Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Hyosung wins $96 mil. ESS deal in Australia
Hyosung Group Chairman Cho Hyun-joon, fourth from right, poses with Business Council of Australia CEO Bran Black, third from right, at the former’s office in Seoul, Jan. 20. Courtesy of Hyosung Group
By Lee Min-hyung
Hyosung Heavy Industries has secured a 142.5 billion won ($96.32 million) energy storage system (ESS) engineering, procurement and construction contract with Australia’s Tangkam BESS, marking its first ESS supply deal in the country, the company said Thursday.
Under the deal clinched Tuesday, Hyosung will build a 100-megawatt and 200-megawatt-hour battery-based ESS in the Tangkam area of Queensland, with commercial operations targeted for late 2027.
The project comes as Australia accelerates efforts to stabilize its power grid while increasing the share of renewable energy. The Australian government aims to raise renewables to 82 percent of the national power mix by 2030, but intermittent power generation from solar and wind requires additional infrastructure to maintain grid stability.
Hyosung said the ESS will store surplus electricity generated from renewable sources and release it when needed, while also helping maintain grid quality through real-time frequency control.
For the latest project, the company will deploy an integrated system powered by its battery management software, enabling coordinated control of batteries and power equipment.
The contract follows a string of global orders for the Korean firm. Last month, Hyosung Heavy Industries signed its largest-ever power equipment supply deal in the United States, worth 787 billion won, and a 29 billion won long-term supply contract for ultra-high-voltage transformers in Finland.
Hyosung Group Chairman Cho Hyun-joon said future competitiveness in the power industry will depend on solutions capable of controlling entire power grids.
“Driven by our proven technologies in ultra-high-voltage transformers, circuit breakers and high-voltage direct current transmission, we will strengthen Korea's power equipment exports as a total solutions provider,” Cho said.
Hyosung has built a strong foothold in Australia's power market over the past decade, supplying equipment and maintenance services. The company currently holds the largest market share for ultra-high-voltage transformers in Australia’s transmission industry.
Australia is also pushing ahead with its "Rewiring the Nation" initiative to modernize transmission infrastructure, which Hyosung expects will drive growing demand for advanced grid technologies.