Siemens Energy plans to invest €1.2 billion (approximately $1.29 billion) in its grid business over the next six years and intends to hire over ten thousand employees to meet the surging demand for electricity, company executives said on Tuesday.
Grid technology head Tim Holt said, "In the next 15 years, global investments in grids will equal the sum of the past 150 years."
"We want to be part of this boom," he said.
According to the Financial Times, the grid technology division has allocated €1.2 billion to build new factories in the US, Europe, and Asia and to increase manufacturing capacity. This hiring plan was reported earlier that day.
The Financial Times stated that about 40% of the new positions will be added in Europe, with the US and India each accounting for 20%, and the remaining positions being added in other parts of Asia and Latin America.
A Siemens Energy spokesperson told Reuters that these European positions will primarily be created in Germany, the UK, Austria, Croatia, and to a lesser extent, Romania.
The Financial Times quoted Holt as saying that capital markets are hesitant about investing in energy transitions, which may cause some delays in funding support for expansion and renovation plans.
He said, "The market is becoming increasingly tight, and we will have to seek alternative ways to fund it."
