GE Renewable Energy and Hyundai Electric announce the signing of a strategic partnership agreement for South Korea.
A strategic partnership
GE Renewable Energy and Hyundai Electric see this partnership as a new step to serve the South Korean offshore wind market. Under the terms of the agreement, Hyundai Electric will serve as a manufacturing partner to help locate the assembly of the wind turbines. In addition, the company will also be involved in the Haliade-X offshore generators.
The firm agreement follows a memorandum of understanding first announced by the two companies in February 2022. The latest agreement outlines plans for a plant in South Korea. The company will produce the nacelles and generators used in the Haliade X turbines.
A local supply chain
GE Renewable Energy and Hyundai Electric also sign an agreement letter of intent. Thus, the two partners aim toestablish a joint venture if the collaboration wins the volume of volume of orders needed to support these efforts.
Fabrice Kermorgant , sales director of GE Offshore Wind, said:
“We are excited to take the next step in our strategic partnership with Hyundai Electric. This agreement will strengthen our ability to serve local customers, create significant local economic benefits, and establish a local supply chain perfectly suited to serve the growing offshore wind market in South Korea and potentially beyond in APAC.”
In addition, South Korea has announced plans to add 12 GW of offshore wind by 2030. Hyundai Electric aims to contribute to the South Korean government’s goals.
Multinational companies
GE Renewable Energy was installing over 400GW of renewable energy. The company equips more than 90% of the world’s utilities with its network solutions. It operates in more than 80 countries.
Hyundai Electric develops and manufactures industrial electrical equipment. The company has seven branches abroad, including in Asia, Europe and the United States. In addition, in 2021, the company was expecting $1.5 billion in sales.
