Expanding Demand for Power Equipment
Entering the European Market
HD Hyundai Electric is expanding its presence in the European power market, focusing on data centers.
On June 29, HD Hyundai Electric announced that it had recently signed a memorandum of understanding (MOU) with Bulk Infrastructure, a Norwegian company specializing in data and communications infrastructure, for cooperation in supplying power equipment such as power transformers and high-voltage circuit breakers for data centers. Following its recent entry into the Scottish and Danish markets last month, the company is accelerating its efforts to target the European power equipment market.
Torbjorn Moe, Chief Business Development Officer of Bulk Infrastructure, and Yang Jaecheol, Executive Vice President and Head of Power Sales Division at HD Hyundai Electric, are posing for a commemorative photo after signing a business agreement for the supply of power equipment for data centers. HD Hyundai Electric
Through this agreement, HD Hyundai Electric has secured the opportunity to participate with priority in tenders for power equipment for data center construction projects being pursued by Bulk Infrastructure. The company also plans to strengthen cooperation to win orders for eco-friendly high-voltage circuit breakers. Bulk Infrastructure operates five data centers in Norway and Denmark. Previously, HD Hyundai Electric signed a contract to supply ultra-high voltage transformers to a large data center operated by Bulk Infrastructure in the Vennesla region of Norway.
According to a report released last year by the International Energy Agency (IEA), power consumption by data centers in Europe is about 70 TWh (terawatt-hours), making it one of the world's top three regions for data center power consumption, along with the United States and China.The IEA also projected that global data center power consumption will increase by about 15% annually from 2024 to 2030. This rate is more than four times the overall increase in power consumption during the same period.
A representative from HD Hyundai Electric stated, "By establishing a bridgehead for entering the European data center market, we have taken a step closer to our goal of expanding market share in Europe," adding, "We will strengthen our technological competitiveness by developing eco-friendly power equipment tailored to the European market, focusing on local research centers in Switzerland and Hungary."
Meanwhile, HD Hyundai Electric recently signed a contract with Energinet, a Danish state-owned power company, to supply 400 kV-class ultra-high voltage power transformers worth approximately 40 billion KRW.The transformers ordered in this contract are scheduled to be delivered for substation expansion projects in Denmark, which are being undertaken to accommodate the country's increasing renewable energy generation.
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