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☆ Siemens Energy swings to profit on order surge, sale of Indian stake
▼ + stars: | 2024-02-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Siemens Energy swung to profit in its first fiscal quarter on the back of a surge in orders and a one-off gain from selling a stake in its Indian affiliate to parent company Siemens . The German renewables firm reported a 1.58 billion euro ($1.7 billion) net profit, driven by the sale of its 18% stake in India's Siemens Limited for 2.1 billion euros. Siemens Energy posted a 23.9% year-on-year increase in orders to 15.4 billion euros, with a book-to-bill ratio of 2.01, pushing its order backlog to a record high of 118 billion euros. Siemens Energy suffered a tough 2023, as problems with manufacturing faults at Siemens Gamesa forced the parent company to a 4.6 billion euro loss for the fiscal year. "We have just shy of 42 billion in backlog in our Siemens Gamesa business — this is also a record order backlog.

Persons: Siemens Gamesa, Maria Ferraro, Ferraro Organizations: Siemens Energy, Siemens, India's Siemens, Siemens Gamesa, CNBC

☆ Big Companies Cashed In on Mississippi’s Water. Small Towns Paid the Price.
▼ + stars: | 2024-02-05 | by ( Sarah Fowler | Rory Doyle | ) www.nytimes.com time to read: +1 min

In winter 2021, more than 150,000 people living in Jackson, Miss., were left without running water. For weeks, people across the city lost the water they normally relied on to drink, cook and bathe. Lawmakers criticized city officials for ignoring leaky pipes and failing to collect payments from customers. City officials pointed to Jackson’s shrinking population and decades of economic decline. And they said state officials, mostly white and Republican, had starved the mostly Black, Democratic city of resources.

Persons: Jackson Organizations: Democratic, Siemens Locations: Jackson, Miss

☆ Exclusive-Eisai Expects 1,500 Alzheimer's Patients in China Launch, Sees ‘Huge’ Growth
▼ + stars: | 2024-02-04 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +5 min

“China is one of the fastest-aging countries in the world and is one of the most important countries in the area of Alzheimer’s disease for Eisai,” a company spokesperson said. “The potential growth for Leqembi in China is huge.”Eli Lilly, which is developing a similar treatment called donanemab, told Reuters it has filed for approval in China. The Indianapolis-based company is now testing its drug in a 1,500-person trial with volunteers in China, Taiwan, South Korea and the EU, a spokesperson said. Leqembi, which works by removing a toxic protein called beta amyloid from the brain, is the first Alzheimer's treatment proven to alter the course of the fatal, brain-wasting disease. Once on treatment, suitable patients undergo a series of MRI scans to monitor for potentially fatal swelling and bleeding in the brain.

Persons: Julie Steenhuysen, Andrew Silver CHICAGO, ” Eli Lilly, Biogen, Liu Zhou, Eisai, ”, Hidemaru Yamaguchi, Soeren Mattke, Mattke, Andrew Silver, Caroline Humer, Bill Berkrot Organizations: Reuters, EU, Leqembi, Guangdong Medical University, ” Citi, Psychiatry, Siemens Healthineers, University of Southern, University of Southern California Brain Health Locations: SHANGHAI, China, ”, Leqembi, The Indianapolis, Taiwan, South Korea, Eisai, United States, Japan, Europe, U.S, University of Southern California, Chicago, Shanghai

☆ Siemens Healthineers CEO: Unimpressed by Red Sea situation
▼ + stars: | 2024-02-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSiemens Healthineers CEO: Unimpressed by Red Sea situationBernd Montag, CEO at Siemens Healthineers, discusses Q1 results and his outlook for supply chain issues in 2024.

Persons: Bernd Montag Organizations: Siemens, Siemens Healthineers

☆ Ceezer just raised $11 million to bring transparency to carbon credits. Check out 12-slide pitch deck it used to secure the funds.
▼ + stars: | 2024-01-25 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Read previewGerman startup Ceezer, which helps companies plan, buy, and manage their carbon credit portfolio, has just raised 10.3 million euros, around $11.2 million, in Series A funding. Carbon credit marketplaces and accounting tools boomed in 2021 as large companies rushed to understand and offset their emissions. They were all vying for a slice of the projected $250 billion voluntary carbon market by 2050 , where private companies buy and sell carbon credits. Carbon credits are typically bought after achieving their stated impact, but this requires project developers to have cash upfront to get started, Drewelies said. AdvertisementThe fresh funding, led by HV Capital, will be used to launch new financial products so that project developers can unlock pre-financing.

Persons: —, Magnus Drewelies, Drewelies, Ceezer Organizations: Service, Business, Siemens, HV Capital, Norrsken, Picus, Partners Locations: Berlin, New York

☆ People must be honest about compromises needed for energy transition: Siemens Energy chair
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPeople must be honest about compromises needed for energy transition: Siemens Energy chairJoe Kaeser, chair of Siemens Energy's board, discusses how to move forward with the green energy transition and his outlook on German inflation and the economy.

Persons: Joe Kaeser Organizations: Siemens Energy, Siemens

☆ German public gloom more concerning than rise in inflation, Siemens Energy chair says
▼ + stars: | 2024-01-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Joe Kaeser, chair of Siemens Energy, is more concerned by gloomy public sentiment in Germany than he is by the recent rise in inflation. The former chief executive of German conglomerate Siemens said base effects and the monthly and quarterly price readings meant he was not overly focused on the annual headline inflation figure. People are downbeat, everybody's asking what's going to be next, what's in [it] for me. That's what we need to explain to people, so they are more upbeat again," Kaeser told CNBC at the World Economic Forum. Kaeser said the German government needed to present a roadmap on energy, jobs and economic growth, and move past current industry disputes.

Persons: Joe Kaeser, what's, Kaeser Organizations: Siemens Energy, Siemens, CNBC, Economic Locations: Germany

☆ Intel, Siemens to collaborate on improving manufacturing, energy efficiency
▼ + stars: | 2023-12-04 | by ( Max A. Cherney | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsDec 4 (Reuters) - Intel (INTC.O) and Siemens (SIEGn.DE) on Monday announced a three-year deal to collaborate on improving factory efficiency and automation with a special focus on improving energy efficiency and sustainability. The partnership with Siemens will help Intel operate the factory more efficiently, Esfarjani said. EUV, an energy-hungry technology, is so central to advanced chipmaking that significant parts of the manufacturing process revolve around it. The partnership with Intel will help Siemens deepen its understanding of this type of manufacturing where one technology is so core to the process and help it transfer that know-how to other industries. In that case, Siemens assisted with its transition to manufacturing electric vehicles from combustion engines.

Persons: Dado Ruvic, Keyvan Esfarjani, Esfarjani, EUV, Cedrik Neike, Max A, Edwina Gibbs Organizations: REUTERS, Intel, Siemens, Monday, Reuters, Taiwan Semiconductor Manufacturing, Mercedes, Benz, Thomson Locations: San Francisco

☆ Engineering Group ABB unveils higher sales and profitability targets
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

The logo of ABB is seen at an office building in Zurich, Switzerland September 10, 2020. The goals, announced ahead of ABB's investor day in Italy, were an upgrade from the previous annual revenue growth target of 4% to 7%. Most of the sales will come from internal growth, ABB said, with an expected five to seven percentage points of extra revenue, while an additional one to two percentage points is expected from acquisitions. ABB, which supplies industry and transportation networks with robots, electrification equipment and motors, also raised its core profitability target to a range of 16% to 19%. The International Monetary Fund recently downgraded its forecast for global growth for next year, with advanced economies expected to significantly slow as interest rates rise.

Persons: Arnd, France's Schneider, Bjorn Rosengren, John Revill, Tom Hogue, Jacqueline Wong Organizations: ABB, REUTERS, Rights, Germany's Siemens, Monetary Fund, Thomson Locations: Zurich, Switzerland, Swiss, Italy, Frosinone

☆ U.S. passport delays have eased — but aren’t yet back to normal
▼ + stars: | 2023-11-28 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Tooga | Digitalvision | Getty ImagesRecord passport demand fuels delaysJordan Siemens | Digitalvision | Getty ImagesPassport processing delays resulted from high demand for international travel as pandemic-era health fears and travel restrictions loosened. Before the pandemic, it took two to three weeks for expedited passports and six to eight weeks for routine passport processing, the State Department said. Passport demand generally fluctuates throughout the year. Andrea Comi | Moment | Getty ImagesA traditional passport — a passport book — costs $130. Expedited passport processing costs an extra $60.

Persons: It's, You've, Andrea Comi Organizations: Digitalvision, Getty, Siemens, State Department, Department, Travelers, United States Postal Service

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken, June 23, 2023. "As European digital industry representatives, we see a huge opportunity in foundation models, and new innovative players emerging in this space, many of them born here in Europe. The signatories, who said just 3% of the world's AI unicorns come from the European Union, backed a joint proposal by France, Germany and Italy to limit the scope of AI rules for foundation models to transparency requirements. They also said the current broad scope of the draft AI rules could clash with existing legislation in certain sectors such as healthcare. The companies also rebuffed calls from creative industries for the AI rules to tackle copyright issues.

Persons: Dado Ruvic, DigitalEurope, Georgina Prodhan, Foo Yun Chee, Sharon Singleton Organizations: REUTERS, Rights, Airbus, European Union, Apple, Ericsson, Google, LSE, SAP, Siemens, Thomson Locations: BRUSSELS, Europe, France, Germany, Italy

☆ Siemens Energy shares down 11% as investor day underwhelms
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

Miniatures of windmill, solar panel and electric pole are seen in front of Siemens Energy logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsMILAN, Nov 21 (Reuters) - Germany's Siemens Energy (ENR1n.DE) shares turned sharply lower on Tuesday to fall as much as 11%, with traders citing profit taking as the company held its capital markets day (CMD). The shares have risen 80% from October's record low after the group said it was in talks with the German government about state guarantees following big setbacks at its wind unit, Siemens Gamesa. On Tuesday, Siemens Energy said Siemens Gamesa plans to cut costs by around 400 million euros ($436.28 million). ($1 = 0.9168 euros)Reporting by Danilo Masoni; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado, Danilo Masoni, Amanda Cooper Organizations: Siemens Energy, REUTERS, Germany's Siemens Energy, CMD, Siemens, Thomson Locations: Frankfurt

Miniatures of windmill and electric pole are seen in front of Siemens Gamesa logo in this illustration taken January 17, 2023. One Frankfurt-based trader said the investor event, where Siemens Gamesa disclosed around 400 million euros in cost cuts by 2026, was bringing "no new insights". At 1610 GMT, shares in Siemens Energy, in which Siemens AG (SIEGn.DE) owns a direct 25.1% stake, were still down 6.3%. Siemens Gamesa will likely cut onshore turbine capacity outside Europe and outsource the production of some components, the division's Chief Executive Jochen Eickholt said, outlining the group's restructuring roadmap. Reuters last month reported that Siemens Gamesa was considering shutting plants and sales offices as well as outsourcing some production.

Persons: Dado Ruvic, Siemens Gamesa, Christian Bruch, Jochen Eickholt, Eickholt, Christoph Steitz, Tom Kaeckenhoff, Danilo Masoni, Madeline Chambers, Miranda Murray, David Evans Organizations: Siemens, REUTERS, Siemens Energy, Siemens Gamesa, Siemens AG, Reuters, Thomson Locations: Europe, FRANKFURT, DUESSELDORF, Frankfurt

☆ Time to buy Siemens and HelloFresh after big share price moves? Here's what analysts say
▼ + stars: | 2023-11-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Morgan Stanley has a price target of 22 euros a share. The investment bank has an "underperform" rating – equivalent to "sell" at other banks – on the stock with a price target of 16 euros a share. Deutsche Bank has a "buy" rating on Siemens stock with a 185 euros 12-month price target, giving it a 26% upside from the current share price. They expect the results will be "well received" and see Siemens stock as "the most mispriced largecap equity in our coverage." Berenberg's Philip Buller and Philip Modu have a price target of 170 euros a share, which is 16% above the current share price.

Persons: HelloFresh, —, Jefferies Jefferies, Jefferies, Morgan Stanley Morgan Stanley, Luke Holbrook, Morgan Stanley, Bernstein, William Woods, Supriya Subramanian, Berenberg, Berenberg's Philip Buller, Philip Modu, — CNBC's Michael Bloom Organizations: Siemens, Wall Street Bank, Deutsche Bank, UBS UBS Locations: Arizona, Swiss

Earlier this month, she said the U.S. offshore wind industry was "fundamentally broken" after BP wrote down $540 million on its wind power projects offshore New York, blaming inflation and red tape that meant projects ran over budget and over time. Globally, the renewables sector has been undermined by slow permitting, technological challenges, rising raw material costs and higher costs of capital. As BP seeks to guarantee it can meet its internal returns target of 6% to 8% on renewables projects, Dotzenrath said BP was working out how to reduce costs globally. You need one of the local energy suppliers to help you push ahead with the permitting processes and establish the onshore grid connection," she said. BP does not produce electrolysers, which split water to produce hydrogen, but Dotzenrath said did not rule out greater involvement.

Persons: Chris Helgren, Anja, Isabel Dotzenrath, Norway's Equinor, Denmark's, Dotzenrath, we'll, Chancellor Olaf Scholz, Thyssenkrupp, Christoph Steitz, Ron Bousso, Barbara Lewis Organizations: BP, REUTERS, Reuters, Siemens Energy, BASF, Thomson Locations: Vancouver , British Columbia, Canada, LONDON, Japan, U.S, New York, U.S.A, Germany

Chief Executive Officer (CEO) of German industrial conglomerate Siemens, Roland Busch attends the virtual annual shareholder meeting in Munich, Germany, February 10, 2022. Sven Hoppe/Pool via REUTERS/File Photo Acquire Licensing RightsSummaryCompanies Company expects sales to grow 4-8% in fiscal 2024Posts record industrial sales, profit in Q4Frankfurt-listed shares +3.6%FRANKFURT, Nov 16 (Reuters) - Siemens (SIEGn.DE) on Thursday gave a more cautious sales outlook for 2024, citing continuing destocking by Chinese customers, after the maker of products from trains to industrial software reported record industrial profit. That beat the 20.99 billion euros forecast in a company-gathered poll of analysts. Industrial profit too grew 7% to a record 3.4 billion euros, above the 3.34 billion euros forecast. The company has also been working through its massive order book, which stood at 111 billion euros at the end of September, up from 110 billion euros at the end of June.

Persons: Roland Busch, Sven Hoppe, Ralf Thomas, Christoph Steitz, Alexander Huebner, John Revill, Linda Pasquini, Christopher Cushing, Jan Harvey Organizations: Siemens, Companies, ABB, Frankfurt, Industrial Business, Thomson Locations: Munich, Germany, Frankfurt, FRANKFURT, Swiss, China

☆ Siemens beats earnings forecasts, says sales growth to slow in 2024
▼ + stars: | 2023-11-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Exterior view of the Siemens Forum, part of the Siemens Headquarters, in Munich, Germany. Siemens on Thursday posted a 10% rise in revenue growth for its fiscal fourth quarter to a record high of 21.4 billion euros ($23.2 billion), beating forecasts, but expects a slowdown in 2024. Industrial profit grew 7% to a record 3.4 billion euros in the fourth quarter, above a company-compiled forecast of 3.34 billion euros, to notch a record high of 11.4 billion euros for the year. Net income was 1.9 billion euros for the quarter, taking the full-year figure to a historic high of 8.5 billion euros, while free cash flow also notched a record 10 billion euros for the full year. Siemens proposed to increase its dividend from 4.25 euros per share a year earlier to 4.70 euros per share.

Persons: Roland Busch Organizations: Siemens Forum, Siemens, Digital Industries, Industrial Business Locations: Munich, Germany, China

☆ Stock Market News Today: Dow Falls; Cisco, Walmart Stocks Tumble After Earnings -- Live Updates
▼ + stars: | 2023-11-16 | by ( ) www.wsj.com time to read: +1 min

Cisco's shares dropped more than 11% early Thursday after the network-equipment giant slashed revenue forecasts , wiping away more than $20 billion of the Dow Component's market value. Walmart , Burberry, Alibaba and Palo Alto Networks shares also took hits following the companies' latest updates to investors. The tech-oriented Nasdaq Composite and Dow industrials fell more than 0.2%. The U.S. 10-year yield fell below 4.5%. Oil prices weakened.

Persons: Dow industrials, Bonds Organizations: Dow, Walmart, Burberry, Alibaba, Palo Alto Networks, Siemens, Federal, Benchmark Locations: Palo, U.S

☆ Morning Bid: Consumers in focus as Walmart reports
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Vidya Ranganathan. Thursday's corporate calendar features a host of earnings reports that will shine further light on the health of the global consumer, as U.S. retailers Walmart (WMT.N), Bath & Body Works and Macy's (M.N) report earnings. Expectations for Walmart ride high after peer Target (TGT.N) surged by almost a fifth on Wednesday in the wake of its consensus-beating holiday sales forecast and upbeat view of its supply chain. Figures on Wednesday showed U.S. producer prices fell at their fastest pace since April 2020, and UK consumer inflation undershot all forecasts. Reuters GraphicsMeanwhile in Asia, Japan's exports are struggling due to slumping China-bound shipments of chips and steel.

Persons: Vidya Ranganathan, Eddie Wu, Christine Lagarde, Jerome Powell, What's, Joe Biden, Xi Jinping, England's Randall Kroszner, ECB's Christine Lagarde, Luis de Guindos, Fed's Loretta Mester, John Williams, Michael Barr, Jacqueline Wong Organizations: Vidya, Walmart, Body, Insider Intelligence, U.S, Bank, Events, Applied Materials, Siemens, SQM, Thomson Locations: U.S, Asia, China, San Francisco, Bath, France

☆ Siemens Energy clinches state guarantees as it posts a 4.6 billion euro annual loss
▼ + stars: | 2023-11-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Siemens Energy has secured 7.5 billion euros ($8.15 billion) in project-related state guarantees from the German government, hours before announcing a nearly 5 billion euro loss for its fiscal year. Problems with manufacturing faults at its wind turbine subsidiary Siemens Gamesa led Siemens Energy to scrap its profit forecast earlier this year. The guarantees are intended to insure the company's customers on prepayments and execution of contracts in order to shore up its huge 112 billion euro order book. On Wednesday, the company reported an annual net loss of 4.6 billion euro for its fiscal year, compounded by a fourth-quarter net loss of 870 million euros. The company denied the fiscal guarantees constitute "state aid," with Siemens Energy CEO Christian Bruch telling CNBC on Wednesday that there is no cash involved.

Persons: Christian Bruch, Bruch, it's, CNBC's Organizations: Siemens Energy, Siemens AG, Private, Siemens, CNBC

☆ Morning Bid: UK inflation to test market's upbeat mood
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +3 min

Ten-year and two-year Treasury yields dropped 20 basis points and the dollar marked its steepest selloff in a year, highlighting how much markets' expectations - and cash - were riding on the data. A pivot from hikes to cuts is now priced for May in the interest rate futures markets, with a 30% chance it happens as soon as March. Expectations are for a big shift down for October, mainly due to falling energy prices, with annual headline inflation seen slipping below 5% for the first time since 2021. Chipmaker Infineon (IFXGn.DE) and troubled energy company Siemens Energy (ENR1n.DE) post earnings on Wednesday, although the latter's numbers are likely to be overshadowed by Tuesday's promise of an $8 billion government backstop from Germany. A drop is forecast, while a strong reading could dampen the exuberance over rate cut expectations.

Persons: Kevin Coombs, Tom Westbrook, Sterling, Al, Xi Jinping, Joe Biden, Tuesday's, Biden, Tom Wesbtrook, Edmund Klamann Organizations: REUTERS, U.S, CPI, Infineon, Siemens Energy, Alstom, Target, San Francisco Bay Area, Thomson Locations: London, Britain, East, Israel, Gaza, Al Jazeera, United States, China, Singapore, Germany, San Francisco Bay

☆ Siemen Energy's rescue package 'is not state aid,' company CEO says
▼ + stars: | 2023-11-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSiemen Energy's rescue package 'is not state aid,' company CEO saysSiemens Energy CEO Christian Bruch discusses state guarantees offered to the energy company and the outlook for the energy industry.

Persons: Christian Bruch Organizations: Siemens Energy

Miniatures of windmill, solar panel and electric pole are seen in front of Siemens Energy logo in this illustration taken January 17, 2023. A producer of key equipment such as gas turbines, converter stations and wind turbines, Siemens Energy is viewed by the German government as vital to its energy transition from fossil fuels to renewables. Frankfurt-listed shares in Siemens Energy were up 3% at 0757 GMT. Siemens Gamesa, once considered the future growth driver for Siemens Energy, has become a millstone around the group's neck after deeper-than-expected wind turbine quality issues were disclosed in June. As part of the financial backing agreed with stakeholders, Siemens Energy said it would sell an 18% stake in Indian firm Siemens Ltd (SIEM.NS) to Siemens AG at a discount of 15%, confirming a previous Reuters story.

Persons: Dado, Christian Bruch, Spain's, Christoph Steitz, Linda Pasquini, Mark Potter Organizations: Siemens Energy, REUTERS, Siemens, Siemens Gamesa, Siemens AG, Reuters, Siemens Ltd, Thomson Locations: Frankfurt, MUNICH

☆ German government supports Siemens Energy with $8 bln guarantees
▼ + stars: | 2023-11-14 | by ( Christian Kraemer | ) www.reuters.com time to read: +3 min

Miniatures of windmill, solar panel and electric pole are seen in front of Siemens Energy logo in this illustration taken January 17, 2023. Private banks were expected to provide Siemens Energy with guarantees worth 12 billion euros while Siemens Energy would seek another 3 billion from other sources, the statement said, adding it was conditional on the final sign-off of all parties. "We are pleased with the German government's clear support for Siemens Energy and the commitment to the rapid implementation of projects to make the energy transition a success," Siemens Energy said in a statement. Shares in Siemens AG rose 2.7% at 1517 GMT on the deal while Siemens Energy shares were up 0.3%. Siemens AG, which spun off Siemens Energy in 2020, is also expected to provide support by buying most of the 24% stake Siemens Energy owns in Siemens Ltd (SIEM.NS), an Indian joint venture, sources have told Reuters.

Persons: Dado, Marco Buschmann, Buschmann, Christian Kraemer, Alexander Hübner, Christoph Steitz, Linda Pasquini, Madeline Chambers, Matthias Williams, Kirsti Knolle, David Evans Organizations: Siemens Energy, REUTERS, Rights, Siemens AG, Reuters, Siemens Ltd, Siemens, RTL, ntv, Thomson Locations: Indian

☆ Germany puts up $8 billion to rescue huge green energy company
▼ + stars: | 2023-11-14 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —The German government is putting €7.5 billion ($8 billion) of taxpayer cash on the table to secure the rescue of troubled wind turbine-maker Siemens Energy, a company of vital importance to the country’s energy transition. The deal to “secure the company” has been in the works for several weeks, the ministry said, noting that the federal government had been “in intensive contact” with Siemens Energy, Siemens and private lenders. The firm, which had revenue of about €29 billion ($32 billion) in its last fiscal year, also makes gas-powered turbines and electrolyzers for hydrogen energy production, among a raft of other products. It needs the financial guarantees to deliver on its €110 billion ($119 billion) pipeline of orders, according to the ministry. “We are pleased with the German government’s clear support for Siemens Energy and the commitment to the rapid implementation of projects to make the energy transition a success,” a spokesperson for Siemens Energy told CNN.

Persons: ” Organizations: London CNN, Siemens Energy, Siemens, CNN, Reuters Locations: Berlin, ” Germany, Europe’s, Russia, Moscow, Ukraine

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