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NKT strengthens market position with €1bn investment in HVDC power cable solutions

4C Offshore | Chloe Emanuel
By: Chloe Emanuel 24/05/2023 NKT

Since March 2023, NKT has confirmed high voltage contract awards and booking commitments of more than EUR 5bn. To deliver on this order intake, prepare for the continued strong market outlook and execute the record high order backlog, NKT will invest around EUR 1bn in its high voltage power cable business.

The investments include a new vessel with record high power cable laying capacity compared to vessels in the existing world fleet and a significant extension of the Swedish production site in Karlskrona. Here, NKT will build a new factory including a third 200m extrusion tower adding end to end production capacity next to the existing facility. This will turn the site into the world’s largest high voltage offshore cable production site.

NKT President and CEO Claes Westerlind says: "The order awards and commitments from our customers in recent months highlight our leading position within turnkey solutions, XLPE and high-voltage DC technology. Power cables are key enablers of the transition to renewable energy and current high-voltage production and installation capacity is not sufficient to meet the increasing demand in the market. We are excited to continue growing NKT in line with our strategic ambitions and to continue developing our turnkey power cable offerings to our customers."

The investments will expectedly amount to around EUR 1bn from 2023 to 2026 and will strengthen NKT’s market position significantly, by improving the company’s abilities to meet the growing demand for HVDC power cable solutions. The new assets will be operational from 2027.

In 2020, NKT initiated an investment program in its high voltage factories driven by a record high order backlog including awards of the German corridor projects and a positive market outlook. A key part of the program was to add a second extrusion tower to the Swedish factory in Karlskrona which has been completed. Additional investments were announced in 2022 following the continued positive market development. NKT has also upgraded the medium-term financial ambitions.

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