Hyosung Heavy Industries has secured a significant contract worth $244 million (330 billion Korean won) to supply 420kV ultra-high voltage transformers to Norway's state-owned transmission authority, Statnett. This agreement, signed on July 5, marks a crucial milestone for Hyosung, which entered the Norwegian market in 2020 and has swiftly established a dominant presence.

The transformers will support the expansion of Norway's renewable energy grid and the replacement of outdated infrastructure. Delivery will occur in phases until 2029, contributing to ongoing improvements in the country's electrical grid. This contract highlights Hyosung Heavy Industries' growing influence in the competitive European power equipment market, known for its technical rigor and intense competition.

Previously, Hyosung secured a 130 billion won project for similar transformers, achieving an 80% market share in Norway's ultra-high voltage transformer sector last year. This latest contract reinforces its market position and underscores its competitiveness in Europe's challenging market environment.

The European power market is renowned for its stringent standards and demanding certification processes, posing significant barriers for newcomers. Hyosung has overcome these challenges by demonstrating technological excellence and delivering high-quality products. The company's capability to manage all stages from design to installation has been pivotal in securing these substantial contracts.

Woo Tae-hee, CEO of Hyosung Heavy Industries, expressed confidence in the company's capabilities, stating, "Recognition of Hyosung Heavy Industries' technology and quality in the European market will further strengthen our global presence."

Norway remains committed to renewable energy, with hydropower forming a significant part of its electricity generation. The country continues to modernize its renewable energy infrastructure to meet future energy demands and sustainability objectives. Statnett plays a critical role in this initiative, ensuring the efficiency and reliability of electricity transmission across Norway.

Source: businesskorea.co.kr