Mutares Completes Sale of NEM Energy Group to Hyundai Heavy Industries Power Systems Following Successful Four-Year Transformation

Mutares Completes Sale of NEM Energy Group to Hyundai Heavy Industries Power Systems Following Successful Four-Year Transformation

(IN BRIEF) Mutares SE & Co. KGaA has completed the sale of NEM Energy Group, comprising NEM Energy B.V. and NEM Balcke-Dürr GmbH, to Hyundai Heavy Industries Power Systems, marking the successful exit of a business acquired from Siemens Energy in December 2022. Headquartered in the Netherlands, NEM Energy is a global OEM specialist in heat transfer technology with leading positions in heat recovery steam generators, exhaust and diverter systems, and heat exchanger solutions serving power generation, oil and gas, industrial, nuclear and energy-transition markets. The company employed approximately 470 people across the Netherlands, Germany and India in 2025. During less than four years of Mutares ownership, NEM was transformed from a complex carve-out into an independent, operationally strengthened and sustainably profitable platform with a more diversified global customer base, significant order backlog and strong project pipeline. Mutares said the exit will make a significant contribution to its current-year guidance and demonstrates its strategy of creating shareholder value through operational transformation and strategic repositioning. Johannes Laumann, CIO of Mutares, said HPS provides NEM with a strong ownership platform for its next stage of growth.

(PRESS RELEASE) MUNICH, 9-Sep-2026 — /EuropaWire/ — Mutares SE & Co. KGaA has completed the sale of portfolio company NEM Energy B.V. and its subsidiary NEM Balcke-Dürr GmbH, together operating as NEM Energy Group, to Hyundai Heavy Industries Power Systems Co., Ltd. (HPS).

HPS is owned by MiCo Ltd, which is listed on the KOSDAQ market of the Korea Exchange under ticker 059090.

The parties have agreed not to disclose the purchase price or further contractual terms. Mutares said the transaction represents a successful exit and will make a significant contribution to its guidance for the current fiscal year.

NEM Energy Group is a global specialist in heat transfer technology

Headquartered in Zoeterwoude, the Netherlands, NEM Energy Group is an internationally active original equipment manufacturer specializing in heat transfer technologies.

The company holds established market positions in heat recovery steam generators, exhaust and diverter systems, and heat exchanger solutions.

Its technologies serve customers across a diverse range of sectors, including power generation, oil and gas, industrial applications, nuclear energy and emerging energy-transition markets.

In fiscal year 2025, NEM Energy employed approximately 470 people across operations in the Netherlands, Germany and India.

Mutares transformed NEM following Siemens Energy carve-out

Mutares acquired NEM Energy from Siemens Energy in December 2022 through a carve-out transaction.

Over a period of less than four years, Mutares said it successfully transformed the business into an independent, operationally strengthened and sustainably profitable standalone company.

The transformation involved establishing NEM as a fully independent platform while improving its operating structure and positioning the business for longer-term growth.

Mutares also supported investments in a new go-to-market approach designed to expand commercial opportunities and strengthen NEM Energy’s market reach.

Strong pipeline positions NEM for next stage of growth

During Mutares’ ownership, NEM Energy developed a stronger project pipeline and broadened its customer base across international markets.

The company now enters its next phase under HPS ownership with what Mutares describes as a significant order backlog and a large prospective project pipeline.

This strengthened commercial position is expected to provide a foundation for further growth as demand develops across conventional power generation, industrial energy applications and emerging energy-transition technologies.

Energy market trends support long-term demand

Mutares said NEM operates in markets benefiting from several structural growth drivers.

Global demand continues to increase for reliable and efficient power-generation infrastructure, while energy security concerns and efforts to reduce emissions are influencing investment decisions around the world.

At the same time, the ongoing transformation of the global energy system is creating demand for technologies capable of improving efficiency and supporting new combinations of conventional and lower-emission generation.

Mutares said NEM’s positioning within these markets closely reflects its own investment strategy of targeting companies exposed to structural tailwinds and sectors with attractive long-term demand dynamics.

Transaction demonstrates Mutares transformation strategy

The completed sale represents an example of Mutares’ approach to acquiring businesses with improvement potential, establishing them as independent platforms and enhancing their operational and commercial performance before an eventual exit.

NEM’s transformation from a Siemens Energy carve-out into a profitable standalone business was completed in under four years.

Mutares said the transaction demonstrates its ability to create shareholder value through operational transformation, strategic repositioning and disciplined portfolio management.

Johannes Laumann highlights importance of exit

Johannes Laumann, Chief Investment Officer of Mutares, described the NEM Energy transaction as a major milestone for the company.

He said the sale demonstrates Mutares’ ability to deliver on its strategic objectives and will provide a significant contribution toward guidance for the current fiscal year.

Laumann described NEM as a strong example of Mutares’ capability to identify companies with development potential and transform them into high-performing independent platforms.

He added that HPS represents a suitable new owner to support NEM Energy Group’s future growth and further development.

HPS ownership opens next chapter for NEM Energy

With completion of the transaction, NEM Energy Group moves into a new ownership phase under Hyundai Heavy Industries Power Systems.

Mutares believes NEM is well positioned for this transition following the operational improvements, strategic repositioning and commercial development achieved since the 2022 acquisition.

Its combination of established heat transfer technologies, international customers, a diversified market presence and exposure to growing energy infrastructure requirements provides a platform for future expansion under HPS.

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SOURCE: Mutares