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 $200 mil. power equipment deal in Australia
Hyosung Heavy Industries CEO Woo Tae-hee, right, poses with AusNet CEO David Smales, left, and Australian Ambassador to Korea Jeff Robinson at the Korean power equipment maker's headquarters in Seoul, Wednesday. Courtesy of Hyosung Heavy Industries
By Lee Min-hyung
Hyosung Group Chairman Cho Hyun-joon
Hyosung Heavy Industries has secured a power equipment supply contract worth 310 billion won ($200 million) with Australia's AusNet, strengthening its position as a key supplier in one of the world's fastest growing energy transition markets.
The company said Thursday that it signed a five-year agreement with AusNet, the sole transmission network operator in the state of Victoria, to exclusively supply Hyosung’s ultra-high-voltage transformers, reactors and other critical power equipment for the region's transmission grid.
The deal marks another major win for Hyosung in Australia, following the 142.5 billion won energy storage system project it secured in Queensland in March.
With projects spanning Victoria, Queensland, New South Wales and South Australia, the company has further solidified its standing as a top-tier supplier across the country.
Under the agreement, Hyosung will provide ultra-high-voltage power equipment to support Australia's expanding transmission infrastructure, as the country accelerates its transition toward renewable energy.
The company currently holds the largest market share in Australia's ultra-high-voltage transformer segment, a position it says was built through a decade of customer-focused strategies and rapid local support capabilities.
Hyosung Group Chairman Cho Hyun-joon attributed the latest achievement to the company's long-term partnership-driven approach and early recognition of Australia's growing demand for advanced grid technologies.
"Australia is one of the most dynamic markets in the world in terms of both the pace and scale of energy transition," Cho said.
"We will continue expanding cooperation into next-generation grid solutions, such as high-voltage direct current systems, positioning ourselves not merely as an equipment supplier, but as a partner helping drive Australia's energy transition."
The latest Australian deal also reflects Hyosung's broader global expansion strategy. The company has posted record orders in North America, securing combined power equipment contracts worth 2.5 trillion won in the first half of this year there.