The energy technology company Siemens Energy plans to significantly expand its grid business in the coming years. According to Tim Holt, the responsible board member, the company intends to hire more than 10,000 employees in this sector by 2030.

In an interview with the "Financial Times" (Tuesday), Holt stated that Siemens Energy will invest 1.2 billion euros in new plants and capacity building in the USA, Europe, and Asia. 40 percent of the new hires will be in Europe, and 20 percent in the USA.

Siemens Energy is currently benefiting from a significantly increased demand in the electricity market. The network business in particular is growing rapidly.

In recent years, however, the company has been slowed down by its wind business, which has incurred losses due to quality issues with its land turbines.

In XETRA trading, the stock of Siemens Energy rose by 3.77 percent to 25.07 euros.