Hyosung Heavy Industries has fortified its position in the Australian power market by securing a significant 35 billion won (approximately $25.9 million) transformer supply contract with Powerlink, Queensland’s state-owned power company. Announced on July 11, this contract is a pivotal component of the Copperstring2032 project, designed to connect inland Queensland’s renewable energy production to the eastern coast.
For over a decade, Hyosung Heavy Industries has been acknowledged as a comprehensive solution provider in the Australian power market, offering both products and maintenance services. Last year, the company played a vital role in the EnergyConnect project, supplying essential power equipment for the transmission network linking South Australia and New South Wales, thus supporting the development of Australia’s renewable energy grid.
Holding the top market share for transformers in Australia, Hyosung further solidified its dominance with a long-term supply contract for ultra-high voltage transformers with New South Wales last year. The recent agreement with Powerlink not only reinforces its market leadership but also extends its influence within the region.
The Copperstring2032 project is integral to Queensland’s ambitious renewable energy goals, aiming to achieve over 70% renewable energy generation by 2032. With more than 300 days of sunshine annually, Queensland is an ideal location for solar power and other renewable energy sources.
Woo Tae-hee, CEO of Hyosung Heavy Industries, expressed confidence in the company’s contribution to the project, emphasizing their global transmission market expertise. “Hyosung Heavy Industries will leverage its extensive know-how and competitiveness to help Queensland become a world-class renewable energy hub,” he stated.
The contract signing ceremony featured prominent figures from both organizations, including Woo Tae-hee and Powerlink CFO Daryl Rowell. This strategic partnership is expected to play a crucial role in achieving Queensland’s renewable energy targets and enhancing the state’s power infrastructure.
