Hyosung and Daehan Electric Wire Sign MOU to Target Next-Generation Power Market

AI-Based Power Asset Management System Advancement

Woo Tae-hee, CEO of Hyosung Heavy Industries (right), Lee Geon-jong, CEO of Hyosung Chemical (left), and Song Jong-min, CEO of Korea Electric Wire Corporation (center), are posing for a commemorative photo after signing a memorandum of understanding (MOU) for "technical cooperation in the power sector and discovering new business models." Photo by Hyosung

Hyosung announced on the 22nd that Hyosung Heavy Industries and Hyosung Chemical signed a memorandum of understanding (MOU) with Daehan Electric Wire at Hyosung headquarters in Mapo-gu, Seoul, to collaborate on "technology cooperation in the power sector and discovering new business models."

Attending the signing ceremony were Woo Tae-hee, CEO of Hyosung Heavy Industries; Lee Geon-jong, CEO of Hyosung Chemical; and Song Jong-min, CEO of Daehan Electric Wire. Hyosung Heavy Industries will jointly promote the advancement of an AI-based power facility asset management system with Daehan Electric Wire.

Hyosung Heavy Industries will combine its self-developed platform-based power facility asset management system (ARMOUR plus), which integrates AI and big data technologies, with Daehan Electric Wire’s real-time power cable diagnosis and monitoring system (PDCMS) to jointly develop an advanced power facility management solution.

The two companies will fuse their technologies to build an integrated monitoring system that analyzes the entire power system in real time, from various power facilities to the connecting cables, enabling early detection of abnormal signs. With the global increase in power demand expanding the asset management market aimed at reducing power facility failure rates, they plan to strengthen their global market strategies going forward.

Hyosung Chemical will collaborate with Daehan Electric Wire to develop and commercialize eco-friendly materials. Hyosung Chemical plans to develop eco-friendly polypropylene (PP) materials, which are gaining attention as next-generation cable insulation materials. Through this agreement, Hyosung Chemical will diversify its product portfolio beyond its mainstay pipe-use PP products into power-use materials and secure new market channels.

PP cables are considered suitable materials for ultra-high voltage direct current transmission (HVDC), a key facility for high-efficiency long-distance power transmission, as they have simpler manufacturing processes and enable effective power transmission compared to cables made with conventional cross-linked polyethylene (XLPE) insulation. Being insulated with thermoplastic resin, these cables are recyclable after use, and their production process emits less carbon dioxide (CO2), leading to increased demand especially in Europe.

Woo Tae-hee, CEO of Hyosung Heavy Industries, said, "The agreement with Daehan Electric Wire is expected to advance our self-developed power facility asset management solution," adding, "We will enhance the solution through continuous R&D investment and expand our global presence."

Lee Geon-jong, CEO of Hyosung Chemical, stated, "Hyosung Chemical, which has diversified its eco-friendly PP product lineup, has now entered the eco-friendly cable material sector through this agreement," and added, "We plan to continuously expand our business areas by developing differentiated high value-added products."

Following this, Song Jong-min, CEO of Daehan Electric Wire, said, "We have discovered areas for mutual cooperation with the Hyosung Group, which has outstanding capabilities in various fields, and established a close relationship," adding, "By combining the core technologies of both companies, we will achieve meaningful results in the global power market."

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