Activist fund Ananym Capital – co-founded last year by veteran campaigners Charlie Penner and Alex Silver – has built a significant stake in Siemens Energy and is pressing the German group to separate its loss-making wind business, according to a report by the Financial Times.
Penner, best known for architecting Engine No1’s landmark proxy victory at ExxonMobil in 2021, has launched a fresh campaign arguing that Siemens Energy’s fast-growing gas turbine and grid units are being held back by the continued underperformance of Siemens Gamesa. Ananym, which manages roughly $300m, described its position in the stock as “large” for the fund.
In a letter to the board, Ananym urged Siemens Energy to conduct a strategic review of Siemens Gamesa – potentially leading to a spin-off less than three years after the company took full ownership. The fund argues the wind division would attract a different, more specialised investor base and could reach a valuation of around €10bn within two years as a standalone business.
Siemens Energy, itself spun out of Siemens in 2020, has benefited sharply from soaring demand for electricity driven by AI-related data centre expansion. But the troubled wind unit forced the company to seek a government-backed support package in 2023 and has continued to generate heavy losses, including an operating deficit of €1.4bn in the year to September.
The company says it values “constructive input” and expects its wind division to return to profit next year. Siemens Energy shares have rallied strongly since last year’s crisis, but Ananym argues the group still trades at a discount to its sum-of-the-parts value.
Penner’s involvement raises expectations of a more confrontational campaign. At Engine No1, he secured three board seats at ExxonMobil with a stake of just 0.02%, while his earlier stint at Jana Partners saw him push for change at Apple and McDonald’s.
