Hyosung Heavy Industries secures $60m transformer deal with Scottish Power
Hyosung Heavy Industries, a South Korean company specializing in power and industrial systems and a key affiliate of Hyosung Group, is rapidly expanding its presence in the European power equipment market.
The company said Monday that it signed an 85 billion won ($60.8 million) contract with Scotland's transmission company, Scottish Power, to supply 400 kilovolt, ultra-high voltage transformers. These units will support the transmission of wind-generated electricity from onshore and offshore sites to urban areas in Scotland.
The deal strengthens Hyosung's leadership in the UK, where it has held the top market share for ultra-high voltage transformers since 2022. Scotland, with its rich wind resources, is a hub for renewable energy and aims to reach net-zero carbon emissions by 2045, prompting major investments in energy infrastructure.
Hyosung is also expanding its reach across Western Europe. The company recently became the first Korean manufacturer to sign a long-term transformer supply agreement with a German transmission firm. It has also secured repeat orders in France and new contracts in Spain.
'Our continued success in Europe is the result of our technological capabilities and customer-tailored solution strategies,' said Hyosung Group Chair Cho Hyun-joon. 'We will solidify our position as a core power equipment supplier in the global market, aligned with the growth of the AI industry.'
As of the first quarter of this year, Hyosung's total order backlog stands at approximately 10 trillion won, with major projects underway in Europe, North America and beyond.
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