HD Hyundai Electric announced on September 5 that it has secured a 1.4 trillion KRW (about 1.01 billion USD) contract for the design, procurement, and construction (EPC) of a battery energy storage system (BESS) in the U.S.
The company revealed that it signed the EPC contract for the 200MWh Rutile BESS Project in Texas, valued at 1.4 trillion KRW (about 1.01 billion USD), at the HD Hyundai Global Research and Development (R&D) Center in Bundang District, Gyeonggi Province, on September 4. The contract signing ceremony was attended by HD Hyundai Electric’s Vice Chairman Cho Seok and President Kim Young-gi, Korea Southern Power’s President Kim Jun-dong, Alpha Asset Management’s Chief Executive Officer (CEO) Choi Jun-hyuk, and KBI Group’s Vice Chairman Park Han-sang.
The Rutile BESS Project is an electricity trading venture based in Runnels County, Texas. It aims to store excess electricity in batteries and distribute it across Texas during periods of high demand. This collaborative project involves Korea Southern Power, Alpha Asset Management, and KBI Group. Construction is slated to begin in the third quarter of this year, with completion targeted for the third quarter of 2027.
As renewable energy adoption increases, the variability of power generation caused by weather and time factors is also growing. Consequently, energy storage systems (ESS) have become crucial for efficient power management.
BESS has emerged as a key solution for stabilizing power grids, thanks to its high energy density and ease of installation through modularization. According to a June report by Fortune Business Insights, a global market research firm, the worldwide BESS market is projected to expand from 25 billion USD in 2024 to 114 billion USD by 2032.
Kim Kyung-ki, President of HD Hyundai Electric, stated that this contract marks the beginning of its efforts to establish leadership in the global BESS market, not only in North America but also in Europe. He noted that they are committed to contributing to the expansion of eco-friendly energy infrastructure and spearheading the future power market.