Power conversion investment

The power conversion technology firm, which celebrates its half-century this year, plans to invest €210 million over the next three years, of which €140 million will be dedicated to R&D and furthering in-house technologies. Staff numbers will grow by around a quarter with the creation of 1,000 new jobs, 100 of which will be in R&D.

Despite the Covid-19 pandemic and other challenges, the company closed the 2019 – 2021 period on target for R&D and revenue growth. It starts this next period with a record order book of over €800 million and a forecast growth in turnover of 44% to €1 billion by 2024.

R&D Investment

The €140 million investment in R&D will go to two self-consumption photovoltaic facilities at the company’s plants in Beasain and Navarra. The first produces Indar brand marine engines and generators for wind, marine, hydraulic and stationary power plants, as well as pumps. The second manufactures solar inverters, electric vehicle charges and wind turbine converters.

The remaining third of Ingeteam’s planned investment will be in new and existing facilities across its sites in the Basque Country, US, Brazil and India.

Recently having implemented a new organisational structure, the company now has seven business sectors – Wind Energy; Solar PV, BESS & Green H2; Water; Hydro; Transmission & Distribution; Railway & Mobility; and Marine, Metals & Mining.