The agreement marks HD Hyundai Electric’s first foray into the Scottish market. Key representatives from both companies attended the signing ceremony, including Cho Seok, vice chairman of HD Hyundai Electric, and Eddie Mulholland, SP Energy Networks’ director of process and technology.
Under the contract, HD Hyundai Electric will supply four 400-kilovolt transformers as part of a substation expansion project aimed at bolstering the stability of power supply across Scotland’s central and southern regions. Final delivery is slated for the second half of 2028.
The company has seen a surge in European demand, reporting $437.75 million in orders from the continent so far in 2024.
That figure reflects an average annual growth rate of approximately 44 percent since 2020, as HD Hyundai Electric seeks to strengthen its presence in what it describes as one of the world’s most demanding and technically advanced energy markets.
“Europe is a conservative, high value-added market with high technical barriers, where orders are won based on quality and technological strength,” an HD Hyundai Electric official said in a statement. “We intend to broaden our footprint in Europe through enhanced research and development and deeper engagement with our customer base.”
reporter
Kim Dong-young
davekim0807@ajupress.com
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