# Who are HD Hyundai Electric's customers? Who does HD Hyundai Electric earn revenue from?
Canonical: https://valuechain.wiki/hd-hyundai-electric · Facet: customers · Updated: 2026-09-11T15:35:55.556653+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: HD Hyundai Electric's confirmed revenue counterparties include Digital Realty, American Electric Power plus 1 undisclosed/aggregate relationship. Per the valuechain.wiki graph: 3 revenue edges, backed by 4 dated sources, 2 of them primary filings (as of 2026-09-11).

### 미 유틸리티·데이터센터 (변압기) (high)
- note: Exports EHV transformers to US utilities and data centers (40% of revenue in North America, $6.73bn backlog, 3+ years) — the core beneficiary channel of the grid bottleneck, with backlog pre-locking future revenue.
- [mentions] Analyst consensus (KO, research, published 2026-07-06) https://kr.investing.com/equities/hyundai-electric-energy-systems-consensus-estimates: "20 analysts' average target ₩1.39m. Transformer supercycle lifted the 2026 order target from $4.222B to $5.185B (+22.8%); backlog $7.888B (+17.2%). The boom is spreading from EHV to distribution and rotating machines."
- [confirms] KED Global (KO, news, published 2026-04-07) https://www.kedglobal.com/machinery/newsView/ked202604070003: "EHV transformer exports to US utilities and datacenters (40% NA, $6.73B backlog)."
- [confirms] PR Newswire (EN, filing, published 2025-12-01) https://www.prnewswire.com/news-releases/hd-hyundai-electric-expands-us-production-subsidiary-solidifies-leadership-in-north-american-extra-high-voltage-power-transformer-market-302707507.html: "EHV transformer exports to US utilities and datacenters (40% NA, $6.73B backlog)."

### Digital Realty (mid)  → /digital-realty.md
- note: Supplies EHV transformers to large data-center REITs like Digital Realty — a direct channel for data-center power-intake equipment demand.
- [confirms] KED Global (KO, news, published 2026-04-07) https://www.kedglobal.com/machinery/newsView/ked202604070003: "EHV transformers to datacenters and utilities."

### American Electric Power (mid)  → /aep.md
- note: Supplies EHV transformers to AEP's transmission network, one of the largest US grid operators — a flagship customer of grid-modernization orders.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-01) https://www.sec.gov/Archives/edgar/data/0000004904/000000490426000011/a4q20258kpressreleaseex991.htm: "EHV transformers for AEP transmission."

Reverse side: https://valuechain.wiki/hd-hyundai-electric/suppliers.md · Ripple: https://valuechain.wiki/hd-hyundai-electric/ripple.md

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Full node: https://valuechain.wiki/hd-hyundai-electric.md · JSON: https://valuechain.wiki/hd-hyundai-electric.json