“One Billion Euros”: Germany's Greentech Company STIEBEL ELTRON Hits Sales Record in 2022

• 190,000 new jobs created by the climate-friendly heating sector

HOLZMINDEN, Germany--(BUSINESS WIRE)--Stiebel Eltron Group has reached a new milestone in its company history: The annual turnover of the green-technology company exceeded the mark of one billion euros in November 2022 - sales doubled within five years (2017: 500 million euros).

"The phase-out of fossil fuels is unleashing enormous market momentum for heat pump systems in Germany," says 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."

Energy turnaround creates new jobs

The number of employees at Stiebel Eltron, a “German Mittelstand” company, has increased by a good 1,000 to around 3,200 within three years in its home market. Worldwide, the Stiebel Eltron Group employs around 5,400 people.

The heating industry offers excellent job opportunities: an estimated 190,000 new heating installers will be needed by 2027. Replacing oil and gas burners with green tech systems, servicing the systems as well as jobs in manufacturing will drive demand for new labor.

"Skilled workers from the traditional automotive industry, people with heating and plumbing training, chimney sweeps or career changers in the old manufacturing industry will get new job opportunities," says Dr Kai Schiefelbein. "From 2024, the German government's targets call for 500,000 new heat pumps to be installed every year in order to meet decarbonization targets. This will simultaneously reduce Germany's dependence on imported energy in the form of oil and gas."

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About Stiebel Eltron

Stiebel Eltron, founded in 1924, is one of the world’s market leading suppliers of technology products for building green tech and services. The internationally operating group is in family ownership with approximately 5.000 employeees worldwide - four national and four international production facilities. STIEBEL ELTRON Group (stiebel-eltron.com)