Contract Signed with Scottish Power in the United Kingdom
Continued Expansion in Western European Markets Including France and Spain
Hyosung Heavy Industries announced on May 19 that it has signed a contract worth 85 billion KRW to supply ultra-high voltage transformers to Scottish Power, a transmission company in Scotland, United Kingdom. The 400kV ultra-high voltage transformers to be supplied under this contract will be used to reliably transmit electricity generated from onshore and offshore wind farms in Scotland to urban areas.
The ultra-high voltage transformer supplied by Hyosung Heavy Industries to Scotland in 2023. Provided by Hyosung
Scotland, United Kingdom, is a region that actively produces renewable energy by utilizing its abundant wind resources, with about one-third of the world's floating offshore wind power concentrated there. The Scottish government is increasing investment in renewable energy and transmission networks with the goal of achieving net zero (carbon neutrality) by 2045.
Hyosung Heavy Industries first entered the Scottish market in 2015 and has been recognized over the past 10 years as a total solution provider for product supply and maintenance. In particular, since 2022, the company has held the number one market share in the UK's ultra-high voltage transformer market.
Since the beginning of this year, Hyosung Heavy Industries has also achieved a series of order wins in Germany, France, and Spain. Recently, the company signed a long-term supply contract for ultra-high voltage transformers and reactors with a German transmission company, becoming the first Korean power equipment company to do so. In addition, after signing its first long-term supply contract for ultra-high voltage transformers with a French transmission company last year, the company succeeded in securing additional orders earlier this year.
Previously, Hyosung Heavy Industries entered the European market in 2010, building a reputation for quality in several European countries including the United Kingdom and Norway. In particular, last year's long-term supply contract for ultra-high voltage transformers with France has served as a key reference, enabling the company to continue its streak of order wins in Western European countries.
Hyun-Joon Cho, Chairman of Hyosung, said, "Our continued order wins in Europe are the result of our technological capabilities and customer-tailored solution strategies," adding, "Going forward, we will firmly establish ourselves as a core supplier of key power equipment in the global electricity market in line with the growth of the artificial intelligence (AI) industry."
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