Hyosung Heavy Industries Expands Footprint to Northern Europe... Secures Ultra-High Voltage Circuit Breaker Contract in Sweden

[Asia Economy Reporter Hwang Yoon-joo] Hyosung Heavy Industries, which has entered the European power market, is expanding its business footprint to Northern Europe and other regions.

Hyosung Heavy Industries recently signed a contract to supply 420kV ultra-high voltage circuit breakers with the Swedish state-owned power agency, Svenska Kraftnet, successfully targeting the Northern European power market. The company plans to complete the supply of 420kV ultra-high voltage circuit breakers to a power substation in southern Stockholm, Sweden, by 2021.

Hyosung Heavy Industries successfully entered the European market in 2010 by becoming the first Korean company selected as the main supplier of ultra-high voltage transformers to the UK National Grid.

Having been recognized for its technology and quality by the Swedish power agency, which has high market entry barriers in Europe, Hyosung Heavy Industries plans to strengthen strategic partnerships with European EPC (Engineering, Procurement, Construction) companies based on this foundation and expand its market to Northern, Eastern, and Western Europe.

Following Chairman Cho Hyun-joon's VOC (Voice of Customer) management policy, Hyosung Heavy Industries has intensified sales efforts over the past three years targeting Swedish transmission and distribution agencies to supply products optimized for the technology and quality demanded by customers.

The power markets in Sweden and other major European countries are expected to grow by more than 5% annually over the next decade due to replacement and improvement projects for aging transmission networks and transmission and substation equipment. The market size for circuit breakers alone exceeds 200 billion KRW, and growth is also expected in transformers, substations, and the renewable energy sector.

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