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“GreenTech” booms in Germany: Stiebel Eltron reports double digit growth

  • Outlook: 400 new jobs by 2026
  • Heat pump systems help to reach climate targets

HOLZMINDEN, Germany–(BUSINESS WIRE)–GreenTech in the boiler room is boosting the economy in the German SME sector: Stiebel Eltron, the manufacturer of climate-friendly heating technology, has significantly increased its turnover in recent years to 700 million euros. Last year alone, sales surged 18 percent compared to the previous year (2019-2020). In the current financial year, this mark will once again be exceeded. The most important driver is the business with environmentally friendly heat pump systems "Made in Germany".


"In the last five years, our turnover from the sale of heat pumps has more than tripled," says Nicholas Matten, one of StiebeI Eltron's two managing directors. "By 2026, we aim to double the production capacities at our headquarters in Holzminden, Lower Saxony. To that end, we will invest around 120 million euros in our heat pump production.”

400 new greentech jobs

The economic success with greentech also has a positive impact on employment: 400 new jobs are to be created in Holzminden by 2026 and qualification programs will be expanded: "The environmentally friendly technology offers excellent career opportunities for the entire heating industry in Germany," says Human Resources Manager Christiane Schäfer. "Our heat pump systems help to fight climate change so that we create jobs for a market of the future."

550,000 new heat pumps per year

The forecasts are extremely positive: in order to achieve the climate targets, Germany must quickly push ahead and install at least 500,000 new alternative heating systems every year – according to the calculation of experts. German consumers can take advantage of generous subsidies for switching from old oil and gas heating systems to heat pump systems.

Lower electricity prices needed

"Policymakers must relieve the price of electricity from state levies," says Nicholas Matten. "In France or the UK, for example, electricity costs a third less compared to Germany. The decision in the coalition agreement of the new government to abolish the ‘EEG levy’ from January 2023 is the right approach to unleash the full potential of greentech."

About Stiebel Eltron

Stiebel Eltron is one of the world’s market leading suppliers of technology products for building services and green tech: STIEBEL ELTRON Group (stiebel-eltron.com)

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