Sineng Electric and HD Hyundai Plaspo Sign MOU to Collaborate on Energy Storage Solutions

Wuxi, China, June 24, 2024 - Sineng Electric and HD Hyundai Plaspo have officially signed a Memorandum of Understanding (MOU), building a strategic partnership aiming at advancing technologies of Power Conversion Systems (PCS) and hybrid inverters. By combining their resources, knowledge, and experience, Sineng Electric and HD Hyundai Plaspo intend to seize opportunities within the burgeoning energy storage market. The signing ceremony underscored the importance of this alliance and was attended by key executives and stakeholders from both organizations, emphasizing their commitment to this forward-looking endeavor.

HD Hyundai Plaspo, a leading company in power conversion equipment, has continuously pushed the boundaries of innovation to improve its products and create value for customers. Sineng Electric, recognized for its substantial investments in the R&D of energy storage products, recently rolled out the 5MW central PCS MV turnkey solution, which can be configured using four units of 1.25MW central PCS(EH-1250-HB-UD). To meet the diverse demands of the market, Sineng Electric offers both string and central PCS solutions, to provide tailored energy storage solutions for a wide range of applications.

The MOU details a strategy centered on the development, research, and promotion of PCS and hybrid inverters, aspiring to boost sales and create mutual benefits for both parties in Korea and other global markets. Furthermore, through working in synergy, the two companies expect to not only maximize their competitive advantages but also contribute to the evolution of energy storage technologies, meeting the increasing demand for efficient and reliable energy solutions.

"Both companies will engage in co-development of energy storage solutions applicable to residential, commercial, and utility-scale scenarios, to unlock new opportunities in the renewable energy sector," stated Zhengmao Jiang, Vice President of Sineng Electric. "By leveraging HD Hyundai Plaspo's influence and Sineng Electric's expertise, we aim to facilitate the transition to a more sustainable and resilient energy system."

"Through this partnership, we look forward to pioneering cutting-edge solutions, ensuring we remain at the forefront of this evolving sector," added Lee Heon Jun, CEO of HD Hyundai Plaspo. "This collaboration is a significant step towards reshaping the energy storage industry. By pooling our strengths with Sineng Electric, we are poised to foster continuous innovation and ensure the delivery of superior energy storage solutions."

About Sineng

Sineng Electric is the global leading supplier of a comprehensive product portfolio including PV inverters and energy storage systems for utility-scale, commercial, and residential applications, as well as power quality products. By establishing four R&D centers and leveraging top-notch resources, Sineng's unwavering commitment to technological innovation has enabled more people to access cost-effective, reliable, and sustainable energy. After the three global manufacturing bases being put into operation, the annual production capacity has reach 50GW. Currently, Sineng has earned recognition as a BloombergNEF tier 1 PV inverter maker and has maintained its position among the global Top 10 PV inverter suppliers for 10 consecutive years.