HD Hyundai Electric has completed the construction of a dedicated power transformer storage facility in Alabama, the Korean company announced on Sunday. The new 12,690-square-meter (137,000-square-feet) facility can house up to 60 power transformers.

The completion of this facility allows HD Hyundai Electric to repurpose the previous storage space for production, thereby increasing its manufacturing capacity. Cho Seok, CEO of HD Hyundai Electric, highlighted the benefits of the new facility during a ceremony on Friday, stating, "The new facility will allow us to ramp up our quality by storing products at optimal conditions as well as maximize our production capacity. We will endeavor to strengthen our competitiveness by flexibly responding to the growing demand for power transformers."

In addition to the Alabama expansion, the company is also enlarging its power transformer plant in Ulsan, South Korea. HD Hyundai Electric anticipates that these expansions will boost its revenues by $16 million (22 billion won) annually.

The surge in global demand for power transformers is driven by an expected annual electricity demand growth rate of 3.4 percent through 2026, according to the International Energy Agency.

Source: koreajoongangdaily.joins.com