Limerick based H&MV Engineering has announced an investment by three global equity partners that will value the business at 1.4 billion euro.
The company deliver high-voltage infrastructure needed for AI and data centres, battery storage, utilities, and the energy transition.
This funding by Apollo S3, Pantheon and SQ Capital Partners as part of an Exponent financing deal will support H&MV’s next phase of international growth, particularly in the US.
The CEO PJ Flanagan joined H&MV at 17 as an electrical apprentice and was the company’s first employee.
He led a management buyout in 2015, and since then, has overseen H&MV’s growth into a global engineering business.
Speaking on RTE’s Morning Ireland, Mr Flanagan said part of this investment will be the expansion of their personel in the business from 1,900 people to 3,000 employees globally.
” A big part of our five year strategy is our expansion into the US where in the next month we’ll open a new headquarters in Dallas on the back of securing new projects in the data centre and in the renewables sector” said Mr Flanagan.
The engineering company is aiming to grow its annual revenue from €1 billion to €3 billion within five years.
It reported that its FY26 revenues are expected to be €1 billion+, up from €61 million in 2020, with a €2 billion order book and €16 billion pipeline.
The US is a major growth market, just today Nvidia announced it has partnered with six major financial institutions to launch compute financing platforms aimed at raising over $500 billion in third-party capital for AI infrastructure.
The move highlights how surging demand for AI computing capacity is drawing institutional investors, as governments, companies and startups race to build out data centers to support AI workloads.
However, there is also growing opposition to data centres, a recent Gallup poll showed 71% of Americans oppose them.
“No doubt the data centre market is a big part of the growth plans for H&MV, but we’re also very active in the renewable space and the utility space.
I suppose proof of this is we have an order book of over 2 billion and a pipeline of over 16 billion, that’s what gives us confidence in our plans for the US and the growth strategy,” said Mr Flanaghan.
