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Siemens to invest €150 million in offshore wind expansion

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Siemens AG (SIE) plans to invest €150 million ($214 million) in wind research-and-development and production over the next two years as demand for offshore turbines picks up.
Siemens to invest €150 million in offshore wind expansion

The company, Germany’s largest engineering firm, said as part of the investment drive, it will set up new research facilities in the Danish cities of Brande and Aalborg and boost the capacity of assembly plants in Denmark to meet demand for offshore turbines across Europe.

“Our investments in R&D and the extension of production facilities will pave the road for our global expansion,” Jens- Peter Saul, chief executive officer of the Siemens Wind Power unit, said in statement posted on the company’s web site.

Research at the Danish facilities will focus on Siemens’s direct-drive technology and its lightweight Quantum blades, two new products now undergoing testing.

The company last year opened two production facilities in China and the U.S. to cope with demand.

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Siemens

Tags: Offshore , Wind , China , Europe , Germany
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