HD Hyundai Electric’s $49.6 M order in Sweden
HD Hyundai Electric Co. has signed a 66.2 billion won ($49.6 million) contract to supply power equipment to a Swedish power company.
Image for illustration purposes.
Sweden/South Korea, Seoul: South Korea’s HD Hyundai Electric Co. has signed a 66.2 billion won ($49.6 million) contract to supply power equipment to a Swedish power company. The order includes five ultra-high voltage transformers rated at 415 kV, scheduled for sequential delivery by 2029.
This is the company’s first power equipment order in Sweden, which competes with France for the position of Europe’s largest electricity exporter. The country produces vast amounts of electricity annually for domestic consumption and supply in countries such as Germany, Poland, and Lithuania. The transformers in the order will be used for the expansion of substations, necessary due to the increase in renewable energy generation in Sweden.
The country has been working to expand its transmission network capacity to meet the growing demand and diversify energy sources in line with global energy security trends. In line with the European Union’s Green Deal policy, which aims for carbon neutrality by 2050, HD Hyundai Electric expects that the energy transition across various industries, including transportation, steel, and defence, will further increase electricity demand in Sweden and Europe. The company’s annual order value from the European region in 2023 was $333.7 million, marking a 91.8% increase compared to the previous year.
Source: The Korea Economic Daily
