What did MiCo Group buy in the NEM Energy deal, and why?

MiCo Group completed the acquisition of Dutch power equipment maker NEM Energy through its subsidiary Hyundai Heavy Industries Power Systems. The group said the purchase is aimed at strengthening its position in gas-fired power markets as electricity demand rises with AI and data center expansion.

What is NEM Energy known for in gas-fired power plants?

NEM Energy specializes in heat recovery steam generators, which are key components of gas combined-cycle power plants, along with exhaust gas diverter systems and exhaust-gas treatment equipment. One of its key technologies is DrumPlus, a next-generation HRSG designed for faster plant start-ups.

How does MiCo plan to use NEM Energy after the acquisition?

MiCo plans to combine NEM Energy’s engineering expertise and global customer network with HPS’ large-scale manufacturing capabilities. The company also wants to connect NEM’s North American customer base with HPS production and expand capacity in Korea, Vietnam and other locations.

MiCo completes NEM Energy acquisition amid AI-driven gas power boom

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Summary

MiCo Group has completed its acquisition of Dutch power equipment maker NEM Energy to tap surging demand for gas-fired power plants driven by AI and data center electricity needs in North America. The group said its subsidiary Hyundai Heavy Industries Power Systems completed payment on Tuesday, formally closing the deal. MiCo plans to combine NEM Energy’s engineering expertise and customer network with HPS’ manufacturing capacity to strengthen its gas-fired power position. NEM specializes in heat recovery steam generators and related equipment for gas combined-cycle plants.

Key Facts

NEM Energy was founded in the Netherlands in 1929 and specializes in heat recovery steam generators, exhaust gas diverter systems, and exhaust-gas treatment equipment.
According to McCoy Power Reports, NEM ranked first globally in cumulative HRSG orders between 1980 and the first quarter of 2026.
NEM recently won an HRSG contract for the 1,864-megawatt Greenlight project in Canada.
MiCo plans to expand production capacity in Korea, Vietnam and other locations to pursue large-scale projects in North America.

By Lee Min-hyung

Published Sep 10, 2026 8:00 am KST

This photo shows an overview of Diamantina Power Station in Queensland, Australia. NEM Energy supplied heat recovery steam generators and exhaust gas diverter systems for the facility. Courtesy of MiCo Group

MiCo Group has completed its acquisition of Dutch power equipment maker NEM Energy, seeking to capitalize on surging demand for gas-fired power plants as the rapid expansion of artificial intelligence (AI) and data centers strains electricity supplies in North America.

MiCo said Tuesday that its subsidiary Hyundai Heavy Industries Power Systems (HPS) had completed payment for acquiring NEM Energy, formally closing the deal.

The group plans to combine NEM Energy’s engineering expertise and global customer network with HPS’ large-scale manufacturing capabilities to strengthen its position in the gas-fired power market, particularly in North America.

The acquisition comes as power availability has emerged as a critical constraint on the expansion of AI infrastructure. The construction of data centers for generative AI and cloud services is driving electricity demand sharply higher, while utilities and developers are turning to gas-fired generation to provide stable power alongside renewable sources.

Major gas turbine manufacturers, including GE Vernova and Siemens Energy, have seen their order logs fill rapidly through 2030, underscoring the growing demand for new gas-fired generation capacity.

MiCo said NEM Energy’s technology could give the group an edge in this market. Founded in the Netherlands in 1929, NEM specializes in heat recovery steam generators (HRSGs), a key component of gas combined-cycle power plants, as well as exhaust gas diverter systems and exhaust-gas treatment equipment.

According to McCoy Power Reports, NEM ranked first globally in cumulative HRSG orders between 1980 and the first quarter of 2026. The company has supplied equipment across North America, Europe, Asia and the Middle East, giving it an established customer base in major power markets.

One of its key technologies is DrumPlus, a next-generation HRSG designed to enable faster plant start-ups than conventional systems. The technology is intended to meet growing demand for more flexible gas-fired plants that can quickly adjust output as renewable generation fluctuates and data centers create sudden changes in electricity demand.

NEM recently secured an HRSG contract for the 1,864-megawatt Greenlight project in Canada, further strengthening its presence in the North American market.

MiCo plans to connect NEM’s customer network in North America with HPS’ manufacturing capabilities and expand production capacity in Korea, Vietnam and other locations to pursue large-scale projects in the region.

“By combining NEM Energy’s technology and global customer base with HPS’ production capabilities, we will grow into a key beneficiary of the global gas-power market," HPS CEO Ha Tae-hyung said.

“MiCo Group will evolve beyond gas-fired power into a comprehensive energy company covering the global energy and environment market over the long term," he said.

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