HD Hyundai Electric has signed a power equipment supply contract worth 66.2 billion won (approximately $49.3 million) with a Swedish power company, marking its entry into the competitive Swedish market. The deal, announced on August 30, involves the delivery of five 415㎸ ultra-high voltage transformers by 2029.
This contract is a significant step for HD Hyundai Electric, as it competes in Sweden, a major electricity exporter in Europe. Sweden, which exported 28.72 terawatt-hours (TWh) of electricity in 2023 according to OurWorldInData, is pushing to expand its renewable energy infrastructure. The transformers from HD Hyundai Electric will be instrumental in upgrading substations to accommodate this growth in renewable energy generation.
The agreement reflects the company’s growing footprint in Europe, where it has seen a substantial increase in orders. HD Hyundai Electric reported $333.71 million in annual orders from Europe in 2023, a 91.8% increase from the previous year. As Europe continues to diversify its energy sources, HD Hyundai Electric’s latest contract underscores its strategic move to capitalize on the region’s energy transition.
