German technology major Siemens AG has named its newly formed energy company, which comprises the fossil-fuel and renewable energy and electricity divisions, Siemens Energy.
Siemens AG announced this last week, saying that the new name will formally take effect once the company becomes an independent entity, expected in April 2020 and Siemens Energy will then be spun off and listed publically by September that year.
Michael Sen, co-CEO of Siemens’ Gas and Power Operating Company and the future CEO of Siemens AG said “Climate change is real and a tremendous challenge. The demand for energy is consistently growing. At the same time, it’s imperative that we significantly reduce CO2 emissions. With its portfolio, Siemens Energy will offer innovative and reliable solutions to enable its customers to obtain the best possible energy mix.”
Siemens kicked off the naming process for the company in June this year. Employees, too, could make suggestions for the name. “I think it’s fantastic that Siemens Energy was also the No. 1 name proposed by the employees,” said Sen.
“It is an exciting journey,” said Lisa Davis, Co-CEO of Siemens’ Gas and Power Operating Company. “The new Siemens Energy company will be a unique opportunity to shape the future of the world’s energy agenda.”
Plans for a new entity were revealed in May 2019, announcing Siemens' plan to create a new company to house its spun-off Gas and Power business, as well the company's equity in wind turbine subsidiary Siemens Gamesa.
Based on pro-forma performance, the operations that will fall under the Siemens Energy brand currently contribute a combined €27 billion ($30 billion) in revenue, with a total order backlog of €70 million and employ about 88,000 people worldwide.
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