HD Hyundai Electric wins $100m US battery storage deal
HD Hyundai Electric, the power equipment and energy solutions arm of HD Hyundai, said Friday that it has signed a 140 billion won ($100.5 million) engineering, procurement and construction contract for a 200-megawatt-hour battery energy storage system project in Texas.
The agreement, signed Thursday at the group’s Global R&D Center in Seongnam, Gyeonggi Province, marks the company’s official entry into the global BESS market.
The “Rutile BESS Project” will be built in Runnels County, Texas, to store surplus power in batteries for statewide distribution on demand. Construction is scheduled to begin in the third quarter of this year, with the completion targeted for the third quarter of 2027.
The initiative is jointly promoted by Korea Southern Power, Alpha Asset Management and KBI Group.
As renewable energy adoption accelerates, ESS facilities are considered essential for power grid stability, addressing fluctuations in power generation due to weather and time. Their advantages include high energy density and modular design for easier installation.
According to Fortune Business Insights, the global BESS market is expected to expand from $25 billion in 2024 to $114 billion by 2032, at a compound annual growth rate of 19.6 percent.
In April, HD Hyundai Electric established a subsidiary in Texas to prepare for its BESS expansion. The state has seen a rapid increase in electricity demand as Apple, Google, Tesla and Oracle build massive campuses and data centers.
Meanwhile, concentrated investment in solar and wind power is further boosting the growth outlook for the BESS sector.
Kim Young-ki, CEO of HD Hyundai Electric, said:
Starting with this order, we aim to take the lead in the global BESS market, not only in North America but also in Europe and beyond,
“We will expand eco-friendly energy infrastructure and help shape the future of the electricity market.”
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HD Hyundai Electric wins $100m US battery storage deal, source
