Hyosung Heavy Industries Signs 330 Billion KRW Ultra-High Voltage Transformer Supply Contract with Norwegian State Transmission Authority

Largest Order Since Entering Norway in 2020

Hyosung Heavy Industries announced on the 8th that it has agreed to supply 420kV (kilovolt) ultra-high voltage transformers worth 330 billion KRW to Statnett, the Norwegian state-owned transmission system operator. This order is the largest since Hyosung Heavy Industries first entered the Norwegian market in 2020.

Hyosung Heavy Industries Ultra High Voltage Transformer Factory in Memphis, Tennessee, USA.
[Photo by Hyosung Heavy Industries]

The transformers will be used to expand Norway's renewable energy power grid and replace aging equipment. Of the 330 billion KRW worth of orders, 304 billion KRW was contracted on the 5th. The supply of these transformers is scheduled to be carried out sequentially until 2029.

Hyosung Heavy Industries currently holds an 80% market share in the Norwegian ultra-high voltage transformer market. Last year, it also secured a 130 billion KRW project for 420kV ultra-high voltage transformers.

The European power market is traditionally considered a highly challenging market with high entry barriers, dominated by global power equipment competitors with advanced technology. Hyosung Heavy Industries is known to have succeeded in winning the order by demonstrating competitiveness through successfully managing all processes from design to installation.

In 2010, Hyosung Heavy Industries became the first Korean company to be selected as the main supplier of ultra-high voltage transformers to the UK Power Authority, opening the door to the European market. Since then, it has expanded its footprint across Europe by signing contracts for ultra-high voltage power equipment in Sweden, Iceland, Finland, France, and other countries.

Woo Tae-hee, CEO of Hyosung Heavy Industries, said, "As Hyosung Heavy Industries' technology and quality have been recognized in the European market, we will further increase our influence in the global market based on Europe."

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