Hyundai Engineering & Construction aims to become a full energy value chain company

Hyundai Engineering & Construction is seeking to transform into an energy company by expanding beyond its traditional nuclear EPC sector into the power generation business. Leveraging over 50 years of nuclear business experience, the firm is targeting early-stage opportunities in the global nuclear market to secure projects before the Final Investment Decision.

Hyundai Engineering & Construction is seeking to transform into an energy company that encompasses the entire energy industry, moving beyond the simple construction (EPC) sector. To establish a model that goes beyond building nuclear power plants to participating in the power generation business itself, strategic moves are underway to preemptively discover opportunities in the global nuclear power market.

A video released by Hyundai Motor Group (HYUNDAI) features Lee Yang-in, a member of the New Energy Strategy Team within the New Energy Business Division at Hyundai Engineering & Construction, explaining the process of global nuclear power business development and the company's unique competitive advantages. According to Lee, nuclear power projects involve technology developers, developers, and clients conducting feasibility studies from the early stages, and the business only becomes fully visible after the Final Investment Decision (FID). Therefore, the preemptive capability to capture and respond to business opportunities during the early stages determines the success or failure of a project.

"Execution that meets schedule and budget" is the basis for global trust

The core differentiator Hyundai Engineering & Construction presents in the global nuclear market is its simultaneous possession of nuclear EPC (Engineering, Procurement, and Construction) execution capabilities and global business development expertise. In particular, the know-how accumulated through more than 50 years of continuous nuclear business and the expert training system are assets of Hyundai Engineering & Construction.

Lee Yang-in identified "On-time, On-budget" as the strongest DNA of Hyundai Engineering & Construction. This refers to the execution capability to strictly adhere to the set construction period and budget. "We have proven phenomenal execution in the EPC sector by meeting schedules and budgets, and this flawless execution is the most powerful reason why global clients trust Hyundai Engineering & Construction," Lee explained.

In fact, the process of preparing a proposal for a large-scale nuclear power plant project in the United States, conducted alongside Westinghouse, was a challenging task that tested these capabilities. In this project, which required preparing vast amounts of data within a limited timeframe, Lee stated that they achieved a sense of accomplishment by submitting a high-quality proposal that reflected both technical and business elements through collaboration with the business division and related departments.

Transitioning into an 'energy company' participating in the entire energy value chain

The future direction of Hyundai Engineering & Construction lies in expanding beyond the construction business structure into the entire energy industry. The core change is to break away from the existing nuclear EPC-centered business model and reborn as a company participating in the entire energy value chain. This reflects the ambition to leap forward as an entity participating in the power generation business itself, rather than simply building structures.

Performing these duties requires three core competencies: "sincere interest" to proactively grasp the flow of global nuclear business, "communication confidence" to read the needs of customers in various countries, and "strong physical stamina" to lead work while overcoming time zone differences. Regardless of position, Hyundai Engineering & Construction provides an environment where such talent can thrive based on a culture of mutual respect and challenge, where employees can proactively prepare for meetings and ask questions freely.

Lee Yang-in cited the charm of the job as being able to encounter people from diverse backgrounds and cultures to experience business status vividly, expressing the ambition to contribute to the winning of nuclear power business orders for Hyundai Engineering & Construction.

Source: original video (YouTube)