Hyosung Heavy Industries Listed as 'BNEF Global Tier 1 ESS Supplier'

Listed consecutively in Q1 and Q2 of this year on BNEF Energy Storage Tier 1

Data provided by Hyosung Heavy Industries

Hyosung Heavy Industries has been recognized as a company with top-level operational capabilities in the global ESS (Energy Storage System) market.

On the 25th, Hyosung Heavy Industries announced that it has been listed in the 'Energy Storage Tier 1,' which is announced by BNEF (Bloomberg New Energy Finance), a well-known market and trend research firm in the renewable energy market, for the best ESS companies.

Energy Storage Tier 1 is a report that selects excellent battery suppliers and companies with system supply and operational capabilities in the global ESS market. It is announced quarterly, and Hyosung Heavy Industries was listed as a Tier 1 company in the second quarter following the first quarter of this year. The fact that Hyosung Heavy Industries was listed as an excellent company for two consecutive quarters is significant as it proves the capabilities of a Korean company among the leading Chinese suppliers dominating the ESS market.

Hyosung Heavy Industries is a top-level ESS supplier with installations and operational management of ESS in more than 200 regions worldwide, boasting a total performance of approximately 2.7 GWh. Since entering the ESS business in the late 2000s, it has supplied ESS to renewable energy power plants and factories nationwide, including Incheon, Gyeongnam, and Jeonnam, and secured the number one market share in Korea in 2018.

Hyosung Heavy Industries' ESS installed and operated in South Africa in 2023. Photo by Hyosung Heavy Industries

In particular, based on its know-how in designing and operating heavy electrical equipment and substations, it has been recognized as a provider of total ESS solutions, including substations, in the ESS sector, which is considered a core product in the renewable energy field. After entering the global market by supplying 68 MW/292 MWh ESS to South Africa last year, it is actively expanding into global markets such as the United Kingdom. In the global market, it plans to provide optimal solutions by supplying products utilizing its EPC (Engineering, Procurement, and Construction) and O&M (Operation and Maintenance) capabilities.

Woo Tae-hee, CEO of Hyosung Heavy Industries, said, "Being selected for the Energy Storage Tier 1 is significant as it confirms Hyosung Heavy Industries' global capabilities and status in the global renewable energy market," adding, "We will continue to grow as a global total power solution company not only in power equipment such as ultra-high voltage transformers but also in ESS, STATCOM, and HVDC."

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