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Hyundai Electric wins orders worth $395 M

Korea, Ulsan: Hyundai Electric & Energy Systems Co., has announced that its monthly orders in April hit a record high of $395.9 M (500 B won).

The orders came from global power generation, distribution, energy solutions and other sectors in line with increasing investment in renewables and recovery of orders from the Middle East, the company said. Of the $395.9 M, $189.2 M (240 M won) of orders were from the USA and the Middle East.

The company has recently received an order for power transformers, for a combined worth of $126.1 M (160 B won) worth, from US’ leading renewable energy generator NextEra Energy Inc. Hyundai Electric will supply US’ solar power plants with its extra-high-voltage transformers, ranging between 115 and 525 kV kilovolts, from 2024.

The US Energy Information Administration (EIA) forecasts the US’ utility-scale solar generating capacity to grow by 21.5 GW in 2022, the energy research institute said in its January report. This will expand the American market for power transformers, Hyundai Electric’s core product, industry watchers say.

The Korean company’s order intake from the Middle East reached $63 M (80 B won) in April, up 433 % compared with the same month of 2021. Saudi Arabia and some other countries, which have secured ample liquidity from increased oil prices, purchased extra-high-voltage transformers as well as power generation facilities.

“Investors are increasingly eyeing eco-friendly power plant facilities in emerging markets as well as in the USA and Europe. We will expand our market share with advanced technologies and a wide range of product line-ups,” a Hyundai Electric official said.


Source: The Korea Economic Daily