Siemens eyes a slice of massive US budget cake

Photo: EPA

The German engineering conglomerate Siemens has expressed expectations to receive some of the funds, envisaged for economic revival by US President Joe Biden, Reuters reported. Biden had announced generous plans to address the economic slowdown, caused by the pandemic by targeting massive funds to infrastructure restoration and development. The infrastructure spending is seen reaching as high as $2.3 trillion.

“We see great opportunities for wind energy, onshore but above all in the area of offshore,” Tim Oliver Holt, who is in charge of Siemens Energy’s U.S. business, told Reuters, also pointing to transmission systems as a growth market. Siemens Energy, spun off from Siemens AG last year, makes about $7 billion in revenues in US, or about a fifth of its total, by selling gas and wind turbines, transmission systems as well as servicing power plants.

To better capture growth in the world’s top economy, Siemens Energy is considering whether to set up local production for offshore wind turbines on the US East Coast, an area central to a plan announced last week to deploy 30 gigawatts by 2030. Siemens Energy owns 67% in Siemens Gamesa, the world’s largest maker of offshore wind turbines, which so far only caters for onshore clients in US via two production sites.

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