South Korea's Hyundai Asset Management Co. announced on Monday that it signed a business agreement with Cyan Renewables, a Singapore-based specialist in offshore wind support vessels, to enter the domestic offshore wind power market in South Korea.
During the signing ceremony held at Cyan Renewables' South Korea office last Thursday, attended by officials from both companies including Hyundai Asset Management CEO Jeong Wook and Cyan Renewables CEO Lee Keng Lin, discussions were held on strengthening supply chains to meet the rapidly growing demand for vessels in the South Korean offshore wind power market.
By combining Cyan Renewables' expertise in ship operation and offshore wind logistics with Hyundai Asset Management's domestic EPC (engineering, procurement, construction) and investor network, strategic responses to domestic offshore wind power demand are planned.
The initiative aims to promote job creation and technology innovation The company will support energy transition and carbon neutrality goals.
Offshore wind power generation leverages South Korea's geographic advantage of being surrounded by sea on three sides.
The technological potential of the shipbuilding and heavy industries possessing global competitiveness, and the growth potential of related industries is gaining attention.
