HD Hyundai establishes new headquarters for marine energy businesses

By Park Sae-jin Posted : April 24, 2024, 15:48 Updated : April 24, 2024, 15:48
This image was produced using the generative AI-based image creation service Karloai
This image was produced using the generative AI-based image creation service Karlo.ai

SEOUL, April 24 (AJU PRESS) - HD Hyundai Heavy Industries, the world's largest shipbuilder, plans to launch a new headquarters specializing in marine energy harvesting businesses next month, industry sources said.

The company notified staff on Wednesday that the current shipbuilding and marine business division will be split into two segments and the new headquarters for the fast-growing marine energy industry will be established on May 1.

The new entity will focus on the construction and management of offshore wind farms, marine-based energy generation businesses and other renewable energy-related ventures, according to sources.

"Through the launch of the new headquarters, we will strengthen the fundamental competitiveness of our marine businesses and create synergy by securing new future growth engines,” a company official was quoted as saying.

The global market for marine energy is expected to grow rapidly from $1 billion in 2022 to $8 billion by 2032, driven by increased demand for marine energy in power applications, according to market analyst The Brainy Insights.

Offshore wind farms are the primary source of marine-based renewable energy, and Korea currently has 10 marine wind farm clusters with a generation capacity of 146 megawatts, capable of powering 128,124 households. Offshore wind farms account for 13.1 percent of the country's total renewable energy generation capacity.

In 2021, Korea revealed a roadmap to gradually increase renewable energy sources, aiming to cover up to 70.9 percent of the country's power generation. This initiative seeks to reduce Korea's reliance on fossil fuel-based thermal power plants and nuclear power plants.

However, Korea faces challenges in adopting green energy as its primary power source due to low generation rates influenced by the country's mountainous landscapes. With limited daytime and wind resources, the current renewable energy generation only accounts for five percent of the country's total power generation.
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