September 08, 2024

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Hyosung Heavy Industries' ultrahigh-voltage transformer was delivered to Norwegian electricity agency Statnett in 2023. (Hyosung Heavy Industries)

South Korea’s Hyosung Heavy Industries said Monday it secured a 330 billion won ($240 million) deal to supply 420-kilovolt high-voltage transformers to Norway’s electricity agency Statnett.

The project aims to expand infrastructure for renewable energy and replace aging facilities in phases by 2029.

Out of the total order, Hyosung signed a deal for the first batch, valued at 304 billion won, Friday.

Hyosung attributed the latest deal to its expertise spanning from design to installation, despite the European market traditionally being dominated by global power equipment giants with advanced technology.

Adding to a 130 billion won order delivered last year, Hyosung currently holds almost 80 percent of the ultrahigh-voltage transformer market in Norway.

“With this deal, Hyosung has been recognized in the European market for its technology and quality. We will gear up to expand our presence on the global stage, building on our success in the European market,” said Woo Tae-hee, CEO of Hyosung Heavy Industries.

Since entering the European market in 2010 by supplying ultrahigh-voltage transformers to British electricity agency National Grid -- becoming the first Korean company to do so -- Hyosung has expanded its presence to other European countries, including Sweden, Iceland, Finland, France and Norway.

By Hwang Joo-young (flylikekite@heraldcorp.com)