"Target Completion in the Second Half of Next Year"
At the groundbreaking ceremony of the Daehan Electric Wire Submarine Cable Coastal Factory, key attendees are seen performing the ceremony. From the fifth person on the left: Na Hyung-gyun, President of Daehan Electric Wire; Seo Cheol-su, Head of Korea Electric Power Corporation Transmission and Substation Construction Division; Kim Seon-gyu, Chairman of Hoban Group; Kim Deok-ju, Chairman of Dangjin City Council; Oh Seong-hwan, Mayor of Dangjin; Kim Tae-heum, Governor of Chungnam Province; Eo Gi-gu, Member of the National Assembly; Kim Sang-yeol, Founder of Hoban Group and Chairman of Seoul Shinmun; Kim Gang-hak, Chairman of Myeongun Industrial Development; Song Jong-min, Vice Chairman of Hoban Industry; Kim Dae-heon, President of Hoban Group Planning Division; Kim Min-seong, Executive Director of Hoban Industry. (Photo by Daehan Electric Wire)
[Asia Economy Reporter Moon Chaeseok] Daehan Electric Wire announced on the 9th that it held a groundbreaking ceremony for its offshore cable coastal factory in the Gode District of Asan National Industrial Complex, Dangjin, Chungcheongnam-do. About 200 people, including key figures from the Chungnam region, representatives from Korea Electric Power Corporation and other power companies, customers, and partners, as well as Ho-van Group executives including founder and Seoul Shinmun chairman Kim Sang-yeol, attended the event.
The Daehan Electric Wire offshore cable coastal factory will be built on a 44,800㎡ (approximately 13,500 pyeong) site behind the Gode Pier at Pyeongtaek Dangjin Port. It is located about 10 minutes away from Daehan Electric Wire’s main production facility, the Dangjin factory, ensuring high accessibility.
The company finalized the site for the coastal factory in February and has been proceeding with land acquisition and factory design. The goal is to start construction this month and complete it by the second half of next year.
Na Hyung-gyun, President of Korea Electric Wire, delivering a commemorative speech. (Photo by Korea Electric Wire)
Daehan Electric Wire plans to utilize the offshore cable coastal factory as an advanced base to target the rapidly growing global offshore wind power market. Facilities will be established to produce internal and external network cables used in offshore wind farms. Pre-sales efforts will be strengthened to achieve sales immediately upon factory completion.
They plan to sequentially expand the product lineup to include 345kV external network cables and high-voltage direct current (HVDC) submarine cables, as well as secure construction capabilities.
Na Hyung-gyun, president of Daehan Electric Wire, said, "The offshore cable coastal factory is a powerful 'game changer' growth engine in the submarine cable sector," adding, "We will aggressively target the global offshore wind power market through technology development and aggressive investment."
The global submarine cable market is expected to grow from approximately 58 trillion won this year to about 150 trillion won by 2027.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
