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Hyosung Heavy Industries Secures $244 Million Contract with Norway’s Statnett for Ultra-High Voltage Transformers

Deal Enhances Norway's Renewable Energy Grid, Solidifies Hyosung's Market Leadership
South Korea
h 298040.KO Mid and Small Cap 2000
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Hyosung Heavy Industries has secured a landmark contract worth 330 billion won (approximately $244 million) to supply 420kV ultra-high voltage transformers to Statnett, Norway’s state-owned transmission authority. The majority of this contract, valued at 304 billion won, was finalized on July 5, marking a significant achievement for the South Korean company.

The transformers are critical for expanding Norway’s renewable energy power grid and replacing outdated infrastructure. Scheduled for sequential delivery until 2029, these transformers will enhance the country’s electrical grid reliability and efficiency. This contract highlights Hyosung Heavy Industries’ growing dominance in the European power market, known for its stringent technical standards and competitive landscape.

Entering the Norwegian market in 2020, Hyosung Heavy Industries has rapidly established a strong foothold. Last year, the company secured a 130 billion won project for similar ultra-high voltage transformers, capturing an impressive 80% market share in Norway. This latest contract further cements its position and showcases its competitiveness in a challenging market.

The European power market is notorious for its rigorous certification processes and high entry barriers. Hyosung Heavy Industries has successfully navigated these challenges by demonstrating its technological expertise and commitment to quality. The company’s comprehensive capabilities, from design to installation, have been pivotal in securing significant orders and gaining trust in the market.

Woo Tae-hee, CEO of Hyosung Heavy Industries, expressed pride in the company’s achievements, stating, “As Hyosung Heavy Industries’ technology and quality have been recognized in the European market, we will further enhance our influence in the global market based on our presence in Europe.”

Norway’s dedication to renewable energy is well-documented, with hydropower playing a major role in its electricity generation. The country continues to modernize its energy infrastructure to meet future demands and sustainability goals. Statnett, the transmission system operator, is central to this effort, ensuring the reliability and efficiency of electricity transmission nationwide.

This contract not only strengthens Hyosung Heavy Industries’ presence in Europe but also underscores its role in supporting global renewable energy initiatives through advanced technology and reliable power solutions.

 

 

 

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