Hyundai Electric and GE Form Strategic Partnership for Offshore Wind Power Business

[Asia Economy Reporter Oh Hyung-gil] Hyundai Electric is entering the offshore wind power business with the US-based GE Renewable Energy.

On the 14th, Hyundai Electric announced that it signed a "Strategic Partnership for Entering the Offshore Wind Power Market" with GE Renewable Energy at the Banyan Tree Hotel in Seoul.

The two companies will jointly target the domestic and international offshore wind power markets through product manufacturing and sales. Hyundai Electric will be responsible for domestic production of key components such as the nacelle and generator for GE's ultra-large wind turbine "Haliade-X," and will promote localization of various equipment and parts to establish a domestic supply chain.

GE Renewable Energy plans to actively support Hyundai Electric in joint bidding activities targeting domestic and overseas customers and contribute to achieving Korea's 2030 Nationally Determined Contribution (NDC) for greenhouse gas reduction.

Additionally, the two companies signed a letter of intent to establish a joint venture (JV) to support strategic bidding activities for market expansion.

Cho Seok, CEO of Hyundai Electric, said, "As both companies possess core competencies in offshore wind power and power generation, we will carry out bidding activities with differentiated competitiveness through close cooperation. We will strive not only to create a domestic offshore wind power ecosystem but also to contribute to regional economic development and job creation."

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