Europe | August 30, 2024

Hyosung Heavy Industries Secures Major Electrical Power Equipment Deals in Europe

Hyosung to ink contract with Iceland's state-owned power company worth US$16 million, the largest single order for gas-insulated switchgear (GIS) in Europe.

 

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Hyosung Heavy Industries, a prominent player in the global power equipment market, announced significant contracts during the CIGRE Paris Session 2024, the world’s largest power grid exhibition. From August 26 to 30, the company is set to finalise power equipment supply agreements totalling 350 billion won (approximately $263.81 million).

A key highlight of these deals is a long-term contract valued at 330 billion won with Norway’s state-owned power company. This agreement focuses on the supply of ultra-high voltage transformers, underscoring Hyosung’s expertise in high-capacity power solutions. Additionally, the company will sign a 22 billion won (approximately US$16.5 million) contract with Iceland’s state-owned power company, marking the largest single order for gas-insulated switchgear (GIS) in Europe. GIS technology is renowned for its ability to significantly reduce carbon emissions, aligning with global sustainability goals.

At the CIGRE Paris Session, Hyosung Heavy Industries is showcasing a range of advanced power equipment and system solutions. These include ultra-high voltage transformers, circuit breakers, energy storage systems (ESS), and high-voltage direct current (HVDC) transmission systems. The company is emphasising its GIS technology and ESS solutions, which are designed to enhance the efficiency of renewable energy generation.

In addition to product showcases, Hyosung is hosting the “Future Grid Insight Forum” for key global customers. This forum features influential figures from major power companies across Europe, the United States, and Asia. Topics of discussion include the increasing role of data centres driven by AI, the development of digital substations, and pathways to carbon neutrality. The forum also highlights Hyosung’s introduction of low-carbon power equipment, such as SF6-Free GIS, developed by its European R&D centre.

These strategic moves by Hyosung Heavy Industries not only reinforce its position in the European market but also demonstrate its commitment to advancing sustainable and innovative power solutions globally. By securing these substantial contracts and showcasing cutting-edge technology, Hyosung is poised to play a pivotal role in the future of the global power industry.

Source: Business Korea