General Electric’s (GE Quick QuoteGE - Free Report) unit, GE Renewable Energy, has entered into an agreement with Hyundai Electric to support the growth of offshore wind market in South Korea. The deal furthers South Korea’s goal of adding 12GW of offshore wind by 2030.

In February 2022, GE Renewable Energy signed a Memorandum of Understanding with Hyundai Electric regarding a potential agreement to help the South Korean government achieve its 2030 Nationally Determined Contributions.

As part of the agreement, Hyundai Electric will build a factory, invest in tooling, as well as hire and train people to produce Haliade-X turbines and generators in South Korea. General Electric will act as a prime contractor toward customers and offer its offshore expertise and the Haliade-X technology in the project.

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GE Offshore Wind’s chief commercial officer, Fabrice Kermorgant, said, “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.”

Apart from their partnership agreement, General Electric has also signed a letter of intent with Hyundai Electric to form a joint venture in case their collaboration secures larger offshore wind order volumes in South Korea.

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