Daehan Electric Wire Wins $60 Billion US Power Grid Project Contract

Successful US Orders Totaling 260 Billion This Year... Expected to Set Annual Record for Largest Contract

Officials are working on cable installation at the American power grid cable construction site of Daehan Electric Wire and Cable.
[Photo by Daehan Electric Wire and Cable]

[Asia Economy Reporter Kim Heung-soon] Daehan Electric Wire announced on the 15th that it has secured a power grid project worth approximately 60 billion KRW in California, Western United States. This comes two months after winning a 42 billion KRW ultra-high voltage power grid project in September, adding another large-scale project.

With this, Daehan Electric Wire has secured new projects totaling 260 billion KRW in the United States this year alone. The company explained that this scale is comparable to the highest order volume achieved in 2019 since entering the U.S. market. Considering additional orders expected by the end of the year, this year's order performance is anticipated to be the largest since the company's U.S. entry.

This project is a contract to supply medium voltage (MV) cables over approximately three years until October 2024. The company also explained that sales could potentially expand up to 75 billion KRW depending on the project's progress.

Previously, in early 2017, Daehan Electric Wire selected the United States, where there is high demand for replacing aging power grids, as a strategic region. In addition to the existing sales corporation and Western branch, the company established an Eastern branch and strengthened specialized personnel to expand local close-contact sales. As a result, from 2017 through last year, the sales of Daehan Electric Wire's U.S. sales corporation recorded an average annual growth rate of 47%.

A Daehan Electric Wire official stated, "We will continue to invest steadily to expand orders in the U.S. market."

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