Hyosung Heavy Industries has announced its continued success in securing contracts in the European power technology market. On May 19, the company revealed that it signed a significant agreement with Scottish Power, a prominent transmission operator in Scotland, to supply 400kV ultra-high-voltage transformers valued at approximately 85 billion KRW.
These transformers will be integral in reliably transmitting electricity generated from both onshore and coastal wind farms in Scotland to urban areas. Scotland, known for its abundant wind resources, hosts about one-third of the world’s floating offshore wind power installations and is enhancing investments in renewable energy and transmission infrastructure to achieve carbon neutrality by 2045.
Since entering the Scottish market in 2015, Hyosung Heavy Industries has established itself as a comprehensive solution provider, encompassing both product supply and maintenance services. Remarkably, the company has held the top market share for ultra-high-voltage transformers in the UK since 2022.
In addition to its success in the UK, Hyosung has secured consecutive contracts in major European countries, including Germany, France, and Spain. Recently, Hyosung became the first domestic power equipment company to sign a long-term supply agreement with a German transmission operator for ultra-high-voltage transformers and reactors. In France, following its first long-term supply contract last year, Hyosung achieved additional contract wins earlier this year.
Hyosung's expansion into Western Europe continues with a string of contracts in Spain and the UK for high-voltage power equipment. Western European countries like Germany and France represent highly competitive markets with stringent certification and quality standards, demanding precise delivery conditions.
Having built a reputation for quality since entering the European market in 2010 and acquiring key references such as the long-term transformer supply contract in France, Hyosung is steadily expanding its presence in these high-demand environments.
Cho Hyun-Joon, Chairman of Hyosung Group, noted, "Our repeated success in Europe is a testament to our superior technology and customer-tailored solutions. We aim to establish ourselves as a leading supplier of critical power equipment in the global electricity market, aligning with the growth of the AI industry."
In the first quarter of this year alone, Hyosung Heavy Industries reported approximately 10 trillion KRW in contract achievements as it extends its reach across Europe, the Middle East, Asia, and Oceania.
Responding to the rapidly growing demand in the North American market, Hyosung is also expanding its ultra-high-voltage transformer factory in Memphis, USA, with plans to double its current production capacity.
