Hyosung Heavy Industries Secures Major Contracts in European Power Market

- Signed a 85 billion KRW contract to supply ultra-high voltage transformers with Scottish Power in Scotland, UK on the 14th local time

- Secured first-ever supply contract in Germany... Continuing expansion in Western European markets including France and Spain

- Chairman Cho Hyun-joon: “We will establish ourselves as a key supplier of power equipment for the AI industry”

First-ever supply contract signed in Germany; continuous expansion across Western European markets including France and Spain

Chairman Cho Hyun-joon: “We will establish ourselves as a key supplier of power equipment for the AI industry”

Hyosung Heavy Industries is achieving consecutive contract wins in Europe, a leading market for power technology. The European power market is expected to grow at an annual rate of 8.6%, driven by increasing electricity demand from AI industries and renewable energy, fueling active investments in transmission networks.

The Chairman has expressed a strong commitment to making Hyosung Heavy Industries a global leader in the power sector, a core industry in the AI era. The company’s recent successes in Europe are seen as a direct result of this strategic focus on preparing for the AI-driven future.

■ 85 Billion KRW($61 million) Ultra-High Voltage Transformer Supply Contract Signed with Scottish Power in Scotland, Securing No.1 Market Share in the UK

On May 14 (local time), Hyosung Heavy Industries signed a supply contract with Scottish Power, a transmission company in Scotland, for ultra-high voltage transformers valued at approximately 85 billion KRW. The 400kV ultra-high voltage transformers to be supplied will be used to reliably transmit electricity generated from inland and coastal wind farms in Scotland to urban centers.

Scotland is a region rich in wind resources, hosting about one-third of the world’s floating offshore wind capacity, and actively producing renewable energy. The Scottish government aims to achieve net zero carbon emissions by 2045, increasing investments in renewable energy and transmission infrastructure.

Since entering the Scottish market in 2015, Hyosung Heavy Industries has been recognized as a total solution provider through product supply and maintenance services over the past decade. Notably, since 2022, the company has held the No.1 market share in the UK’s ultra-high voltage transformer market.

■ First Contract in Germany and Ongoing Expansion Across Western Europe Including France and Spain

This year, Hyosung Heavy Industries has secured multiple contracts in Germany, France, Spain, and other Western European countries. Recently, the company signed a long-term supply contract for ultra-high voltage transformers and reactors with a German transmission operator, marking the first such contract for a domestic power equipment manufacturer in Germany. Additionally, following last year’s initial long-term supply contract for ultra-high voltage transformers with a French transmission company, the company successfully secured additional orders earlier this year.

Hyosung Heavy Industries is also expanding its contract portfolio across Western Europe, including new ultra-high voltage power equipment supply agreements in Spain and the UK.

Western European countries such as Germany and France are technology hubs where leading global power equipment manufacturers compete, demanding stringent certification standards, rigorous quality, and strict delivery schedules. Since entering the European market in 2010, Hyosung Heavy Industries has built a strong reputation for quality and reliability in countries including the UK and Norway. The long-term supply contract with France last year has served as a key reference, enabling the company to continue its steady contract wins in the highly competitive Western European market.

■ Chairman Cho Hyun-joon: “We Will Establish Ourselves as a Core Supplier of Power Equipment for the AI Industry”

Chairman Cho Hyun-joon of Hyosung Heavy Industries stated, “Our consecutive contract wins in Europe are the result of our advanced technology and customer-tailored solution strategies. Moving forward, we will firmly establish ourselves as a core supplier of power equipment in the global power market, aligned with the growth of the AI industry.”

Meanwhile, Hyosung Heavy Industries recorded approximately 10 trillion KRW in orders in the first quarter of this year, expanding its presence in power infrastructure markets worldwide, including Europe, the Middle East, Asia, and Oceania. In response to surging demand in the North American market, the company is also expanding its ultra-high voltage transformer factory in Memphis, USA, aiming to double its production capacity compared to current levels.