Hyundai Electric opens integrated electric power R&D center in Hungary

Hyundai Electric & Energy Systems Co. R&D center in Hungary

Hyundai Electric & Energy Systems Co., energy solution unit of South Korea’s leading shipbuilder Hyundai Heavy Industries Co., has opened a renewable-energy technology research center in Hungary, the company announced Monday.

The company said its new R&D center, dubbed Hyundai Technologies Center or H-TEC in short, is built on a 2,509 square-meter site in Budapest, capital city of Hungary, an electronics and electrical engineering powerhouse. H-TEC is equipped with power control systems, testing rooms, and other facilities to research and develop energy related technologies, according to the company. With the opening of the new R&D center, the company will be able to house its R&D staff working at its two separate sites in the city under one roof.

The new center will focus on developing power coveter, core part in renewable energy generator and microgrids applications, the company said. A power converter is an electrical or electro-mechanical device for converting electrical energy, such as alternating current (AC) and direct current (DC).

Hyundai Electric & Energy Systems CEO Joo Young-geol said the company plans to nurture H-TEC as its main R&D center developing its future growth engines as he vowed to make the firm more competitive through additional investments.

Last year, the company acquired a Bulgarian subsidiary from its affiliate Hyundai Heavy Industries to expand its business network in Europe.

Shares of Hyundai Electric & Energy Systems closed Monday at 95,600 won ($89.59), up 0.31 percent from the previous session.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]