DaeHan Electric Wire Wins $42 Million US Power Infrastructure Project...420 Billion KRW Scale

Ultra-high voltage cables are being produced at the Daehan Electric Wire Dangjin Plant. (Photo by Daehan Electric Wire)

[Asia Economy Reporter Jeong Hyunjin] Daehan Electric Wire announced on the 8th that it has secured a power infrastructure project worth 42 billion KRW from a power company in California, USA.

This project is a large-scale endeavor to build a 275kV ultra-high voltage underground power grid in the LA area to prepare for the surge in power demand due to the 2028 LA Olympics and other factors. Including this project, Daehan Electric Wire achieved orders worth 190 billion KRW in the US this year, and especially since April, it has newly secured more than 10 projects in California, Florida, New York, and other locations.

Daehan Electric Wire stated that it expects stable business expansion in the US power market. With the Biden administration's infrastructure investment budget plan of 1.2 trillion USD including power grid improvement measures, demand is expected to accelerate. The company plans to continuously increase export items from its main product, ultra-high voltage cables, to optical communication cables and submarine cables to be produced from next year onward.

A Daehan Electric Wire official said, "The background of this achievement is that the East and West Coast branches, centered on the Americas headquarters, provided customer-tailored solutions through pre-marketing activities and technical support," adding, "We will strengthen our position as a key supplier based on a solid network and sales capabilities."

Meanwhile, according to statistics from the Korea International Trade Association (KITA), Daehan Electric Wire accounted for 85% of the total domestic ultra-high voltage cable volume exported to the US last year, recording an overwhelming market share following 79% in 2019 and 98% in 2018.

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