October 31, 2018 / 8:54 AM / a year ago

Siemens to invest up to 600 million euros in Berlin

ZURICH, Oct 31 (Reuters) - Siemens went back to its roots on Wednesday when it announced an investment of up to 600 million euros ($681 million) in Berlin to make part of the German capital into an industrial and technology hub.

The investment will help create a new Siemensstadt, or Siemens city, in the part of Berlin where the engineering company’s predecessor company set up factories at the end of the 19th century.

The new project in Spandau, which covers an area of 70 hectares, aims to transform the large industrial area into a modern, urban district of the future, to promote innovation and collaboration between sciences and business, Siemens said.

As part of this project, Siemens’ current property in Spandau is to be developed into a technology park and business incubator by the end of 2030. Activities in fields of application such as distributed energy systems and energy management, electric vehicle technology, machine learning, artificial intelligence, data analytics and blockchain are to be based in Siemensstadt, Siemens said. ($1 = 0.8812 euros) (Reporting by John Revill; Editing by Maria Sheahan)

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