On July 30th, Hyosung Heavy Industries hosted a groundbreaking ceremony at their Changwon plant in Gyeongnam for the construction of Korea’s largest voltage-type HVDC (High Voltage Direct Current) transformer facility.
The new facility, set to cover an area of approximately 29,600 square meters, is expected to be completed by July 2027. Hyosung Heavy Industries is investing around 254 billion won in the construction and plans to inject a total of 330 billion won into bolstering its HVDC business, which includes expanding its ‘large-capacity voltage converter system’ production facilities and undertaking R&D projects.
Hyosung Vice Chairman, Lee Sang-woon, commented, “Voltage-type HVDC technology is pivotal for the expansion of renewable energy and the development of export industries. Hyosung Heavy Industries aims to elevate the global stature of ‘K-Power’ through our proprietary technologies.”
Since 2017, Hyosung has invested about 100 billion won to independently develop Korea's first 200MW-class voltage-type HVDC technology last year. The company plans to further extend its technological prowess to the 2GW (2000MW) class, advancing the localization of such technologies.
Compared to HVAC (Alternating Current Transmission), HVDC boasts lower transmission losses and is advantageous for long-distance power transmission. Hyosung's voltage-type HVDC is particularly suitable for integrating renewable energy sources, driving increased demand both domestically and internationally.
This technology is anticipated to play a critical role in the government's proposed ‘West Sea Energy Highway’ initiative, a national project aimed at linking the renewable energy sites in the Honam region to the power grid of the Seoul metropolitan area by 2030.
With the launch of the new plant in 2028, Hyosung Heavy Industries intends to increase the overall transformer production capacity at the Changwon plant by approximately 20%, address the needs of both alternating and direct current power markets, and establish itself as a comprehensive HVDC solutions provider.
The global HVDC market is also rapidly expanding. According to market research agencies, the global HVDC market, valued at approximately $12.2 billion in 2024, is expected to grow at an average annual rate of 8.1%, reaching $26.4 billion by 2034.
Leveraging this new facility, Hyosung aims to intensify its penetration into the European and American markets and expand exports through numerous overseas projects currently under negotiation.
The groundbreaking event was attended by more than 100 notable figures, including Hyosung Vice Chairman Lee Sang-woon, National Assembly members Heo Sung-moo, Kim Jong-yang, Choi Hyung-doo, and Lee Ho-hyun, the Second Vice Minister of Trade, Industry, and Energy.
