German electrical engineering giant Siemens to invest $25M in Gold Coast after opening new hi-tech facility at Yatala
German electrical engineering giant Siemens will invest $25 million in the Gold Coast economy after moving its cutting-edge research facility from Loganholme to Yatala.
The company, which has moved to a 1470/sq m facility at 2-4 Union Cct, plans to increase staff from 30 to 50 in the next few years and production of its flagship Fusesaver product from 6000 to more than 10,000 units.
Kaon Holdings developed Fusesaver, billed as the “world’s fastest switching technology capable of reconnecting the supply of electricity almost instantaneously”.
The company, cofounded by Dr Brett Watson in 2006, was sold to Siemens in 2012 on the strength of its Fusesaver device.
Siemens will export to more than 30 countries from its new base in Yatala including the US, UK and Brazil and some more unusual destinations including Latvia, Lithuania and Belarus.
Last year UK Power Networks placed a �1.5 million ($2.74 million) order for Fusesaver — the largest order outside of Australia for the product.
In Australia Energy Queensland is a customer as well as Powercor, the company that owns and manages poles and wires delivering electricity to nearly 780,000 homes and businesses in Victoria.
It installed 600 units across its network to help reduce the risk of bushfires that could be caused by arc ignitions from fuse breakdowns.
Dr Watson said the decision to move is because the company has outgrown its previous 500/sq m base at Loganholme. Source: Gold Coast Bulletin