Siemens Energy plans to hire more than 10,000 new employees as part of plans to expand its electricity grid business.
As reported by the Financial Times, the €1.2bn six-year growth plan for the division could help to offset the challenges that face the company’s wind turbine company, Siemens Gamesa.
Siemens Energy’s Grid Technologies division, which is the German group’s largest revenue driver will expand its workforce by two-thirds by 2030, with the €1.2bn in capital expenditure earmarked for new factories and increased manufacturing capacity in the US, Europe and Asia, the unit’s boss, Tim Holt, told the FT.
Holt cited “surging demand” for electricity, a wave of renewable projects under construction requiring better grid connections, and widespread ageing infrastructure only just handling existing power loads as indicators of growing demand for grid equipment.
Siemens Energy’s grid engineering division is the world’s second-biggest manufacturer of electricity transmission equipment, behind Japan’s Hitachi Energy and ahead of the US’s GE Vernova by revenue.
The company should realise most of its expansion plans within the next two years, with 40% of the jobs added in Europe, 20% in the US, 20% in India and the remainder in the rest of Asia and Latin America.
From 2021 to 2023 the unit doubled its orders from €7bn to €15bn, with the figure totalling €12bn in the first half of this year.