The strategic transformation process of new energy technology firms from a dynamic capabilities perspective: a case study of company E

Abstract

In the context of the global energy system accelerating its transition towards low-carbon, intelligent and systematic development, new energy technology enterprises are confronted with multiple uncertainties across technology, policy, markets and industry boundaries. This thesis takes Company E as a single case study, exploring the process and mechanism of strategic transformation of new energy technology enterprises from a dynamic capabilities perspective. It asks what happened during the strategic transformation, why it could continue, and how dynamic capabilities play a role. This research adopts an interpretivist qualitative case study approach, integrating 15 semi-structured interviews, participatory observations, and secondary data, and conducts the research through thematic analysis, coding analysis, and process analysis. The research reveals that the strategic transformation of Company E was not a one-off leap but went through three stages: the product breakthrough period (2007-2015), the multi-business expansion period (2016-2020), and the ecosystem leadership period (2021 to present). The strategic logic evolved from competing in wind turbine products to providing comprehensive clean energy solutions and building a zero-carbon ecosystem. Dynamic capabilities have played a pivotal role in connecting external changes with internal strategic actions: the company sensed technological, policy, and market changes, seized new strategic windows, and reconfigured resources, organizational structures, and ecosystem relationships. Additionally, dynamic capabilities exhibited differentiated forms at different stages, namely technology-oriented, portfolio-integrative, and ecosystem-shaping dynamic capabilities. The contribution of this research lies in deepening the understanding of the evolution of strategic transformation stages in new energy technology enterprises from a process perspective, revealing the mediating mechanism of dynamic capabilities in driving strategic transformation, and refining the specific manifestations and micro-foundations of dynamic capabilities at different stages. The research also provides management insights for new energy technology enterprises to enhance their sensing, seizing, and reconfiguring capabilities and promote continuous strategic upgrading.