[Click eStock] "G2Power Secures Foothold in Nuclear Power Market... Performance on the Rise"

GL Research analyzed on July 29 that G2Power has secured a foundation for entering the nuclear power generation market based on its Condition Monitoring and Diagnosis (CMD) technology. The company did not provide an investment opinion or target price.

G2Power is a company specializing in smart energy infrastructure. Based on IoT and artificial intelligence (AI)-driven CMD technology, it manufactures and installs switchgear, solar power generation systems, and energy storage systems (ESS), and also provides solar EPC services and power plant operation.

Park Changyoon, a researcher at GL Research, stated, "The core technology, CMD, is an intelligent diagnostic system that detects and analyzes partial discharge signals within electrical equipment in real time, thereby preventing fires or electrical accidents in advance." He added, "By integrating IoT, AI, and LoRa-based communication technology, it enables both wireless remote monitoring and anomaly detection simultaneously."

Park explained, "G2Power has applied its proprietary CMD technology to major products, including switchgear, securing a technological edge over competitors. Based on this, the company has established a foothold for entering the nuclear power market. From 2019 to 2024, its annual sales growth rate (CAGR) reached 29.77%, and as of March 2025, its order backlog hit a record high of 120.3 billion KRW."

He continued, "The main reason for the recent increase in order backlog is the 43 billion KRW contract signed in February this year with Korea Hydro & Nuclear Power for the supply of high-voltage switchgear for Shin Hanul Units 3·4. The revenue from this order is expected to be recognized sequentially between 2027 and 2029."

He emphasized, "Only companies that have completed Q-Class qualification registration can participate in Korea Hydro & Nuclear Power's nuclear power switchgear tenders, and G2Power completed its registration in 2024. Through the Shin Hanul Units 3·4 order, the company has established a foundation not only for nuclear power plants but also for entering the markets of the five major domestic power generation companies (South, Southeast, East-West, West, Central) and overseas nuclear power equipment markets."