Siemens Energy is hiring 10,000 workers, expansion plans include Croatia

The German power plant equipment manufacturer Siemens Energy plans to hire more than 10,000 workers and invest 1.2 billion euros in its electrical grid business, the CEO said on Tuesday, outlining a business expansion plan that includes Croatia.

Global investments in electrical grids will reach a level in the next 15 years that has previously taken 150 years to achieve, said Tim Holt from the Grid Technologies division.

– We want to participate in that boom – added Holt.

The Grid Technologies division has earmarked 1.2 billion euros for new factories and increased production capacities in the U.S., Europe, and Asia, according to the Financial Times (FT), which reported on the hiring plans.

About 40 percent of the new jobs the company plans will be in Europe, with 20 percent each in the U.S. and India, and the remainder in Asia and Latin America, according to the FT report.

In Europe, Siemens Energy will create jobs in Germany, the United Kingdom, Austria, Croatia, and, to a lesser extent, Romania, a company spokesperson told Reuters.

The company anticipates possible delays in securing funds to finance its expansion in capital markets as investors are reluctant to finance investments in the energy transition, FT quoted Holt as saying.

Competition in the capital market is becoming increasingly fierce, and we will have to seek alternative financing options, the head of the German company told FT.

Siemens Energy was formed in 2020 from the spin-off of Siemens’ gas and power business. For the fiscal year ending in September 2023, the company reported a net loss of 4.6 billion euros due to issues in its wind power business. In the first three months of this year, it returned to profitability, with a profit of 108 million euros, highlighting strong results in the grid division.

In the quarter ending in March, the order value for the Grid Technologies division surged by 27.4 percent to 3.74 billion euros, according to a report published in early May. Revenue also increased by nearly the same percentage, reaching 2.2 billion euros.