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Siemens Energy

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Siemens Energy
NameSiemens Energy
TypePublic
Traded asFWB: ENR
IndustryEnergy technology
Founded01 April 2020
Hq locationMunich, Germany
Key peopleChristian Bruch (CEO), Joe Kaeser (Chairman)
ProductsGas turbines, Steam turbines, Wind turbines, Grid technology, Electrolyzers
Revenue€29.0 billion (2023)
Num employees97,000 (2023)
Websitehttps://www.siemens-energy.com/

Siemens Energy is a global leader in energy technology, spun off from the industrial conglomerate Siemens in 2020. The company focuses on the sustainable generation, transmission, and storage of electrical power, operating across the entire energy value chain. Headquartered in Munich, it is a constituent of the DAX index on the Frankfurt Stock Exchange and serves customers in over 90 countries, playing a pivotal role in the global energy transition.

History

The company's origins are deeply intertwined with the electrification and industrial history of its former parent, Siemens, which was founded in 1847 by Werner von Siemens. Key historical assets include pioneering work in high-voltage direct current transmission and the development of large-scale power plant technology throughout the 20th century. The decision to spin off the energy business was announced in 2019, culminating in a successful initial public offering on the Frankfurt Stock Exchange in September 2020. A significant subsequent event was the squeeze-out of the remaining minority stake in the wind power subsidiary Siemens Gamesa, making it a fully owned division after challenges with its SG 14-222 DD offshore turbine platform affected financial performance.

Business segments

Its operations are divided into three primary reporting segments. The Gas Services segment is responsible for the service, maintenance, and upgrade of a vast installed base of gas turbines and generators, including models from the acquired Dresser-Rand business. The Grid Technologies segment focuses on transmission and distribution solutions, manufacturing products like high-voltage switchgear, transformers, and substations, and is a leader in high-voltage direct current systems such as those used in the DolWin6 project. The Siemens Gamesa segment, now fully integrated, designs and manufactures both onshore and offshore wind turbines, with major production facilities in Brande and Cuxhaven.

Products and services

Its portfolio encompasses a wide array of energy technologies for conventional and renewable power. Core products include highly efficient gas turbines like the SGT5-9000HL, steam turbines for combined cycle power plants, and utility-scale electrolyzers for green hydrogen production under the Silyzer brand. The company provides comprehensive services for power plant operation, including digital monitoring via the MindSphere platform and lifecycle management. In renewable energy, it offers the Direct Drive offshore wind turbine platform and grid-forming inverter technology essential for stabilizing networks with high renewable energy penetration.

Financial performance

Since its spin-off, the company has navigated a challenging financial landscape, significantly impacted by quality issues and ramp-up costs at Siemens Gamesa. For the 2023 fiscal year, it reported a net loss of €4.5 billion on revenue of €29.0 billion, with orders notably strong in the Grid Technologies division. To strengthen its balance sheet, the company secured a €7.5 billion project financing guarantee package from the German federal government and private banks, led by KfW. Its major shareholders include its former parent Siemens AG, which retains a significant stake, and the investment firm BlackRock.

Corporate affairs

The company is led by CEO Christian Bruch, with former Siemens AG CEO Joe Kaeser serving as Chairman of the supervisory board. Its global operational footprint includes major research and development centers in Berlin, Orlando, and Sweden, alongside manufacturing hubs worldwide. It maintains a complex relationship with Siemens AG, which remains a major shareholder and a partner in areas like industrial software and digitalization. The company is also a founding member of the European Clean Hydrogen Alliance.

Environmental and sustainability initiatives

Central to its strategy is supporting the global energy transition by making fossil fuel-based power more efficient and accelerating decarbonization. Key initiatives include advancing hydrogen-ready gas turbines, which can burn significant volumes of green hydrogen, and developing large-scale power-to-X solutions. The company has set ambitious targets to achieve climate neutrality in its own operations by 2030 and supports major projects like the NEOM green hydrogen facility in Saudi Arabia. Its technologies are critical for integrating intermittent renewable energy sources like solar power and wind power into national grids, such as those in Germany and the United Kingdom.

Category:Companies listed on the Frankfurt Stock Exchange Category:Energy companies of Germany Category:Manufacturing companies established in 2020