Hyundai Electric & Energy Systems Co. said Wednesday it will make inroads into the renewable energy market in cooperation with Pacifico Energy Korea, a South Korean unit of US Pacifico Energy.
Under the preliminary deal with renewable energy developer Pacifico Energy Korea, Hyundai Electric, a unit of global giant shipbuilding group Hyundai Heavy Industries Group, will design and build an industrial energy storage system (ESS) and large-scale renewable power plants, the company said in an emailed statement.
Pacifico Energy Korea will play a role in the ESS and renewable energy projects as a financial investor and developer, Hyundai Electric said.
They will expand bilateral cooperation in the local renewable and distribution energy sector and the transmission and transformation of electric power sector, Hyundai Electric said.
South Korea's industrial ESS and renewable power market is estimated to rapidly grow to 9 trillion won ($8 billion) by 2030, helped by the Korean-version New Deal, which is slated to spend 160 trillion won on energy projects by 2025, the company said. (Yonhap)