H&MV Engineering is targeting 1,000 new jobs over the next five years after securing €750m in fresh investment

Pictured at Limerick headquartered H&MV Engineering are (L-R) PJ Flanagan, CEO H&MV Engineering and David Maher, Managing Director, H&MV Engineering

Limerick headquartered H&MV Engineering €1.4bn valuation puts Limerick firm on global growth path

Limerick headquartered H&MV Engineering is targeting 1,000 new jobs over the next five years after securing €750m in fresh investment that values the fast-growing company at €1.4bn.

The high-voltage engineering and critical power infrastructure specialist has secured long-term backing from existing investor Exponent, alongside new investment from Apollo S3, Pantheon and SQ Capital.

The funding will support H&MV’s ambitious international expansion, with recruitment planned across the US, Ireland, the UK and Europe, as well as investment in new engineering capabilities and strategic acquisitions.

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The company is targeting revenues of €3bn and a global workforce of 3,000 within five years — a major jobs boost for a business that has already transformed its scale in recent years.

Since 2020, H&MV has grown revenues from €61m to an expected €1bn in its current financial year, while its workforce has increased from around 300 people to more than 1,900.

CEO PJ Flanagan said the new investment would allow the company to “scale at the pace of the markets we serve” while continuing to invest in its people and engineering expertise.

He said the deal was a “strong endorsement” of what H&MV had built over almost three decades and praised the team for its achievements.

“We’ll continue investing in the team, our engineering capability and the culture that has enabled us to grow while delivering for clients around the world,” he said.

The company is benefiting from rapidly increasing demand for critical power infrastructure, driven by the growth of artificial intelligence, data centres, electrification, battery energy storage and the wider energy transition.

H&MV designs, builds and energises high-voltage infrastructure for data centres, battery storage projects and electricity networks. Its customers include major technology companies, data centre operators, utilities and renewable energy developers.

The company currently has more than 24GW of projects in design and construction and operates from 20 offices across Ireland, the UK, Europe, the US and Asia.

A major focus of its next phase will be North America. H&MV is due to open its North American headquarters in Dallas later this year, following the establishment of its US presence last year.

The company has already invested in senior leadership, engineering, project delivery and corporate development capabilities in the region and expects the US to be a significant source of future growth and employment.

John Moore, operating partner at Exponent and chairman of the H&MV board, said the company was at the centre of some of the world’s fastest-growing infrastructure markets.

He said demand for specialist engineering expertise and reliable power infrastructure continued to increase, creating significant opportunities for H&MV.

With a €2bn order book and a €16bn pipeline of potential projects, the Limerick business is now positioning itself for another major period of expansion.

Limerick headquartered H&MV Engineering is a local company that began its journey in Limerick almost 30 years ago, the latest investment represents not just a substantial increase in value, but the prospect of 1,000 additional jobs and a growing global engineering presence over the years ahead.