Mico Group has successfully completed its acquisition of NEM Energy , the world’s leading HRSG maker, through its subsidiary Hyundai Heavy Industries Power Systems (HPS).

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Mico Group said that the acquisition is aimed at combining NEM Energy’s design capabilities and global customer base with HPS’s manufacturing capabilities. Mico Group plans to establish an integrated business structure covering the design, manufacturing, and supply of power generation equipment.

Mico Group said that it plans to expand its production capacity in South Korea and Vietnam to strengthen its ability to supply equipment for large-scale North American projects.

NEM Energy’s next generation HRSG, DrumPlus, has fast startup capability allowing it to respond quickly to sharp fluctuations in power output.

Ha Tae-hyung, CEO of HPS, said: “By combining NEM Energy’s technological strengths with HPS’s production capabilities, we will grow into a key beneficiary of the global gas power generation market.” He also outlined a long-term plan to transform Mico Group into a comprehensive energy and environmental company by combining the EPC capabilities of affiliate Plantech with the solid oxide fuel cell (SOFC) technology of Mico Power.