Hyosung Heavy Industries Powers Up: Secures $82 Million UK Transformer Deal

Hyosung Heavy Industries lands an $82 million contract with SP Energy Networks to supply high-voltage transformers for the UK's wind power project, boosting Britain's carbon-neutral goals. The company's success continues across Europe, with multiple contracts in Sweden, Spain, and Norway, driven by energy transition efforts.

Hyosung Heavy Industries has clinched a lucrative contract valued at 120 billion won, roughly USD 82 million, to deliver ultra-high-voltage transformers to the United Kingdom. This agreement with SP Energy Networks, a subsidiary of ScottishPower, is pivotal for a significant wind power initiative supporting Britain's carbon-neutral objectives. The South Korean firm remarked that these transformers are instrumental in key renewable energy projects throughout the UK. A Pulse report, citing the Maeil Business News Korea, highlighted that the equipment will bolster grid stability as the nation progresses toward net-zero emissions.

This latest contract builds upon a period of robust growth for Hyosung Heavy Industries in the European market. Since early December, the company has secured numerous deals for ultra-high-voltage power equipment. As noted in the report, it has obtained contracts totaling approximately 230 billion won for such equipment across major European nations, including the UK, Sweden, and Spain. This demand is fueled by energy transition policies and the necessity to upgrade aging infrastructure. According to the report, Europe's power grid market is expected to expand at an annual rate exceeding 5% until 2030, targeting a market size between $6 billion and $7 billion. The region is considered a premium market dominated by leading global players.

Moreover, Hyosung Heavy Industries has recently garnered a 50 billion won order from a Swedish power distribution company. At the beginning of the month, the firm inked another contract for ultra-high-voltage transformers in Norway, further entrenching its footprint in the Nordic power market.