Mutares has agreed to sell NEM Energy Group to Hyundai Heavy Industries Power Systems, marking a significant exit for the German industrial investor. NEM Energy specializes in heat transfer technology serving power generation, oil and gas, industrial, nuclear and energy transition markets globally.

Mutares carved NEM Energy out of Siemens Energy in December 2022, transforming the business into a standalone profitable platform in under four years. The company employs approximately 470 people across facilities in the Netherlands, Germany and India, operating in specialized industrial sectors that complement Hyundai's power systems portfolio.

The transaction closing is expected in the third quarter of 2026, pending customary regulatory approvals. This deal represents Mutares' successful turnaround of an industrial asset originally spun out from Siemens Energy's portfolio.

For Hyundai Heavy Industries Power Systems, acquiring NEM Energy strengthens their heat transfer capabilities in emerging energy markets. The move signals continued consolidation in industrial technology sectors as traditional manufacturers seek specialized expertise in energy transition applications.