Stiebel Eltron Invests €600 Million in Heat Pump Business
2022-11-08
Germany has decided to stop using Russian gas, and demand for environmentally friendly electricity-based heating is booming.By the end of 2022, Germany-based Stiebel Eltron expects to have produced a record 80,000 heat pumps, an increase of 60% compared with 2021. The company is planning further investments of more than €600 million (about US$ 588 million) in the near future. Production capacities will be expanded, research and development (R&D) will be financed, and new jobs created.
