Ulsan, South Korea – A high-level investment delegation from Ulsan Metropolitan City recently wrapped up a significant visit to Sweden, aiming to strengthen energy sector cooperation and draw foreign investment into the burgeoning green energy hub of South Korea. The delegation, spearheaded by Deputy Mayor for Economic Affairs Ahn Hyo-dae, actively engaged in the "2025 Korea-Sweden Energy Transition Forum" held on June 12th at the Scandic Continental in Stockholm, where they hosted a dedicated investment promotion session.

The forum, co-hosted by the Korea Trade-Investment Promotion Agency (KOTRA) and Business Sweden, served as a crucial platform for exchanging information on energy industry trends and exploring collaborative opportunities between the two nations. This year marked the second iteration of the event, building on the success of the inaugural forum. The Korean contingent comprised over 30 representatives from energy-related institutions and companies, including Korea Hydro & Nuclear Power (KHNP) and Doosan Enerbility. Sweden saw a robust turnout of over 70 participants, including prominent figures such as Tobias Andersson, Chairman of the Swedish Parliament's Committee on Trade, and Sara Modig, Undersecretary of State at the Swedish Ministry of Climate and Industry, alongside various government officials and corporate executives.

Discussions at the forum encompassed a wide range of topics, from industry trends and case studies in power generation, including renewable energy and nuclear power, to transmission and distribution sectors such as power grids and equipment. The forum also facilitated one-on-one meetings between companies.

During their investment promotion session, the Ulsan delegation actively showcased Ulsan's strategic advantages as an energy-centric city, making a compelling case for Swedish companies to invest. A key highlight was the Decentralized Energy Activation Special Act, enacted in June of the previous year, which provides a legal framework for local consumption of locally generated electricity. The delegation also emphasized Ulsan's efforts to be designated as a "Decentralized Energy Specialized Zone", attracting significant interest from potential investors.

Further underscoring Ulsan's commitment to clean energy, the delegation outlined the city's impressive strides in hydrogen infrastructure. This includes its designation as South Korea's first "Hydrogen City" last year, the establishment of a vast 198 km hydrogen pipeline network, and the operation of 17 hydrogen charging stations. Plans for a hydrogen cluster development project were also presented, highlighting Ulsan's comprehensive approach to the hydrogen economy.

In the realm of offshore wind power, the delegation promoted the ambitious plan to develop a 5.8 GW floating offshore wind farm off the coast of Ulsan. This massive project positions Ulsan as a global leader in next-generation renewable energy.

Beyond the forum, the Ulsan delegation held a pivotal meeting on June 13th with Marcus Thor, CEO of Hexicon AB, a leading Swedish floating offshore wind company, at their headquarters in Stockholm. Hexicon is currently developing the "MunmuBaraem" project, a 750 MW floating offshore wind farm situated within the larger Ulsan offshore wind complex. The project, initially a joint venture between Shell and Hexicon, saw Hexicon acquire Shell's entire stake in December of last year, demonstrating their strong commitment to the Ulsan venture.

This meeting was a continuation of previous discussions, as Marcus Thor had visited Ulsan in September of the previous year to explore cooperation strategies for floating offshore wind with Deputy Mayor Ahn Hyo-dae. Both Ulsan City and Hexicon reaffirmed their commitment to continued mutual cooperation in advancing the floating offshore wind project and fostering a symbiotic relationship moving forward.

Ulsan's proactive engagement in Sweden underscores its strategic vision to become a global leader in the energy transition, leveraging its existing industrial base and natural resources to attract international investment and forge strong partnerships in the green energy sector.

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