SEOUL, December 22 (AJP) - South Korea's Hyosung Heavy Industries has secured a series of new orders for extra-high-voltage power equipment across Europe.
The company said on Monday it won contracts worth more than 230 billion won ($170 million) this month in key European markets including the United Kingdom, Sweden and Spain, citing rising investment in power grids as countries accelerate energy transitions.
In the United Kingdom, Hyosung Heavy Industries recently signed a supply contract worth about 120 billion won with Scottish Power Energy Networks, Scotland’s electricity distribution network operator, to provide extra-high-voltage transformers. The equipment will be used in a major wind power-related project aligned with the country's Net Zero policy, the company said in a press release.
The company is also expanding its footprint elsewhere in Europe. It said it secured an order worth about 50 billion won this month from a major Swedish power distribution company for extra-high-voltage transformers, and separately won a contract in Norway.
In Spain, Hyosung Heavy Industries also signed supply contracts worth about 60 billion won with leading power and energy companies to deliver transformers and reactors. The Spanish contracts mark the company’s first entry into southern Europe, it said.
Hyosung Heavy Industries noted that Europe’s extra-high-voltage transformer market is dominated by established global players, making market entry challenging without advanced technology. The company said it strengthened its technical credentials this year by passing a short-circuit test for extra-high-voltage transformers conducted by France’s electricity transmission system operator.
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