Investor news
NKT invests in medium-voltage power cable business to boost capacity for growing demand
To support growing demand from customers for medium-voltage power cables required for grid upgrades and renewable energy projects across
The medium-voltage power cable market has grown steadily in recent years driven by the transition to renewable energy and the continued electrification of societies. Electrical grid operators are in the process of conducting major upgrade projects to keep apace. To satisfy this growing demand and maintain a strong position in the market, NKT is investing in additional medium-voltage capacity and capabilities. The investments are spread across three of NKT’s production sites in
NKT EVP, Head of Applications,
- NKT is well positioned to support the growing market demand for medium-voltage cables and we invest in additional capacity to strengthen our position as a key partner to our customers in the green transition of societies. As more renewables projects come online, a major upgrade of the European power grid is needed. Current medium-voltage production and installation capacity is not sufficient to meet the increasing demand in the market. The investments will support NKTs continued growth journey in line with our strategic ambitions and enable vital grid upgrades and renewables projects across
In recent years, the Applications business line has optimized its factory footprint across geographies to increase efficiency and specialization. With this process successfully completed, focus has shifted towards expansion of the medium-voltage sites. The investments will add 20-110 kV production capacity and capabilities and further progress layout optimizations of the factories.
The investments across the three sites will expectedly amount to approximately
REPowerEU is aiming for 600 GW of solar power and 440 GW of wind by 2030. As more solar and onshore wind projects come online, medium-voltage cables play a vital role in connecting these new power sources to the grid.
Further, according to the
About Applications:
- Applications is an NKT business line focused on low- and medium-voltage power cable solutions.
- Applications’ six main production sites are located across
Czech Republic ,Denmark ,Poland ,Sweden and theUK . Each production site is focused on one or more market segments. - Applications employs approximately 1,500 people across
Europe and realized revenues (in std. metal prices) ofEUR 638 million in 2023.
Contact
Investors:
Press: Louise Westh Naldal, Head of Group Communications, Tel: +45 2982 0022
Attachment
- NKT_invests_in_medium-voltage_power_cable_business
© OMX, source