% this year and by 8% in 2019.