The holding company with "Hellenic Cables" and "Corinth Pipeworks" is going for the American dream... With the investment for the development of a cable manufacturing plant.

Cenergy Holdings
The investment of Cenergy Holdings amounting to 200 million dollars will be made by the subsidiary "Hellenic Cables America" .

In the first phase, the factory in Baltimore, Maryland will manufacture land cables with the aim of meeting the demand in the US for the upgrades of the electricity transmission and distribution networks.

The first step was taken with the purchase of a waterfront plot in Wagners Point, Baltimore, an area of ​​approximately 153,800 sq.m. (38 acres), after successfully completing a lengthy due diligence process and obtaining all customary approvals in similar transactions.

By the end of 2024 the factory will start construction.

The electrification of the USA
In the US, the Biden administration has set particularly ambitious targets for decarbonisation through electrification with green energy.

One only has to look at the targets set for the development of offshore wind farms. According to the corporate presentation of Cenergy Holdings, today's electricity generation capacity from offshore wind farms is just under 50 GW. The revised target for 2030 – 2035 shows around 80 GW, while for 2050 a quintuple of the current installed capacity is foreseen to 200 GW.

A massive $369 billion green transition aid package is being run by the Biden administration, prompting European companies involved in green transition activities to rush to develop decarbonization projects.

The US president has promised a $2 trillion plan to get the US to zero CO2 emissions by 2050.

In this environment major projects to modernize and expand electricity transmission and distribution lines are in full swing to bring the growing production of green energy to consumption centers.

Cynergy Holdings, a Belgian-based multinational with Greek interests, is also vying for a share in the US market

Hellenic Cables America, a subsidiary of Cenergy, last April won a $58 million tax exemption from the Biden package that it will use for its new investment.

Extroversion
Cenery Holdings companies make 70% of their sales in 70 countries.

Large and emblematic electrical interconnection projects of offshore and onshore wind farms as well as transmission lines from coast to coast or in onshore areas as well as pipeline transportation of natural gas, oil, are among the achievements of the holding company.

76% of sales are made in Europe, 12% in the Americas, 11% in Asia and Oceania and 1% in Africa.

Cenergy's backlog of projects is steadily moving above 3 billion euros, with 2023 locked in at 3.15 billion euros. Most of the orders of around 2.5 billion euros come from the cable sector.

In total, Cenergy's sales in 2023 amounted to 1.63 billion euros and operating profitability to 213.8 million euros. With the management having as guidance for 2024 operating profitability of 230 to 250 million euros.

Of the sales over 1 billion euros ($1.047 billion) came from the cables as well as from operating profits of 150.3 million euros again from the same sector.

The factories
Cenergy Holdings has 5 factories in 4 countries and 4 auxiliary units, while in the last 12 years it has invested approximately 680 million euros continuing to expand its production lines.

The Maryland plant, when built, will be Cenergy's new line of fire to capitalize on the next decade's megatrends in the cable sector: Electrification and energy security.