Hyundai Heavy Industries Partners with Scottish Agencies on Floating Offshore Wind Projects

Hyundai Heavy Industries, the world's largest shipbuilding company, has signed a memorandum of understanding (MoU) with Scottish Enterprise and Highlands and Islands Enterprise to collaborate on floating offshore wind projects in Scotland. The agreement, which is Hyundai's first in Europe on floating offshore wind manufacturing, aims to access expertise in the design and manufacture of floating offshore wind substructures.

Under the MoU, Hyundai Heavy Industries will share its expertise in designing and manufacturing floating offshore wind platforms, while the Scottish agencies will explore funding options and secure a network of potential suppliers, manufacturing facilities, and investors. The partnership is expected to help Hyundai establish a foothold in the growing European marine wind power market.

The deal follows the Scottish government's announcement of up to £500 million in investment over the next five years to attract private sector investment in ports, manufacturing, and assembly work linked to offshore wind. It also builds on recent announcements of international investment in Scotland's renewable energy supply chain, including a planned £350 million Sumitomo cable factory.

Why this matters: The collaboration between Hyundai Heavy Industries and the Scottish economic development agencies is seen as a key step in realizing the economic opportunities from Scotland's floating offshore wind potential and supporting a fair and just transition for the energy sector. It also highlights Scotland's position as a global leader in floating offshore wind , with the world's largest pipeline of projects.

Deputy First Minister Shona Robison described the MoU as a "vote of confidence in Scotland and our offshore wind industry." Hannae Choi, senior vice president of Hyundai Heavy Industries, said the company plans to expand the offshore wind market by leveraging its expertise in designing and manufacturing floating structures . The partnership is part of the Scottish government's efforts to anchor the offshore wind supply chain in Scotland, which is essential for the country's transition to net zero emissions.

Key Takeaways

• Hyundai Heavy Industries signs MoU with Scottish agencies to collaborate on floating offshore wind.
• Hyundai to share expertise in designing and manufacturing floating offshore wind platforms.
• Scottish agencies to explore funding options and secure suppliers, facilities, and investors.
• Partnership aims to help Hyundai establish a foothold in the European marine wind power market.
• Deal aligns with Scotland's £500 million investment to attract private sector in offshore wind.