After multiple shocks wiping off billions of euros of market value, Siemens Energy (Xetra: ENR) sought to convince investors that the company is on the path to profitability.
Siemens Energy has seen success in 70% of businesses in the fourth quarter as its wind company continues to struggle.
Siemens Energy AG has secured a €15 billion ($16.2 billion) deal with the German government, its biggest shareholder Siemens AG and a consortium of banks, as the troubled manufacturer weathers massive losses at its wind-turbine unit.
Beleaguered wind turbine manufacturer Siemens Energy has reportedly secured a multi-billion-euro loan deal in principle with the German Government, its top shareholder other parties in project-related guarantees.
Siemens Energy climbed the most on record after supervisory board chairman Joe Kaeser pushed back against suggestions the troubled turbine maker may need a taxpayer-funded bailout from the German government.
The history of Siemens is the history of electricity. After Werner von Siemens set up shop in a Berlin workshop in 1847, his improved design for the electric telegraph won him the contract to build Europe’s first long-distance cable. His company became an industrial behemoth, making everything from light bulbs to giant turbines for power stations.
Siemens Energy AG is in talks with the German government about securing as much as €16 billion ($16.9 billion) in state guarantees as problems at its wind-turbine unit spread to the rest of the business. Shares plummeted 40%.
Siemens Energy is considering closing offices and manufacturing sites to address its loss-making wind turbine business, according to reports.
A number of US law firms are reportedly investigating the potential for class action lawsuits against Siemens Energy after the disclosure of turbine failures prompted a collapse of its stock.
Siemens Energy launched a strategic review of its wind power business as problems with its turbines are expected to cause a €4.5 billion ($5 billion) net loss in one of industrial Germany’s biggest debacles.
Siemens Energy AG is scrutinizing its wind business for a strategic reset after heavy costs related to ongoing problems with turbines roughly quadrupled the company’s expected annual loss to €4.5 billion ($5 billion).
Siemens Energy is establishing an internal taskforce as well as supervisory board committee after a string of quality problems with its wind turbines triggered a record share price drop, a person familiar with the matter said.
Siemens Energy AG is struggling to contain the fallout after discovering a main piece on the frame of its wind turbine can move or twist over time.
Siemens Energy stock prices have dropped by record numbers following growing issues at Siemens Gamesa Renewable Energy.
The National Grid has seven years to deliver upgrades equivalent to five-times what it has achieved in the last four decades, a major industry conference has heard.
With Siemens Energy AG taking full control of its troubled Gamesa unit, executives finally have a clear path to fix a business that’s delivered three years of straight losses.
A consortium led by Siemens Energy has begun working on a new prototype system designed to produce hydrogen from ammonia.
Siemens Energy has signed up to work with Adnoc to account for the emissions linked to production.
How do we keep Europe warm this winter? What is the future of energy for Europe? Has decarbonization slipped off the to-do list?
Siemens Energy is confident that hydrogen will assure a green future for its gas turbine technology – the question is whether there will be enough green fuel to go around.
Vattenfall has contracted Siemens Energy and Aker Solutions to deliver grid connection infrastructure for the Norfolk Boreas wind project off the coast of East Anglia.
Earlier this month, energy leaders from across the world descended on Stavanger, Norway, for the annual Offshore Northern Seas (ONS) conference.
Figures from the energy industry have added their voice to mourners around the world following the death of the Queen.
Saipem (MIL: SPM) has joined forces with Siemens Energy to develop a “cutting-edge technology solution” for the offshore wind sector.
German Chancellor Olaf Scholz has inspected a mechanical turbine at the centre of a natural gas dispute and declared "there are no problems" with the part besides information from Russia's state-controlled gas company.