Hyundai Engineering and Construction has made a strategic equity investment in energy tech startup 60Hertz. This move is part of Hyundai’s plan to establish a presence in the emerging electricity brokerage market and the new energy sector. The partnership aims to create Korea’s first integrated IT platform for energy trading, which will automate transactions between electricity producers and consumers. It will also align power generated from renewable sources with compensation for virtual power plants. The platform will provide financial and technological support to power producers and help customers manage their RE100 portfolios. 60Hertz specializes in forecasting renewable energy output and developing virtual power plant software. Hyundai E&C has previously collaborated with 60Hertz on the “RE100 Portfolio Simulator” tool. Hyundai E&C has incorporated the supply of renewable electricity and small-scale electricity brokerage into its corporate objectives and has established a dedicated unit for the brokerage business. Hyundai’s startup accelerator, ZER01NE, and Hyundai Motor Securities are also involved in this venture. The initial investment amount has not been disclosed, but Hyundai anticipates potential for increased stakes in the future. Hyundai E&C sees this move as aligned with Hyundai Motor Group’s commitment to carbon neutrality.
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