YIT has agreed with Hitachi Energy on the construction of a new production and technology centre in Mustasaari
YIT Corporation Investor News 18 December 2024 at 08:00 a.m.
YIT has agreed with Hitachi Energy on the construction of a new production and technology centre in Mustasaari
YIT has signed a project management contract with Hitachi Energy for the construction of a new production and technology centre in Vikby's industrial area in Mustasaari Finland. The project includes modern product development, testing and office premises for electrical and automation systems and a new high-tech transformer development, testing and production centre, which will enable Hitachi Energy to double transformer production capacity in Finland to meet the growing demand due to the energy transition. The value of the construction contract for YIT is approximately EUR 105 million, which will be recorded in the order book of the last quarter of the year.
The project includes the construction of a transformer plant, development, testing and office premises and ancillary buildings with earthworks and building technology works. The total area is around 44,000 square meters.
The earthworks are underway and the construction work will begin in February 2025. The project will be completed at the beginning of 2027.
“Our new Hitachi Energy Park production and technology centre in the Vaasa region is part of our company's global multibillion dollar investment in advancing a sustainable energy future. We are pleased with the cooperation agreement with the leading construction company YIT. With this investment, we will be able to more strongly support our customers' growing needs as energy production and consumption become more and more electrified, while at the same time giving us a solid basis for the growth of our business. The project schedule is a critical factor for us, as more capacity is needed as soon as possible”, said Matti Vaattovaara, Managing Director of Hitachi Energy Finland.
”We are delighted that we were chosen as a partner to implement Hitachi Energy´s new production and technology centre that advances green energy transition and supports the journey towards a carbon-neutral energy future. The project, which is in line with YIT's strategy, also supports the core technologies that are key to Finland's electricity supply security, promotes the growth of Finland's renewable energy production and supports the electrification of industry,” said Peter Forssell, EVP, Business Premises segment at YIT.
For further information:
YIT’s Corporate communications, tel. +358 44 743 7536, press@yit.fi
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT is a leading construction and development company. Building on over 110 years of experience, we develop and build sustainable living environments: functional homes, future-proof public and commercial buildings, and infrastructure to support the green transition. We employ approximately 4,300 professionals in eight countries. Our revenue in 2023 was EUR 2.2 billion. YIT Corporation's shares are listed on Nasdaq Helsinki.
Read more: www.yitgroup.com and follow us on Linkedin I X I Instagram I Facebook
