Orders are pouring in for cable manufacturer NKT, which has landed high-voltage projects and framework agreements worth around five billion euros (37.25 billion kroner) since March alone.
To keep up with the high demand, the company is now investing massively. For example, it plans to invest around one billion euros in production and installation capacity in the high-voltage business between 2023 and 2026.
The investments include NKT building a new factory including a third 200-meter cable tower next to its existing production in Karlskrona, Sweden. This will make the factory the world's largest in the production of high-voltage cables for the offshore market. In addition, NKT is investing in a new, market-leading cable vessel with a record-high installation capacity compared to other vessels on the market.
- The recent months of order awards and commitments from our customers underline our leading position within turnkey projects, XLPE and DC technology. Cable systems are central to ensuring the transition to renewable energy, and the current capacity in the high voltage market is not sufficient to meet the increasing demand. We are therefore pleased to continue to create the foundation for further growth in NKT in line with our strategic ambitions by continuing to deliver turnkey projects to our customers, says NKT's CEO, Claes Westerlind, in a press release.
Since 2020, NKT has expanded the high voltage business, including the factory in Karlskrona. This has created more than 300 jobs, and NKT expects the new investments to create more than 500 new jobs by 2027.
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