Hyundai Electric and Hyundai Construction Promote Smart Power Infrastructure Development

Government to Expand Renewable Energy Capacity Fivefold by 2030... "Market Size Will Further Grow"

[Asia Economy Reporter Yu Je-hoon] Hyundai Electric announced on the 3rd that it signed a Memorandum of Understanding (MOU) for joint cooperation in the fields of next-generation power infrastructure and new energy business with Hyundai Engineering & Construction at the Hyundai Building in Gyedong, Jongno-gu, Seoul.

Accordingly, the two companies decided to promote cooperation across three main areas: ▲ new energy business including renewable power generation ▲ smart power systems ▲ domestic renewable substations business.

First, Hyundai Electric will jointly develop renewable power generation business and design power solutions related to smart grids with Hyundai Engineering & Construction to establish a business model. Additionally, the two companies will collaborate to jointly develop a smart power feeder system aimed at application in apartment complexes and public buildings. Furthermore, they plan to jointly participate in the domestic new transmission (70kV class) substation business in the future.

In particular, the government announced the 'Renewable Energy 2030' policy in 2017, planning to increase renewable energy facility capacity from 13.3GW in 2016 to 63.8GW by 2030, about five times growth. Based on this, both companies analyze that the related market size will significantly expand going forward.

A Hyundai Electric official stated, "This MOU signing is meaningful as it establishes a proactive cooperative relationship between a private construction company and a power energy solution provider amid increasing demand for power infrastructure for renewable energy sources," adding, "We will expand cooperation in the future to secure a leading position in the renewable and smart power markets."

A Hyundai Engineering & Construction official also said, "Collaboration leveraging the strengths of Hyundai Engineering & Construction and Hyundai Electric will help strengthen competitiveness in the renewable and smart power markets between the two companies."

This content was produced with the assistance of AI translation services.