Construction within Ulsan and Mipo National Industrial Complex
Project Began in April, Scheduled for Completion by End of Next Year
Ulsan City and HD Hyundai Electric are joining forces to expand an 'ultra-high voltage transformer factory' within the Ulsan and Mipo National Industrial Complex in Dong-gu, Ulsan.
The city announced that at 3 p.m. on the 7th, a 'Memorandum of Understanding for Investment in Expansion of the Ultra-High Voltage Transformer Factory' will be signed in the mayor's office on the 7th floor of the city hall's main building, with Ulsan Mayor Kim Doo-gyeom and HD Hyundai Electric Vice Chairman Cho Seok in attendance.
This memorandum of understanding is intended to support HD Hyundai Electric's 'expansion of the ultra-high voltage transformer factory' announced on January 20.
According to the memorandum, HD Hyundai Electric promises to cooperate with Ulsan City to create jobs and boost the local economy, prioritizing the employment of Ulsan citizens when hiring personnel required for the factory expansion investment and operation.
Ulsan City will also actively provide administrative support, such as prompt licensing, while continuously cooperating with HD Hyundai Electric to ensure the smooth progress of this expansion investment.
HD Hyundai Electric is investing in expanding its ultra-high voltage transformer production facilities to respond to the increasing demand for artificial intelligence (AI) and the growing power needs due to data center expansion.
This project began in April this year and is scheduled for completion by the end of next year. The total project cost is 211.8 billion KRW.
Once the expansion is complete, it is expected to create about 130 new jobs and increase annual sales by approximately 200 billion KRW.
Cho Seok, Vice Chairman of HD Hyundai Electric, said, "We appreciate Ulsan City's interest and administrative support for the expansion of the ultra-high voltage transformer factory," and added, "Based on our top-tier power equipment technology, we will produce high-quality power products to strengthen our market dominance and international competitiveness."
Mayor Kim Doo-gyeom said, "We welcome HD Hyundai Electric's expansion of investment in the Ulsan factory, which possesses unrivaled technology in the ultra-high voltage transformer field," and added, "We will actively support the company so that it can become a global energy solution company by targeting overseas markets."
HD Hyundai Electric manufactures and supplies electrical and electronic equipment and energy solutions required at every stage of global power supply. The company operates the Ulsan factory, covering 144,000 square meters in Dong-gu, Ulsan, where it designs, develops, and produces power transformers, high-voltage circuit breakers, electric motors, and generators.
Ulsan City Hall.
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