Siemens Energy to expand in Charlotte and Raleigh, promising more than 550 new jobs
Siemens Energy plans to add more than 550 jobs in Charlotte and Raleigh as the company seeks to expand its energy grid technology manufacturing in the state.
On Tuesday, the North Carolina Economic Investment Committee approved an incentive deal that could award Siemens Energy close to $10 million if the company meets future hiring and investment goals. Mecklenburg County and the City of Charlotte added local incentive packages worth around $2.7 million each.
Spun off from the Munich-based conglomerate Siemens, Siemens Energy already employs more than 1,200 people in Charlotte alone, where it has operated since 1969. Only 84 of the new jobs will be based in Raleigh, with the bulk of the upcoming hiring in Charlotte.
In its incentive agreement, the company pledged to add these positions by the end of 2028 at an average wage of at least $87,000.
Siemens Energy will focus on grid products and services in this expansion, including building its first U.S. power transformer plant, in Charlotte. “Manufacturing large power transformers in the United States will strengthen and expand our electrical grid to incorporate more renewable energy and meet growing energy demand,” Tim Holt, a Siemens Energy executive board member said in a statement.
The company also committed to invest $150 million between the two locations.
In a statement Tuesday, Charlotte Mayor Vi Lyles said Siemens Energy “has been a valued corporate partner in our community for many years.”
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Siemens Energy also considered expanding in Kansas before opting for North Carolina’s two largest cities, the N.C. Department of Commerce said. In addition to offering a job development investment grant worth nearly $7 million over 12 years, the state will direct $1.4 million for community colleges to train Siemens workers.
Retaining its existing workforce in Charlotte, Raleigh, and Johnston County is a prerequisite for Siemens to receive incentive dollars. If it meets its potential, the expansion would increase the state’s gross domestic product by $1.6 billion, according to the Walden Model, the cost-benefit equation the state relies on to determine public benefits for private projects.
Since 2003, when North Carolina began awarding job development incentive grants, most incentive-backed projects have fallen short of their announced hiring goals. Siemens Energy’s 12-year grant will begin in 2025.
This story was originally published February 13, 2024 at 1:06 PM.
