August the 18th, 2025 – The Croatian company Končar has its eyes set on conquering the Asian market through its cooperation with no less than Hyundai.
As Sinisa Malus/Poslovni Dnevnik writes, Končar – Motors and Electrical Systems recently announced a deal with HD Hyundai Electric Co, a very well known global leader in power generation.
As part of a massive Korean infrastructure project, Končar will deliver 70 axial fans by December 2025. Designed for extreme coastal conditions, these fans meet the highest possible standards of corrosion protection (C5) and mechanical resistance (IP66), Končar announced on LinkedIn. The value of the deal remains unknown.
This project is the result of two years of cooperation and marks a key step in strengthening the company’s presence in the very demanding Asia-Pacific market.
“We believe that this is just the beginning of a long-term partnership set to be built on reliability, mutual trust and a shared commitment to sustainability and innovation,” a statement on the matter issued by Končar said. For Končar – Motors and Electrical Systems (MES), the cooperation with HD Hyundai Electric, a leader in electrical engineering within the global Hyundai Group, represents an extremely important business reference and confirmation of the technological relevance of its products on the global market. As an independent, highly specialised technology platform, HD Hyundai Electric is part of the wider HD Hyundai conglomerate that encompasses shipbuilding, the oil and gas industry, advanced robotics, automation and energy.
The group is strongly focused on the unfolding green transition, investments in research and development and the digital transformation of energy systems. That places its partners at the centre of innovation value chains on a global level. The axial fan product series for cooling and air conditioning is otherwise part of the diverse product programme of KONČAR-MES and can be used across almost all market requirements related to cooling and air conditioning engineering. That includes air heaters, cooling units, evaporators and more. The fans are designed to the highest standards of protection to meet the extreme requirements of installation in a coastal industrial environment.
This order is the result of two years of cooperation through the authorised representative of MES for the Korean market and active participation in the technical and commercial stages of project preparation.
In addition to its concrete implementation, this Končar cooperation with Hyundai confirms a strategic step forward into the Asia-Pacific market. MES is expanding its presence in the fan equipment segment there, while also doing the same in the field of electrical power, which requires a high level of engineering precision, technical knowledge and the ability to adapt to specific project requirements. According to data from Poslovna Hrvatska/Business Croatia, KONČAR – MES d.o.o. achieved total annual revenues of 19.1 million euros in 2024. That sum is almost 1.2 million euros less than in the previous period when the business entity achieved total annual revenues of 20.3 million euros.
The company has been profitable over the past two years. KONČAR – MES d.o.o. achieved a net operating result of 1.2 million euros last year, while the net margin stood at 6.41 percent. The Končar Group continued its exceptionally good results in the second quarter of 2025, achieving success across all business segments. Consolidated sales revenues in the first six months of 2025 amounted to 636.8 million euros, which is 158.1 million euros or 33 percent more than in the same period in 2024. Global competitiveness and strong synergy performance are best confirmed by the share of exports in total revenues of a high 71.5 percent.
That growth trend also continued in terms of new contracts – the book-to-bill ratio is 1.4, which brought the value of the order book to a record 2.3 billion euros. In addition to all of the aforementioned, Končar achieved a net profit in the first half of the year, as well.
