ZÜRICH, Switzerland — Hitachi Energy, a global leader in electrification, and HD Hyundai Electric, a leading provider of electrical equipment and energy solutions, today announced the signing of a Memorandum of Understanding (MoU) to explore joint business opportunities and alignment on the Korean strategic objectives for High-Voltage Direct Current (HVDC) projects in the Republic of Korea.
The signing ceremony took place in Seoul during the Sweden–Korea Sustainable Partnership Summit, in the presence of Their Royal Highnesses Crown Princess Victoria and Prince Daniel – alongside Korean and Swedish government officials, business leaders, and researchers to exchange national strategies, innovations, and successful models of public-private collaboration to advance the clean energy transition.
“We’re proud to team up with HD Hyundai Electric with the aim of deploying HVDC at scale in Korea in line with President Lee’s ambition for the Energy Expressway concept to power new factories and growing metropolitan areas,” said Niklas Persson, Managing Director of Hitachi Energy’s Business Unit Grid Integration. “We bring a legacy of innovation with more than 70 years of proven HVDC technology that supports the energy transition. HD Hyundai Electric’s deep-rooted local expertise makes this partnership a strong match, combining global leadership with regional strength to deliver high-performance power solutions.”
“To successfully complete the 2GW-scale demonstration project between Saemangeum and Seohwaseong by 2030, it is essential to involve reliable partners with proven system delivery experience,” said a spokesperson at HD Hyundai Electric. “Building on our past collaboration with Hitachi Energy, we aim to strengthen our competitiveness in the HVDC sector by leveraging our new factory under construction in Ulsan as a dedicated production facility for HVDC transformers.”
With Korea targeting a fourfold increase in renewable energy capacity to more than 120 gigawatts (GW) by 20381, HVDC technology will be critical for efficiently transmitting clean electricity over long distances and integrating renewables into the national grid. This agreement marks the first formal collaboration between Hitachi Energy and HD Hyundai Electric, uniting their complementary strengths to support Korea’s energy transition, ensuring sustainable development and energy security across the country.
Hitachi Energy recently commissioned the Wando-Dongjeju #3 HVDC Converter Station on Jeju Island, Korea’s first Voltage Source Converter (VSC) technology installation, connecting Jeju island to the mainland via 200 megawatts (MW) HVDC link to enhance grid stability and reliability.2 As part of a global portfolio of transformative energy infrastructure, this project joins a long list of initiatives that strengthen power systems worldwide. With a 300 GW installed base and having delivered over half of the world’s HVDC projects, Hitachi Energy continues to build a more sustainable, secure, resilient, and affordable energy system.