Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS AGENCY) = HD Hyundai Electric, a subsidiary of HD Hyundai, has successfully entered the Swedish market, marking a significant milestone in its European expansion strategy. The company recently secured its first order in Sweden, signing a contract valued at approximately KRW 66.2 billion for the supply of five 415-kilovolt (kV) ultra-high voltage transformers to a local power company. These transformers will be delivered sequentially by 2029.

The transformers are slated to be used in the expansion of substations across Sweden, driven by the country’s growing commitment to renewable energy.

With the European Union's Green Deal policy aiming for carbon neutrality by 2050, the transition to green energy is accelerating across various industries, including transportation, steel, and defense. This is expected to further boost electricity demand in Sweden and across Europe.

HD Hyundai Electric is intensifying its efforts to capture a larger share of the European market. In 2023, the company’s annual order value in Europe reached $333.71 million, a 91.8% increase compared to 2022. In May, HD Hyundai Electric also signed a contract worth KRW 82.1 billion with the UK's National Grid for the supply of power equipment.

By Eun-young Huh(eunyoung114@nspna.com) and Jeonghwa Choi(choijh@nspna.com)

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