October 2026
Largest Energy Services Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Siemens Energy, RWE, E.ON, MVV Energie and Friedrich Vorwerk Group.
 | Siemens Energy manufactures a wide range of equipment used to generate and transmit energy. The group is a product of the spinout from Siemens in 2020, consisting of the power and gas segment and Siemens Gamesa, although its operations go back over 150 years. Approximately one-sixth of global electricity generation is based on its technology. | $151 | +31% | $129B | $119B | 2.7x | 26.9x | ||
| RWE is a German integrated energy company focused on renewable generation, flexible power, storage, trading, and electricity supply. The organization serves B2B, B2C, B2G customers and counterparties through the operating assets, products, or financial capabilities described in the cited transaction materials. Its principal economics are Services, while its competitive position depends on sector expertise, asset quality, customer relationships, execution, and disciplined capital allocation. The business was founded in 1898 and is headquartered in Essen. The 2022 mandatory-convertible issuance financed RWE’s acquisition of Con Edison Clean Energy Businesses and made QIA a strategic shareholder. The profile reflects the legal or operating business at the transaction date, including its historical identity where a subsequent listing, merger, privatization, disposal, or reorganization changed its name or ownership. | $66 | +34% | $52B | $90B | 4.5x | 15.7x | ||
| Since completing the transformative deal with RWE in 2019, E.On has two core businesses: energy networks and customer solutions. Its retail supply serves around 47 million customers primarily in Germany, the United Kingdom, Eastern Europe, the Netherlands, Belgium, and Sweden. Its networks business operates in Germany, Sweden, Eastern Europe, and Turkey. | $19 | +3% | $51B | $101B | 1.1x | 10.5x | ||
| MVV Energie AG is an energy generator, distributor and service provider. The company's portfolio covers various areas of the energy industry value chain: from energy generation and trading through to distribution via proprietary grid companies and the marketing of energy solutions to various customer groups. It also has water production and distribution activities. Its business is managed in the reporting segments of Customer Solutions, New Energies, Generation and Infrastructure and Other Activities. The majority of revenue is generated from the Customer Solutions segment, which includes its retail and secondary distribution businesses for electricity, heat, gas and water. Geographically, the maximum revenue is generated from Germany. | $34 | -6% | $2.2B | $4.4B | 0.7x | 7.8x | ||
| Friedrich Vorwerk Group SE is engaged in providing infrastructure solutions that support the European energy transition. The company operates through four segments. The Natural Gas segment covers the transport and conversion of raw natural gas into treated natural gas. The Electricity segment provides infrastructure for the underground transport and conversion of electricity generated from renewable energy sources such as wind, solar, and hydropower. The Clean Hydrogen segment focuses on the conversion of energy into clean hydrogen and its transportation to consumers. The Adjacent Opportunities segment provides related turnkey technologies and complementary infrastructure solutions. The Electricity segment generates the majority of the company's revenue. | $78 | -28% | $1.6B | $1.3B | 1.7x | 7.7x | ||
| thyssenkrupp nucera AG & Co is a high-tech company providing electrolysis solutions that support industrial decarbonization and sustainable production. It offers green hydrogen solutions through large-scale water electrolysis, as well as chlor-alkali and hydrochloric acid solutions for the chemical industry and technologies for emerging industrial ecosystems. The business operates through two main segments: Green Hydrogen, which delivers technologies for producing chlorine, caustic soda, and renewable hydrogen at an industrial scale. Both segments are supported by services including engineering, commissioning, maintenance, modernization, spare parts supply, and digital solutions to ensure reliable plant operation throughout the lifecycle. | $9 | -10% | $1.2B | $473M | 0.5x | 29.1x | ||
| Energiekontor AG engages in the planning, construction, and operational management of wind and solar farms. It operates through the following segments: Project Planning and Sales (Wind, Solar), Power Generation in Group-owned Wind and Solar parks, as well as Operation development, innovation and others. The Project Planning and Sales (Wind, Solar) segment focuses on project development for onshore wind farms and solar parks for sale outside the Group which also contributes to majority of the revenue for the company. The Operation development, innovation and others segment comprises all services following the construction of the wind/solar park that are aimed at optimizing the operational value creation from the time of commissioning. | $26 | -33% | $362M | $621M | 3.3x | 6.4x | ||
| HMS Bergbau AG engages in the segment of trading of coal and energy commodities. It supplies steam coal, coking coal, and coking products, as well as ore, cement, and fertilizer, and offers transport logistic services. In addition, the company charters seagoing vessels and inland barges, organizes logistics by barge, train, or truck; and provides logistics solutions comprising harbor operations, storage management, and technical oversight. The majority of the company's revenue is carried out from Asia and Africa region. | $40 | -34% | $182M | $299M | 0.2x | 4.5x | ||
| 7C Solarparken AG is a Germany-based company. It is in development, manufacture & operation of photovoltaic energy systems. | $2 | +7% | $144M | $316M | 4.3x | 7.4x | ||
| Helios Solar AG is a solar PV solutions group focusing on the development and construction of rooftop and ground-mounted PV systems, with a regional emphasis on Malaysia and Southeast Asia. The company provides integrated products, engineering solutions, and advisory services across the renewable energy value chain, covering early-stage feasibility through long-term operations and maintenance. It serves residential producing-consumers, commercial and industrial facility owners, public institutions, and developers of small utility-scale assets. Its revenue is generated from turnkey EPCC contracts (fixed-price or unit-rate), project development fees, and operation and maintenance(O&M) service agreements as well as renewable energy (RE) advisory service agreements. | $4 | -- | $135M | $134M | 264.1x | - | ||
| XCHG Ltd is engaged in designing, manufacturing and selling Electric Vehicle (EV) chargers and EV charging solutions, which include the DC fast chargers named the C6 series and the C7 series, the battery-integrated DC fast chargers which is Net Zero Series (NZS), as well as accompanying services. Its integrated solution, combining proprietary charging technology, energy storage technology, and accompanying services significantly improves EV charging efficiency and unlocks the value of energy storage and management. Its NZS solution enables fast charging at low power locations or vis-a-vis aged grid infrastructures (which typically are not compatible with fast charging equipment) with no site improvements or grid upgrades needed. | $0 | -93% | $10M | $11M | 0.4x | (0.3x) | ||
| Median | $26 | -8% | $1.2B | $621M | 1.7x | 7.7x |
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