Hyosung wins Norway transformer order
Hyosung Heavy Industries has secured a 330 billion won ($240 million) deal to supply 420 kV high-voltage transformers to Norway’s electricity agency Statnett.
Image for illustration purposes.
South Korea, Seoul: South Korea’s Hyosung Heavy Industries has secured a 330 billion won ($240 million) deal to supply 420 kV high-voltage transformers to Norway’s electricity agency Statnett. The project aims to expand infrastructure for renewable energy and replace aging facilities in phases by 2029. Out of the total order, a deal for the first batch, valued at 304 billion won, was signed on Friday.
The latest deal was attributed by Hyosung to its expertise spanning from design to installation, despite the European market traditionally being dominated by global power equipment giants with advanced technology. Adding to a 130 billion won order delivered last year, the company holds almost 80% of the ultrahigh-voltage transformer market in Norway. Since entering the European market in 2010 by supplying ultrahigh-voltage transformers to British electricity agency National Grid, as the first Korean company to do so, Hyosung has expanded its presence to other European countries such as Sweden, Iceland, Finland, France and Norway.
“With this deal, Hyosung has been recognized in the European market for its technology and quality. We will gear up to expand our presence on the global stage, building on our success in the European market,” said Woo Tae-hee, CEO of Hyosung Heavy Industries.
Source: The Korea Herald
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