MiCo subsidiary to acquire NEM Energy in push for global HRSG dominance
Hyundai Heavy Industries Power Systems completes share purchase agreement for Dutch firm’s 100% stake, with deal expected to close in 2026 pending regulatory approval.
MiCo Co. Ltd. has announced that its subsidiary, Hyundai Heavy Industries Power Systems Co. Ltd. (HPS), has signed a share purchase agreement to acquire a 100% stake in Netherlands-based NEM Energy B.V. The transaction involves the purchase from German-listed investment firm Mutares SE & Co. KGaA and includes NEM Energy’s German subsidiary, NEM Balcke-Dürr GmbH. The deal is scheduled to close in the third quarter of 2026, subject to customary regulatory approvals.
Founded in 1929, NEM Energy brings nearly a century of technical expertise to the acquisition, particularly in heat recovery steam generator (HRSG) systems, which are critical components of combined cycle power plants. The company also holds capabilities in exhaust and diverter systems, gas turbine emission reduction systems, and heat exchangers. NEM Energy maintains established partnerships with major engineering, procurement, and construction firms, global gas turbine original equipment manufacturers, and utilities across Europe, North America, and the Middle East.
HPS has operated manufacturing bases in South Korea, China, and Vietnam since 2004. Its Yantai-based subsidiary in China, YHHI, is recognised for industry-leading fabrication quality and cost efficiency. By combining NEM Energy’s proprietary design and engineering technologies with HPS’s manufacturing scale, MiCo aims to establish end-to-end, design-to-delivery capabilities across the HRSG value chain.
The acquisition aligns with MiCo’s broader strategy to capitalise on surging electricity demand from artificial intelligence data centres and accelerating electrification. Combined cycle power plants are emerging as a critical bridge power source to meet immediate baseload requirements, driving projected robust growth in the HRSG market. Tae Hyung Ha, CEO of HPS, stated that the acquisition marks a defining moment in the group’s global growth strategies, aiming to establish an energy platform capable of leading the global HRSG market.
MiCo Co. Ltd. is a Korea-based industrial conglomerate with core business pillars in semiconductor components and energy and environment solutions. In the semiconductor sector, it serves major clients including Samsung, SK Hynix, Intel, Micron, TSMC, IMC, and GlobalFoundries. The energy portfolio previously included HPS, Plantec, and MiCoPower, with the addition of NEM Energy positioning the group to design, manufacture, and deliver energy solutions at a global scale.
