Contract for Ultra-High Voltage Transformers and Reactors with Denmark's Ørsted
Cho Hyun-joon: "Strengthening Position in Power Market by Listening to Customer Voices"
Hyosung Heavy Industries has established a solid presence in the European power equipment market, surpassing 1 trillion won in orders for the first time.
On the 3rd, Hyosung Heavy Industries announced that it signed a contract on the 1st to supply ultra-high voltage power equipment with Orsted, the world's largest offshore wind power company based in Denmark. Hyosung Heavy Industries plans to supply 400kV ultra-high voltage transformers, reactors (power quality improvement devices), and more to the UK's 'Hornsea 4 Offshore Wind Project' by 2027. 'Hornsea 4' is a project to build an offshore wind farm with a power capacity of 2.4GW near the Yorkshire coast in northeastern England.
This year, Hyosung Heavy Industries began a large-scale phase-shifting transformer project with National Grid, followed by securing contracts for ultra-high voltage transformers with Norway's state-owned power company in July, as well as circuit breakers orders from Iceland and Sweden.
The European power market demands a high level of technology and is fiercely competitive with leading European power equipment companies. Since entering Europe in 2010, Hyosung Heavy Industries has secured quality trust within Europe based on its technological capabilities and customer-tailored strategies. In particular, its competitiveness in large-capacity ultra-high voltage transformers has been recognized, holding the number one market share for 400kV transformers among transmission power companies in the UK, Scotland, and Norway.
The European power market is expanding with the growth of renewable energy and increased power demand driven by AI (artificial intelligence), with transmission network investments growing at an average annual rate of 8.6%. It is expected to expand to approximately $57 billion (78.38 trillion won) by 2030.
Hyosung Heavy Industries plans to expand its presence by responding to various demands from European customers with customized solutions. Additionally, its R&D center established last year in the Netherlands has achieved success in developing eco-friendly circuit breakers, showing progress in research and development.
Hyosung Chairman Cho Hyun-joon said, "The success in securing orders for European power equipment is the result of Voice of Customer (VOC) management," adding, "We will continue to listen to the voices of customers not only in Europe but worldwide to further strengthen our position in the global power market."
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