The Winning Move of ‘US Expert’ Cho Hyun-joon Proves Successful …Hyosung Heavy Industries Secures Largest Order in Its History

Led by Hyosung Chairman Cho Hyun-joon, Hyosung Heavy Industries has secured its ‘largest order since its founding’ in the US power market.

Hyosung Heavy Industries announced on February 10 that it had signed a contract worth approximately KRW 787 billion to supply power equipment, including 765kV ultra-high-voltage transformers and reactors, to a major US transmission system operator. This contract represents the largest single project ever secured by a Korean power equipment company in the US market.

Since last year’s signing of a contract to supply the ‘full package’ of power equipment, including 765kV ultra-high-voltage transformers and 800kV ultra-high-voltage circuit breakers, for the first time as a Korean company, Hyosung Heavy Industries has continued to secure large-scale orders in the new year, reaffirming its dominant position in the US 765kV market.

□ Hyosung Heavy Industries Cements Its ‘No.1’ Position in the US’s 765kV Ultra-High-Voltage Transformer Market

Recent forecasts suggest that the US will see a 25% surge in demand for power over the next decade, largely driven by the construction of massive AI data centers and the rapid increase in the adoption of electric vehicles. To ensure the stable supply of such large-scale power, major US utility companies are rushing to build 765kV transmission networks, which have the advantage of being able to supply massive amounts of electricity over long distances, while dramatically reducing transmission losses compared with conventional 345kV or 500kV networks.

Hyosung Heavy Industries has supplied nearly half of all the 765kV ultra-high-voltage transformers currently installed across the US transmission network. Notably, since the early 2010s, the company has proven its technological capability and the reliability of its products in the US power market, and now occupies the No.1 market share in the US 765kV ultra-high-voltage transformer market.

Having already signed a contract for the large-scale supply of 765kV ultra-high-voltage transformers to the US last year, Hyosung Heavy Industries has further cemented its dominant ‘No.1’ position in the US 765kV ultra-high-voltage transformer market with this latest mega-sized order.

Furthermore, Hyosung Heavy Industries has built up an exceptional product lineup consisting of 800kV ultra-high-voltage circuit breakers as well as 765kV transformers. Going beyond a traditional equipment manufacturer, the company is anticipated to play a crucial role as a ‘Total Solutions Provider’ in the full-scale rollout of the US 765kV transmission network.

□The Only 765kV Manufacturing Base in the US… Leading the Ultra-High-Voltage Technology Having a High Entry Barrier

The 765kV ultra-high-voltage transformer is a complex piece of power equipment with a high level of design difficulty, requiring high-voltage insulation technology as well as rigorous testing and verification processes.

After establishing its US subsidiary in 2001, Hyosung Heavy Industries became the first Korean company to export a 765kV ultra-high-voltage transformer to the US in 2010. Since 2020, the company has been operating a new transformer manufacturing plant in Memphis, Tennessee, USA. The Memphis plant is currently the only one in the US capable of designing and manufacturing 765kV ultra-high-voltage transformers.

The company has applied the same quality control expertise and technological capabilities as the Changwon Plant, which boasts the world’s best capability to manufacture 765kV transformers, to its Memphis plant, maximizing its local manufacturing capacity in the US. In addition, the company is enhancing its efficiency by implementing the same standardized system for procurement, design, and production as that used at its Changwon plant.

It is also continuing its efforts to localize human resources by recruiting outstanding talents in collaboration with local technical colleges, and is actively fostering middle managers and executives by operating career development and specialized training programs.

□The Winning Move of ‘US Expert’ Cho Hyun-joon Proves Successful

The acquisition of the company’s largest order since its founding was spearheaded by Hyosung Chairman Cho Hyun-joon. Chairman Cho has elevated the brand value of Hyosung Heavy Industries by building close personal ties with top executives of US energy and power companies, including US Secretary of Energy Chris Wright.

Chairman Cho said, “With the massive expansion of AI and data centers, power infrastructure has become a key industry directly linked to national security.” He further emphasized that “Hyosung Heavy Industries must establish itself as an irreplaceable core partner in stabilizing the US power grid by leveraging the Memphis plant and its ultra-high-voltage technological capabilities.”

Convinced that the production base in the US would become the key to future competitiveness in the power infrastructure market, Chairman Cho acquired the ultra-high-voltage transformer plant in Tennessee in 2020. Despite internal concerns over various risks, he made the bold decision to acquire the plant, anticipating the advent of the AI-driven singularity era.

Since then, he has consistently supported and nurtured the Memphis plant by investing a total of USD 300 million (approximately KRW 440 billion), from the acquisition of the plant to the current expansion project.

The Memphis plant, built thanks to the Chairman’s steadfast determination, has established itself as a core hub by securing leadership in the local supply chain. Crucially, once the ongoing expansion is completed, it will have the largest production capacity in the US.

Meanwhile, Chairman Cho has forged a strong relationship of trust in the course of multiple meetings with US Senator Bill Hagerty of Tennessee, who is a close ally of President Trump. He has also discussed potential areas of cooperation with Safra Catz, CEO of Oracle; Scott Strazik, CEO of GE Vernova; and Bill Lee, Governor of Tennessee. He has also broadened his presence as a private-sector diplomat through consecutive meetings with key figures in US politics and government circles, including Scott Turner, US Secretary of Housing and Urban Development.

□Hyosung Heavy Industries Achieves Record-Breaking Results in 2025

The year 2025 saw Hyosung Heavy Industries achieve its best-ever performance, recording annual sales of KRW 5.9685 trillion and an operating profit of KRW 747 billion. Its global orders totaled KRW 11.9 trillion, representing an increase of around 34% compared to the previous year.

Looking ahead, the company plans to play a key role in the government’s ‘Energy Highway’ project with its HVDC (High Voltage Direct Current) technology, which it developed with proprietary technology for the first time in Korea. The use of HVDC systems based on domestic technology will make maintenance of the power grid more efficient and enable a faster response in the event of failures.

Especially, since a plant dedicated to HVDC transformers is currently being built at the Changwon plant, scheduled for completion in July 2027, Hyosung Heavy Industries is expected to become Korea’s only total solutions provider capable of designing HVDC systems and producing essential equipment (converters, controllers, transformers, etc.) using its proprietary technology.