Hyundai Construction and Hyundai Electric Sign MOU on 'Power Infrastructure and New Energy Business'

[Asia Economy Reporter Yuri Kim] Hyundai Engineering & Construction 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 Electric at the Hyundai Building in Gye-dong, Jongno-gu, Seoul.

At the signing ceremony, key officials from both companies attended, including Son Jun, Head of Energy Business Division (Executive Director) of Hyundai Engineering & Construction, and Park Jong-hwan, Head of Distribution Sales Division (Executive Director) of Hyundai Electric.

Through this business agreement, the two companies agreed to seek mutual cooperation in ▲ renewable power generation and new energy business ▲ smart power system development ▲ domestic Shin-songjeon substation projects.

Hyundai Engineering & Construction plans to discover new business participation opportunities related to renewable power generation and jointly develop power technology business models related to smart grids together with Hyundai Electric. A smart grid refers to a next-generation power grid that enhances energy efficiency by adding information and communication technology (ICT) to the existing power network to exchange power production and consumption information in real time.

The two companies will also cooperate to develop a smart power feeder system aimed at application in apartment complexes and public buildings, and have agreed to jointly participate in future Shin-songjeon (70kV class) substation projects.

A Hyundai Engineering & Construction official said, "Collaboration leveraging the strengths of Hyundai Engineering & Construction and Hyundai Electric will help strengthen competitiveness in the renewable and smart power markets," adding, "We will actively enter new markets through continuous research cooperation in future new energy business fields."

A Hyundai Electric official stated, "The signing of this MOU is meaningful in that a private construction company and a power energy solution company are proactively establishing a cooperative relationship amid increasing demand for power infrastructure for renewable energy sources," and added, "We will expand cooperation in the future to take the lead in the renewable and smart power markets."

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