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HD Hyundai Electric Secures $65 Million Contract for Silicon Valley Power Grid Expansion

South Korea
h 267260.KO Mid and Small Cap 2000
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HD Hyundai Electric, the power equipment and energy solutions arm of HD Hyundai, has inked a significant deal in the US Silicon Valley power grid development initiative. The company recently formalized an agreement with the Santa Clara City Electric Power Authority in California, outlining the supply of nine power transformers valued at 78.2 billion won. These transformers, with a voltage classification of 230kV and 115kV, are slated for delivery in August 2026 and are intended for deployment in the expansion of substations within the Santa Clara region.

Santa Clara’s local council has earmarked a $400 million investment over the next decade to revamp the aging power grid, concurrently constructing new substations to meet escalating industrial power demands. HD Hyundai Electric positions this venture as the fourth-largest public power generation initiative in the United States. Capitalizing on the Biden administration’s commitment of $73 billion for transmission and power grid modernization, the company anticipates further orders from North America in the wake of the Infrastructure Investment and Jobs Act. Notably, the company has already secured $2.75 billion in orders during the third quarter, accomplishing approximately 85% of its annual target, and is poised to intensify its participation in the North American market by actively pursuing public projects.

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