Hoval invests 20 million euros in Germany

22 February 2024 09:24

Liechtenstein

Vaduz - Hoval is investing a sum of 20 million euros in the expansion of its site in Hoyerswerda. By doubling the production area, the company’s subsidiary Yados GmbH is attempting to meet rising demand for heat pumps.

 

Hoval is seeking to strengthen its presence in Hoyerswerda, a town in the German federal state of Saxony located to the northeast of Dresden towards the Polish border. As detailed in a press release, the energy technology company from Liechtenstein is investing a sum of 20 million euros via its subsidiary Yados GmbH in the expansion of its production area at the Hoyerswerda site. In this way, Hoval and Yados are striving to meet increasing demand for municipal heating solutions and heat pumps, as the press release states. By the end of the year, two new production halls covering an area of 12,500 square meters are to be constructed on the new factory premises, where manufacturing activities are scheduled to commence at the beginning of 2025. With the expansion of production capacities, the workforce is also set to grow from the current level 320 employees to more than 600. The new production halls are intended to manufacture Yados local and district heating stations for highly efficient building supply. Moreover, smart control cabinets for Hoval heat pumps with a performance range of 1 kilowatt to 500 kilowatts will also be manufactured at the new facility.

“The next expansion stage for the Hoyerswerda site represents an additional milestone in the consistent bundling of our competencies with the aim of jointly providing holistic and cost-effective supply solutions with reliable delivery”, comments Fabian Frick, co-CEO of the Hoval Group, in the press release.

Torsten Ruban-Zeh, mayor of the large district town of Hoyerswerda, believes that the plant expansion brings positive prospects with it. “We are optimistic about the energy transition. It can become a job driver in the region”, he explains in the press release. ce/ww

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