Daehan Electric Wire Signs Business Agreement with UK Balfour Beatty for Power Transmission and Distribution Projects

"UK Business Expansion"... 350 Billion KRW Joint Power Transmission and Distribution Network Project
National Grid 36 Billion KRW Power Network Project, etc.

On the 24th, Hoban Group's Daehan Electric Wire announced that it signed a Memorandum of Understanding (MOU) to establish a partnership for underground power transmission and distribution projects with UK infrastructure company Balfour Beatty. The signing ceremony took place on the 23rd (local time) at The Westin London City Hotel, attended by about 20 officials including Kim Seon-gyu, Chairman of Hoban Group, and Chris Johnson, Chief Technology Officer (CTO) of Balfour Beatty.

Balfour Beatty's annual sales are around 15 trillion KRW. It is a company that has carried out numerous large-scale power grid project EPCs (Engineering, Procurement, and Construction) commissioned by the UK state-owned power company National Grid, including the LPT2 (London Power Tunnels 2) project. The LPT2 project involves constructing underground tunnels crossing central London and establishing a power grid to stabilize power supply throughout London. Daehan Electric Wire will supply the entire 400kV power grid.

Daehan Electric Wire and Balfour Beatty UK are signing an MOU regarding joint participation in transmission and distribution networks. From the right, Seon-gyu Kim, Chairman of Hoban Group, and Chris Johnson, Chief Technology Officer (CTO) of Balfour Beatty.
[Photo by Daehan Electric Wire]

The two companies plan to jointly participate in bids for power transmission and distribution network projects in the UK worth over 220 million pounds (approximately 360 billion KRW) by 2030. From the bidding stage, they intend to enhance technological competitiveness and increase the likelihood of winning contracts through mutual cooperation such as technology sharing and work support.

They also agreed to collaborate on sustainable energy solutions, business models, and product development. They plan to draft a business roadmap and exchange technical personnel within the first half of next year. Given the UK government's announcement to achieve carbon neutrality by 2050, they aim to build a close cooperative relationship to discover and target various business opportunities.

Representatives from Daehan Electric Wire and Balfour Beatty are posing for a commemorative photo after signing a Memorandum of Understanding (MOU). From the fourth person on the right, Kim Seon-gyu, Chairman of Hoban Group, and Chris Johnson, CTO of Balfour Beatty.
[Photo by Daehan Electric Wire]

Immediately after the signing ceremony, Daehan Electric Wire secured a power grid project worth about 36 billion KRW. This National Grid project involves replacing overhead lines with underground cables to improve the natural landscape of the North Wessex Downs area. Balfour Beatty will perform the EPC, while Daehan Electric Wire will supply the 400kV ultra-high voltage power grid and carry out electrical work. A Daehan Electric Wire official stated, "We expect to continuously secure a leading position in power grid projects by establishing a close cooperative relationship with the most influential infrastructure group in the UK."

Daehan Electric Wire established its UK branch in 2017 and began its European expansion. In 2019, it expanded and reorganized into a European headquarters and established a sales corporation in the Netherlands. Currently, it operates a total of four branches and one corporation in Europe, including Denmark and Sweden, achieving results in the region.