GERMANY: Increased heat pump sales have helped Stiebel Eltron exceed a turnover of €1bn for the first time.
The milestone was passed at the end of November, 11 months into the company’s financial year, and marks a doubling of sales within the last five years. The increase is largely due to the enormous growth in heat pump sales.
“The phase-out of fossil fuels is unleashing enormous market momentum for heat pump systems in Germany,” said Dr Kai Schiefelbein, CEO of Stiebel Eltron. “We are pleased with the strong year-end results and proud to actively be working on the climate-friendly transition with our electricity-powered heating systems – Made in Germany.”
The number of employees at the German SME manufacturer has increased by a approximately 1,000 to around 3,200 within three years in its home market. Worldwide, the Stiebel Eltron Group employs around 5,400 people.