November 21, 2024

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Hyosung Heavy Industries's high-voltage transformer (Hyosung Heavy Industries)

Hyosung Heavy Industries said Monday it has signed a contract with Denmark's leading offshore wind company, Orsted, to supply high-voltage electrical equipment, further strengthening its presence in the European transformer market.

Under this agreement, Hyosung will deliver 400 kilovolts of high-voltage transformers and reactors to Orsted by 2027, which will be used for the Hornsea 4 project, an offshore wind farm planned for 2.4-gigawatt capacity off the coast of Yorkshire in northern England.

This deal positions Hyosung to reach 1 trillion won ($729.6 million) in European orders this year, including National Grid’s phase-shifting transformer project, along with orders for high-voltage transformers and breakers from Norway, Iceland and Sweden.

Hyosung attributes its success to a focus on technological expertise and customized client strategies, aiming to build strong quality trust in the European market. The company highlighted that it has attained a leading position in the 400-kilovolt transformer sector in the UK, Scotland and Norway.

Looking ahead, Hyosung plans to deepen its European presence, expecting that the rising demand for renewable energy and the growth of the artificial intelligence industry will drive further investment in Europe’s power grid sector. Aligned with this strategy, the company is also prioritizing its innovation efforts targeting Europe’s eco-friendly power market, including its research and development center in the Netherlands, which developed an eco-friendly breaker in 2023.

"Hyosung’s achievements in the European market reflect our commitment to VOC (Voice of Client) management," said Hyosung Group Chairman Cho Hyun-joon. "We will continue to strengthen our presence not only in Europe but globally by listening to our customers."

Beyond Europe, Hyosung is also expanding its client base in the Americas, the Middle East, Asia and Oceania. Additionally, it plans to boost its high-voltage transformer production capacity by over 40 percent by expanding its production facilities in Korea and the United States.

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