GB Energy is set to create up to 300 jobs at its Aberdeen headquarters over the parliamentary term, its chairman has advised a House of Commons committee.
Juergen Maier, who was appointed chairman in June, told a House of Commons select committee that no firm plans regarding a workforce had been drawn up yet, but that he estimated between 200 and 300 roles would created in the Granite City.
The new figure relates to this parliamentary term, with Mr Maier last month suggesting it could rise to more than 1,000 "eventually".
The BBC reports Mr Maier said there was "a lot of opportunity" to bring in people from the oil and gas sector to work for the state-owned energy company - a flagship policy during Labour's general election campaign.
However, the GB Energy boss cautioned that it would be "well into next year" before the firm starts making any investments, and even then they would be "very modest".
The UK government has vowed to invest £8.3billion over the term, and Mr Maier said the investments would focus on technologies such as floating offshore windfarms, tidal power and energy storage.
He added the investments would be "unapologetically long term" and expect to return a profit within five years.