MiCo completes NEM Energy acquisition amid AI-driven gas power boom

MiCo Group has completed its acquisition of Dutch power equipment maker NEM Energy, seeking to capitalize on surging demand for gas-fired power plants as the rapid expansion of artificial intelligence (AI) and data centers strains electricity supplies in North America. MiCo said Tuesday that its subsidiary Hyundai Heavy Industries Power Systems (HPS) had completed payment for acquiring NEM Energy, formally closing the deal. The group plans to combine NEM Energy’s engineering expertise and global customer network with HPS’ large-scale manufacturing capabilities to strengthen its position in the gas-fired power market, particularly in North America. The acquisition comes as power availability has emerged as a critical constraint on the expansion of AI infrastructure. The construction of data centers for generative AI and cloud services is driving electricity demand sharply higher, while utilities and developers are turning to gas-fired generation to provide stable power alongside renewable sources. Major gas turbine manufacturers, including GE Vernova and Siemens Energy, have seen thei