HD Hyundai Electric Secures 290 Billion KRW Orders in the US and Europe

$210 Billion Transformer Contract with US Energy Company
Largest Single Item in Company History... Increased Investment in Renewable Energy

On the 26th (local time), HD Hyundai Electric signed a supply contract worth a total of 79.2 billion KRW for offshore substation transformers and equipment at Semco Maritime's Copenhagen office. From the left in the photo: Cho Seok, President of HD Hyundai Electric, and Steen Brødbæk, CEO of Semco Maritime. Photo by HD Hyundai

HD Hyundai Electric, a power equipment and energy solutions subsidiary of HD Hyundai, has successfully secured large-scale orders for eco-friendly power equipment in the United States and Europe.

On the 27th, HD Hyundai Electric announced that it had signed a power transformer supply contract worth a total of 213.6 billion KRW with the US energy specialist company 'Xcel Energy.' This contract is the largest single-item order in the company's history.

The products ordered this time are ultra-high voltage transformers for power plants that Xcel Energy is building in the US states of Texas, Colorado, and Minnesota, which are scheduled to be delivered sequentially over three years from 2025 to 2027. Xcel Energy is a company leading the transition to an eco-friendly power supply network in the US through investments in renewable energy.

Following the large-scale transformer supply contract signed earlier this year with 'American Electric Power,' HD Hyundai Electric has been announcing consecutive orders in the US, the world's largest market in the renewable energy sector.

Additionally, HD Hyundai Electric has taken its first step into the European offshore wind power market by securing orders worth a total of 79.2 billion KRW for offshore substation transformers and equipment from the Danish offshore wind company 'Semco Maritime.'

At the contract signing ceremony held on the 26th (Monday) local time at Semco Maritime's Copenhagen office, key officials from both companies, including HD Hyundai Electric President Jo Seok and Semco Maritime CEO Steen Brødbæk, attended.

The products ordered this time will be supplied to the 'Baltica 2 Project,' Poland's largest offshore wind power project currently under development along the Baltic Sea coast, in which Semco Maritime is participating as the EPC main contractor.

HD Hyundai Electric's power transformer. Photo by HD Hyundai

According to the '2023 Electricity Market Report' released by the International Energy Agency (IEA), the share of renewable energy generation is expected to grow by an average of 9% annually, reaching 35% by 2025, becoming the world's largest power source.

In the US, government-led large-scale investment plans in the renewable energy sector and state government policies supporting renewable energy utilization are actively driving investments in eco-friendly power grid infrastructure. Similarly, the European Union (EU) recently agreed to increase the share of renewable energy use to 42.5% by 2030, indicating a rapid expansion of renewable energy adoption within Europe.

An HD Hyundai Electric official stated, "As the renewable energy industries of countries worldwide enter a full growth trajectory toward carbon neutrality, investments in eco-friendly power grid infrastructure for stable energy supply are increasing. We will closely monitor the global renewable energy transition trends and do our best to discover additional business opportunities."

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