Hyosung Heavy Industries wins transformer order from Norway's Statnett

By Kim Joo-heon Posted : July 8, 2024, 16:18 Updated : July 8, 2024, 16:18
This photo shows Hyosung Heavy Industries ultra high voltage transformer plant in Memphis Tennessee Courtesy of Hyosung Heavy Industries
This photo shows Hyosung Heavy Industries' ultra-high voltage transformer plant in Memphis, Tennessee. Courtesy of Hyosung Heavy Industries
SEOUL, July 8 (AJU PRESS) - Hyosung Heavy Industries secured a 330 billion won ($238.5 million) order to supply transformers to Statnett, a state-run company managing transmission systems in Norway, the Korean power equipment manufacturer said Monday.

Hyosung will supply 420 kilovolt transformers to Statnett, marking the largest project the company has undertaken since venturing into the Norwegian market in 2020.

The contract is aimed at expanding Norway's renewable energy power grid and replacing aging equipment, including a 304 billion won portion signed on Friday. The Korean firm plans to deliver the equipment gradually by 2029.

The company said it currently holds an 80 percent market share in Norway's ultra-high voltage transformer market.

Since becoming the first domestic company selected as a major supplier of ultra-high voltage transformers for Britain's National Grid in 2010, Hyosung has expanded its footprint across Europe, securing contracts in Sweden, Iceland, Finland and France.

"Having earned recognition for our technology and quality in the European market, we aim to further enhance our global influence starting from Europe," Hyosung CEO Woo Tae-hee said in a press release.
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