Hyosung Heavy Industries has strengthened its foothold in the Australian power market by signing a 35 billion won (approximately $25.9 million) transformer supply contract with Powerlink, the state-owned power company of Queensland, Australia. The signing ceremony, held on July 11, featured Woo Tae-hee, CEO of Hyosung Heavy Industries, and Daryl Rowell, CFO of Powerlink.

This contract is a significant milestone in the Copperstring2032 project, aimed at constructing a transmission network that connects renewable energy produced in inland Queensland to the eastern coast. Hyosung Heavy Industries has been a notable player in the Australian power market for the past decade, providing products and maintenance services. Last year, the company played a crucial role in the EnergyConnect project, supplying power equipment for a transmission network linking South Australia and New South Wales, which was vital in establishing Australia’s renewable energy grid.

Hyosung Heavy Industries holds the top market share for transformers in the Australian transmission market. Their long-term supply contract for ultra-high voltage transformers with New South Wales, signed last year, underscored their leadership in the region. The new contract with Powerlink further solidifies Hyosung's leading position and expands its influence.

The Copperstring2032 project is central to Queensland’s ambitious renewable energy goals, aiming to convert over 70% of its total power generation to renewable energy by 2032. With over 300 days of sunshine annually, Queensland is an ideal location for solar power production.

Woo Tae-hee expressed optimism about the company's involvement in this transformative project. "Based on the know-how and competitiveness that Hyosung Heavy Industries has accumulated in the global transmission market, we will contribute to Queensland becoming a world-class renewable energy hub," he stated.

The signing ceremony was attended by key figures from both organizations, including Woo Tae-hee and Daryl Rowell. This partnership is expected to be instrumental in achieving Queensland’s renewable energy targets and enhancing the state's power infrastructure.

Source: businesskorea.co.kr