This file photo, provided by Korea Offshore Wind Power on Oct. 27, 2020, shows a test site of the offshore wind farm to be built in seas off the coast between Gochang County and Buan County, which is about 250 kilometers southwest of Seoul.
SEOUL, Dec. 15 (Korea Bizwire) — Hyundai Electric & Energy Systems Co., an energy solution unit of shipbuilding giant Hyundai Heavy Industries Group, has teamed up with GE Renewable Energy, a subsidiary of U.S. industrial giant General Electric Co., to launch an offshore wind power venture.
The two parties signed a strategic partnership to make a foray into the offshore wind power market on Wednesday.
Under terms of the agreement, the two companies will unite forces to venture into the offshore wind power market in and outside of South Korea, including production and sales activities.
Hyundai Electric will be responsible for the production of nacelles and power generators, the main components of GE’s powerful Haliade-X wind turbine. It also plans to pursue the localization of a variety of equipment and components.
GE Renewable will carry out joint order-receipt activities with Hyundai Electric targeting customer companies in and outside South Korea, while supporting the government’s ambitious goal of reducing greenhouse gas emissions, or nationally determined contribution (NDC).
The two companies also signed a letter of intent (LOI) to set up a joint venture that will support order-receipt activities to expand the market.
Ashley Song (ashley@koreabizwire.com)
