Hyundai Heavy Industries Power Systems agrees to buy NEM Energy from Mutares

MiCo Co. Ltd. said its subsidiary Hyundai Heavy Industries Power Systems Co. Ltd. (HPS) has signed a share purchase agreement to acquire 100% of Netherlands-based NEM Energy B.V. from Mutares SE & Co. KGaA. The deal includes NEM Energy's German subsidiary NEM Balcke-Dürr GmbH.

The transaction is scheduled to close in the third quarter of 2026, subject to customary regulatory approvals. NEM Energy designs and engineers heat recovery steam generator systems, exhaust and diverter systems, gas turbine emission reduction systems and heat exchangers, and works with EPC firms, gas turbine OEMs and utilities.

MiCo said combining NEM Energy's design technology with HPS's manufacturing base in South Korea, China and Vietnam would create end-to-end capabilities across the HRSG value chain, citing demand from AI data centers and electrification. No deal value was disclosed.