Riding the data center and AI wave, an Irish high-voltage engineering firm is establishing a North American headquarters in Dallas, bringing with it 1,000 jobs.
H&MV Engineering, based in Limerick, Ireland, announced Thursday plans to expand its presence in the U.S., adding 1,000 jobs over the course of five years. The firm designs and builds high-voltage substations and grid connections for hyperscale technology companies, utilities and energy developers, with the additional roles adding to H&MV’s engineering, construction and project delivery capabilities. The headquarters opened at 3131 McKinney Ave. in Uptown on Thursday.
“AI and data center growth is putting huge focus on the need for power infrastructure, but the opportunity is much broader,” said CEO P.J. Flanagan in a release. “Across the U.S., investment in the grid, renewables and battery storage is driving demand for new high-voltage infrastructure. That is exactly where H&MV specializes, and why we see the U.S. as a major part of our next phase of growth.”
In 2020, H&MV did $70 million in revenue. Today, that number is more than $1 billion, as rapid build-out of data centers to fill AI demand calls for greater access to high-voltage power. The company says it has more than 24 gigawatts worth of projects in design and construction globally, a $2.3 billion order and an $18.6 billion pipeline. Within five years, the company hopes to reach $3.5 billion in annual revenue.
H&MV’s expansion in the U.S., where Texas and Louisiana are its most active markets, is funded by a continuation vehicle worth €750 million led by existing investor European private equity firm Exponent. The deal, which closed in August, valued H&MV at €1.4 billion and added Apollo S3, Pantheon and SQ Capital as investors.
“Dallas is the right base for the next stage of our U.S. growth. It puts us close to customers and major growth markets, with access to a deep pool of engineering and construction talent,” said Ken Gilmartin, the company’s executive vice president, U.S. “We’re building the team and capabilities here to deliver complex power infrastructure at scale across the U.S.”