Hyosung wins $270 mil. deal
Hyosung announced today that it has been selected as the main supplier of ultra-high voltage transformers for the UK-based company National Grid. This marks its entrance into this area of the UK market.
From 2012 to 2016, Hyosung will participate in a project to supply ultra-high voltage transformers at a scale worth $270 million, based on orders received by National Grid.
The outfit is an international electricity and gas firm, one of the largest investor-owned energy companies in the world. It owns and operates the high voltage electricity transmission network and the gas national transmission system in the United Kingdom.
The European electricity power industry, measuring $24.5 billion in scale, is the second biggest in the world following Asia. Three global companies ― ABB, SIEMENS, AREVA ― with extensive knowledge and original technology, dominate the market. The European electricity power industry is a difficult and conservative market to enter, unless a product's stability and quality are firmly proven, Hyosung said.
Cho Hyun-moon, head of Hyosung Power & Industrial Systems Performance Group, said, "Hyosung has already obtained a market share of more than 20 percent in the U.S., a market which is known to have very high quality standards.
"Furthermore, being selected as the main supplier of ultra-high voltage transformers to National Grid acknowledges Hyosung's technology and quality in supplying large quantities of extremely high-powered electricity and power products in Europe, the centre of the advanced electric power industry," he said. "This also creates a bridge for our entrance into the European market." adding, "We hope to actively export heavy electrical equipment to the European market from now on."
With Hyosung's recent achievement in successfully supplying EPC substations to Qatar, a project totaling $120 million, the group is continuing to see growth in the global electricity and power market by actively taking part in various markets across the world, including the Middle East, South America, India, and China.