Hyosung Heavy Industries, First Entry into European Large-Capacity ESS Market

Signed a 50MW ESS Supply Contract with Downing, the UK's Largest Power Investment Developer

[Asia Economy Reporter Hwang Yoon-joo] Hyosung Heavy Industries has launched an attack on the European market, the birthplace of the power industry, with a large-capacity Energy Storage System (ESS) for stable power supply.

Hyosung Heavy Industries announced on the 17th that it recently signed a contract to supply a large-capacity 50MW-class ESS in the Southampton area of the UK with Downing, the largest power investment and development company in the UK.

ESS, or Energy Storage System, is an essential facility for the stable use of renewable energy, whose power generation is particularly inconsistent. Recently, the proportion of renewable energy generation has been increasing not only domestically but also worldwide, drawing attention as a core facility of the future power and energy industry. Among them, large-capacity ESSs of 50MW or more are often directly connected to important facilities such as national transmission networks and large-scale factories, so energy storage capacity and power conversion efficiency are important, requiring advanced technology. Large-capacity ESS accounts for more than 60% of the entire ESS market, making it a significant market.

The 50MW-class ESS supplied this time is the largest capacity product Hyosung Heavy Industries has supplied to overseas markets so far. It is connected to and used in the National Grid transmission network, a UK power public enterprise, and Hyosung Heavy Industries provides a total solution from design and supply of the entire ESS system including Power Conversion System (PCS), battery, and Energy Management System (EMS) to maintenance management for 10 years after installation.

This contract is significant in that Hyosung Heavy Industries has been recognized for its quality and technology in the European ESS market, which is dominated by global major companies. Hyosung Heavy Industries plans to establish strategic relationships with major equipment suppliers in Europe based on this contract. The European ESS market is expected to grow by more than 50% annually, reaching a total scale of 720 billion KRW this year. Among them, the UK and German ESS markets account for more than 60% of the entire European market.

In particular, the UK is implementing a 'Net zero Target' policy aiming for zero carbon emissions by 2050, so the supply of renewable energy generation and ESS linked to it is expected to increase further. Based on this contract, the company plans not only to strengthen its position in existing markets such as the US and Europe but also to enter emerging markets such as Australia and Africa as a competitive ESS supplier.

Meanwhile, Hyosung Heavy Industries, ranked number one in the domestic ESS market share, has been actively supplying ESS in Europe, the US, and Asian markets. In 2019, it accelerated its US market penetration by opening a local office in the western region to expand ESS sales in the US.

This content was produced with the assistance of AI translation services.