Hyosung Heavy Industries Wins 330 Billion Won Ultra-High Voltage Transformer Order in Norway

 

 

 

 

Hyosung Heavy Industries is strengthening its presence in the European power market by continuously securing ultra-high voltage transformer orders in Norway.

Hyosung Heavy Industries announced that it will supply 420kV ultra-high voltage transformers worth a total of 330 billion won to Norway's state-owned transmission agency, Statnett. Of this, it signed a contract for 304 billion won worth of equipment on the 5th.

The contracted volume is for expanding Norway's renewable energy power grid and replacing aging facilities, and it will be supplied sequentially until 2029.

The European power market is traditionally considered a market with very high technical entry barriers, with global power equipment competitors with advanced technologies concentrated there.

Hyosung Heavy Industries is known to have successfully won the order by demonstrating its competitiveness through successfully performing all processes from design to installation.

The order volume is the largest since Hyosung Heavy Industries first entered the Norwegian market in 2020.

Last year, Hyosung Heavy Industries also secured a 420kV ultra-high voltage transformer project worth 130 billion won, and currently holds an 80% market share in the Norwegian ultra-high voltage transformer market.

Taehee Woo, CEO of Hyosung Heavy Industries, stated, “As Hyosung Heavy Industries’ technology and quality have been recognized in the European market, we will further increase our influence in the global market based on our presence in Europe.”

Since becoming the first Korean company to be selected as the main supplier of ultra-high voltage transformers by the UK's National Grid in 2010, Hyosung Heavy Industries has expanded its footprint across Europe by securing ultra-high voltage power equipment contracts in Sweden, Iceland, Finland, France, and other countries.

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Hyosung Heavy Industries Wins 330 Billion Won Ultra-High Voltage Transformer Order in Norway