Strategic partnership to support offshore growth in South Korea
GE Renewable Energy and Hyundai Electric have announced the signature of a strategic partnership agreement concerning the South Korean offshore wind market.
Image source: GE
South Korea, Seoul: GE Renewable Energy and Hyundai Electric have announced the signature of a strategic partnership agreement concerning the South Korean offshore wind market.
Under the terms of the agreement, Hyundai Electric will serve as a manufacturing associate to help localize assembly of the Haliade-X offshore wind turbines and generators in South Korea. The firm agreement follows a Memorandum of Understanding first announced by the two companies in February 2022.
In addition to signing the strategic partnership agreement, GE Renewable Energy and Hyundai Electric also signed a letter of intent to establish a joint venture if the collaboration of the two companies wins the larger volume of orders needed to support such efforts.
The latest agreement outlines plans for the establishment of a factory in South Korea for producing the nacelles and the generators used in Haliade X turbines, with potential to also leverage the South Korea base for exporting generator components.
“We are pleased to take the next step in our strategic partnership with Hyundai Electric. This agreement will enhance our ability to serve local customers, create significant local economic benefits, and establish a local supply chain ideally suited to serve the growing offshore wind market in South Korea and potentially beyond in APAC,” said Fabrice Kermorgant, Chief Commercial Officer GE Offshore Wind.
Source: GE
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