Chinese-owned Wasion, one of the leading global energy solution providers is investing over EUR 10.5 million to set up its new production site in Gödöllő, located in Pest county, Hungary, the Hungarian Investment Promotion Agency reports.
The R&D and manufacturing base, close to 10% of which is paid for by Hungarian taxpayers through a government decision, is said to create over 100 jobs to serve European markets.
Being one of the leading global energy solution providers, Chinese-owned Wasion is present in 20 countries worldwide, and is active in areas including energy metering, energy storage, smart city and big data services, with cutting-edge energy solutions.
The company established its Hungarian subsidiary to implement an over EUR 10.5 million investment in Gödöllő which will initially result in the creation of 100+ jobs. In the fully automated smart metering factory of 7,000 square meters set up in the former plant of Itron, Wasion will not only manufacture smart metering tools, but establishes its 6th global R&D center as well.
The new plant’s launch is scheduled for Q1, 2024, and by 2025 it is expected to have an annual manufacturing capacity of over one million units of smart meters. The investment aligns with Wasion’s long-term vision of sustainable growth to increase sales revenues, create high value-added jobs, and contribute to the economic revitalization of the energy sector.
The developments should be completed by 2027, at which point the Hungarian subsidiary plans to employ up to 200 highly experienced and qualified experts.
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