Curreen Capital Partners, LP on Siemens Energy AG
Thesis
Siemens Energy combines major power-generation and electricity-transmission businesses with a wind-turbine operation that is undergoing a turnaround. The company was spun out of Siemens in 2020, fitting Curreen's focus on spinoff opportunities. After years of weak electricity demand across OECD countries, Curreen believes Siemens Energy is now benefiting from a cyclical boom in power investment. The fund sees rising electricity demand from artificial intelligence as an additional force supporting that cycle.
“Siemens Energy is benefiting from a cyclical boom that has been boosted by AI’s demand for electricity.”
Key risks
- The wind-turbine business remains dependent on a successful turnaround