HVDC Systems
Siemens and GE Vernova are the two established leaders in this sub-theme. Neither company's confirmed activity or filing material mentions HVDC directly, so the confirmed case rests on adjacent evidence of large-scale power-equipment demand and offshore wind exposure. Recent external reports point to active HVDC build-out in China, India, South Korea and the United States, but these have not been confirmed against internal data.
Active institutional exposure flipped from a net outflow of $442.9 million in Q1 2026 to a net inflow of $2.3 billion in Q2 2026. 100% of companies in this sub-theme saw increased active positions in Q2 2026.
Overview
HVDC systems carry high-voltage direct current over long distances and under the sea, and are used for long-distance transmission and for connecting offshore power to the grid. The sub-theme sits in heavy electrical infrastructure and is served by large, diversified industrial groups. Siemens operates through Siemens Energy, Siemens Gamesa, Siemens EDA and Siemens Healthineers. Siemens Energy supplies power equipment to customers such as Oklo, and Siemens EDA supplies design tools to Tower Semiconductor. GE Vernova supplies gas turbines to Baker Hughes, Hawaiian Electric and others, and also has an offshore wind business. The platform's confirmed relationship data does not contain an HVDC-specific supply, partnership or customer link for either leader.
Investment Thesis
Investment thesis details are part of the Pro plan.
Bottleneck Tracker
Bottleneck details are part of the Pro plan.