Hyundai Construction Invests in SixtyHertz Shares... Promotes Electricity Brokerage Business

Hyundai Engineering & Construction announced on the 11th that it signed a strategic partnership through equity investment with the energy IT startup ‘SixtyHertz (60㎐)’ on the 8th.

Hyundai Construction_Gyedong Office. [Photo by Hyundai Construction]

SixtyHertz is a climate tech startup highly regarded in the energy IT technology sector, having won awards such as the ‘CES 2023 Innovation Award’ and the ‘Presidential Award at the Government-wide Public Data Utilization Startup Competition.’ Last year, it received an excellence award at the Hyundai Engineering & Construction technology contest for its ‘Seosan Solar Virtual Power Plant (VPP)’ and was also selected for Hyundai Engineering & Construction Open Innovation and Hyundai Motor Company Chung Mong-Koo Foundation’s ‘H-OnDream’ project.

Going forward, the two companies will jointly develop essential technologies and product models for power brokerage transactions to build an integrated energy trading IT platform. In particular, through this partnership, Hyundai Engineering & Construction has laid the groundwork to implement the country’s first automated IT platform for power trading via ‘private direct Power Purchase Agreements (PPA),’ and plans to further advance development toward an integrated power generation (VPP) platform based on this.

Additionally, by lowering entry barriers for new power generation and demand businesses through EPC (engineering, procurement, and construction) of power facilities such as power plants, transmission lines, and substations, and simultaneously providing differentiated analysis and consulting including financial procurement and technical support, they aim to enhance the stability and efficiency of the power trading market.

Currently, Hyundai Engineering & Construction is providing strategic consulting to numerous demand companies using the ‘RE100 Portfolio Simulator’ program jointly developed with SixtyHertz.

A Hyundai Engineering & Construction official stated, “Through the know-how accumulated from renewable energy EPC and business operations, we will not only stabilize the gradually opening power trading market at an early stage but also strengthen our position as a trusted carbon-neutral solution partner. We plan to actively align with Hyundai Motor Group’s carbon neutrality and eco-friendly management efforts following its RE100 membership by pursuing multifaceted measures such as power brokerage business, building recycled energy transition models, and introducing energy-saving technologies.”