SEOUL– Hyundai Electric & Energy Systems Co., an affiliate of shipbuilding giant Hyundai Heavy Industries Group, said Sunday its monthly orders hit a record high in April amid its increased investments in renewable energy.
Hyundai Electric won some 500 billion won (US$396 million) worth of orders last month, including a 160 billion won deal for its power transformers from U.S.-based NextEra Energy Inc., the world’s largest generator of renewable energy, according to the company.
Hyundai Electric said it is set to deliver ultra high-voltage transformers of 115-525 kilovolt, beginning in 2024.
The record-high orders came as Hyundai Electric increased investments for renewable energy. Recovering demand from the Middle East was also a factor.
In the Middle East, Hyundai Electric won a combined 80 billion won worth of orders in April, up 433 percent from a year earlier.
In January-April period this year, Hyundai Electric secured orders worth 1.37 trillion in total, achieving 65 percent of its annual target of 2.09 trillion won.
The South Korean company set up a subsidiary in the Saudi Arabian capital of Riyadh in 2018.
In 2019, Hyundai Electric expanded its plant in the southern U.S. state of Alabama, boosting power transformer production capacity by 60 percent annually, according to the company.
Source: Yonhap News Agency