Hyosung wins $238 mil. transformer order from Norway

A pedestrian walks past Hyosung Group headquarters in Seoul in this June 14 photo. Yonhap

Hyosung Heavy Industries won a 330 billion won ($238.87 million) order to supply ultra-high voltage transformers to a Norwegian power system operator, widening its position in the European power industry, the Korean company said, Monday.

Under the contract, the Hyosung affiliate will supply 420 kilovolt (kV) voltage transformers to Statnett. The Norwegian state-run company will gradually replace its outdated power systems with new ones from Hyosung by 2029.

This development has strengthened Hyosung’s position in the European power system market, particularly with the firm achieving a market share of around 80 percent in Norway’s ultra-high voltage transformer industry.

The European power industry is known for its high technological entry barriers, but Hyosung Heavy Industries has been rapidly 커뮤니티 expanding its presence there by successfully designing and installing its products for more European clients, according to the company.

“Hyosung Heavy Industries will continue to expand its influence in the global market, as it has been recognized for its technological prowess and product quality in Europe,” said Hyosung Heavy Industries CEO Woo Tae-hee.

In 2010, the company was designated as the major supplier of ultra-high voltage transformers to National Grid, a British electricity and gas utility firm, for the first time among Korean companies. It has since clinched multiple contracts with other key European clients in countries such as Sweden, Finland and France.

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