MiCo Co. Ltd. announced that its subsidiary, Hyundai Heavy Industries Power Systems Co. Ltd. (HPS), has signed a share purchase agreement (SPA) to acquire a 100% stake in Netherlands-based NEM Energy B.V. from Mutares SE & Co. KGaA, a German-listed investment firm. The transaction, which includes NEM Energy’s German subsidiary NEM Balcke-Dürr GmbH, 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 deal. The company possesses world-class design and engineering capabilities in heat recovery steam generator (HRSG) systems—a core component of combined cycle power plants (CCPP)—as well as exhaust and diverter systems (EDS), gas turbine emission reduction systems (T-SCR), and heat exchangers (HXR). NEM Energy also maintains long-standing partnerships with major engineering, procurement, and construction (EPC) firms; global gas turbine original equipment manufacturers (OEMs), and utilities, with strong brand recognition across key markets in Europe, North America, and the Middle East.
HPS has built a highly competitive manufacturing base across South Korea, China, and Vietnam since 2004. Its Yantai-based subsidiary in China, YHHI, is recognized for industry-leading fabrication quality and cost efficiency in the global HRSG market.
Together, the two companies create a compelling strategic fit. By combining NEM Energy’s proprietary design and engineering technologies with HPS’s manufacturing scale, MiCo establishes end-to-end, design-to-delivery capabilities across the HRSG value chain.
The transaction comes as the global power market enters a structural growth phase, driven by surging electricity demand from artificial intelligence (AI) data centers and accelerating electrification. CCPPs are emerging as a critical bridge power source to meet this immediate baseload requirement, and consequently, the HRSG market is projected to see robust growth.
Tae Hyung Ha, CEO of HPS, commented: “This acquisition marks a defining moment in our global growth strategies of both the MiCo Group and HPS. By combining NEM Energy’s century-long engineering legacy with our manufacturing scale and cost competitiveness, we will establish an energy platform capable of leading the global HRSG market. We also see exceptional long-term potential in distributed heat and electricity, renewable energy, and nuclear as global power demand accelerates.”
Company Profile of MiCo Co. Ltd.
MiCo Co., Ltd. is a Korea-based industrial conglomerate with leading positions across two core business pillars: semiconductor components, and energy and environment.
In the semiconductor sector, MiCo operates through KoMiCo, a provider of precision cleaning and special coating of semiconductor equipment, and MiCo Ceramics, a specialist in advanced ceramic components for semiconductor manufacturing processes. These businesses serve Samsung, SK Hynix, Intel, Micron, TSMC, IMC, and GlobalFoundries.
In the energy and environment sector, MiCo has assembled an integrated energy solutions portfolio comprising HPS (boiler engineering and manufacturing), Plantec (formerly a POSCO Group company), MiCoPower (proprietary solid oxide fuel cell [SOFC] technology), and now NEM Energy—positioning MiCo to design, manufacture, and deliver energy solutions at global scale.
