South Australia in Renewable Energy and Hydrogen Cooperation with Hyundai

South Australia Establishes Partnership with Hyundai on Renewable Energy and Hydrogen

This Memorandum of Understanding opens the way for significant cooperation between South Australia and one of Korea's industrial giants in the areas of renewable energy, hydrogen, housing and infrastructure.

Hyundai E&C is one of the world's leading construction and engineering firms, with approximately 15,000 employees in 34 countries and more than 880 completed projects in 62 countries.

Founded in 1947 as the origin of the Hyundai Motor Group, the company has annual revenues of USD 35 billion and is responsible for the construction of iconic megaprojects such as the Bosphorus Bridge in Turkey and Line 3 of Panama Metro, serving as a major player in construction engineering and infrastructure projects on a global scale.

Minister Szakacs also addressed Hyundai E&C's significant role in Korea's housing construction sector and the opportunities to assist in presenting South Australia's Housing Roadmap.

The Memorandum of Understanding establishes an important partnership that helps facilitate future investment projects and job creation in South Australia. It also strengthens our reputation as a global leader in the transition to net zero and highlights the desire of global power centers to join us as we decarbonize industry and the broader economy.

Our state takes pride in having over 70 per cent renewable energy in our system, but we are not stopping there; we are committed to increasing net renewable energy to 100 per cent by 2027 and reducing net greenhouse gas emissions by at least 50 per cent by 2030.

Hyundai E&C has capabilities in renewable energy (solar and wind power plants), battery energy storage, offshore wind, hydrogen, transmission and distribution networks.

It also has capabilities in infrastructure areas such as roads and railway tunnels, high-speed rail, bridges, maritime and port facilities, underground space, hospitals, data centres, mixed-use development and high-rise residential buildings.

The Memorandum of Understanding opens the way for Hyundai E&C to explore additional infrastructure projects in which it is a world leader, including the housing sector, by deepening its interaction with South Australian Government institutions through its strong relationship with Invest SA.

Joe Szakacs said: "This Memorandum of Understanding further strengthens South Australia's global position as a leading jurisdiction in the transition to net zero.

This partnership we have established with a global industry leader like Hyundai E&C demonstrates that international major players take seriously our country's commitment to decarbonisation and want to join us on the path to achieving these ambitious targets.

Opportunities to be explored for investment in renewable energy, infrastructure, housing and hydrogen projects in South Australia will create additional employment and prosperity in your state and encourage South Australian businesses and industry to decarbonise their operations.

We are excited about the opportunities this Memorandum of Understanding provides for closer working with Hyundai E&C and for fostering closer engagement with South Korea, an important regional economy."

An official from Hyundai E&C's New Energy Division said:

Our mutual cooperation with South Australia State, a world leader in renewable energy, will serve as a catalyst for innovation in Australia's energy infrastructure.

We hope this partnership will contribute to revitalising the South Australian economy and create strong synergies in global public-private sector partnerships for mutual growth."