Cho Hyun-joon at the Forefront of K-Power Equipment Exports

Hyosung Chairman Cho Hyun-joon has been at the forefront of K-power equipment exports through hands-on engagement across global markets.

Hyosung Heavy Industries announced on March 10 that it signed an ESS EPC (engineering, procurement, and construction) contract worth KRW 142.5 billion with Tangkam BESS Pty. Ltd. This project involves the construction of a 100MW/200MWh battery energy storage system (ESS) in Tangkam, Queensland, Australia, targeting commencement of commercial operation by the end of 2027.

Even in the previous month, Hyosung Heavy Industries signed its largest-ever power equipment supply contract in the US worth KRW 787 billion along with a long-term supply contract for ultra-high-voltage transformers worth KRW 29 billion in Finland. The company has been elevating the status of K-power equipment in the global stage most recently by securing a large project even in Australia.

“Going forward, competitiveness in the power industry will be determined by solutions capable of controlling the entire power grid. As a key player in the global power market, we will be at the forefront of exports by elevating the status of K-power equipment as a ‘Total Solution Provider’ by combining the high level of trust accumulated from ultra-high-voltage transformers and circuit breakers with future core technologies such as ESS and STATCOM, in addition to Hyosung Heavy Industries’ HVDC capabilities,” Hyosung Chairman Cho Hyun-joon said.

□ First ESS Order Secured in Australia…To Play a Key Role in Stabilizing the Power Grid

The recent contract is the first case of Hyosung Heavy Industries supplying ESS in the Australian market, driven by the Australian government’s ESS expansion policy for stabilizing the power grid. In particular, the Australian government has set a target of increasing the share of renewable energy to 82% by 2030. However, renewable energy sources such as solar and wind power are highly dependent on weather conditions and they can destabilize the power grid; thus making support for stabilization equipment essential.

Hyosung Heavy Industries’ recent ESS deployment is a key solution directly contributing to the stabilization of Australia’s power grid. ESS stores excess electricity to compensate for the variability of power generation from renewable energy and then stably supplies power when necessary, while consistently maintaining the quality of the power grid by regulating frequency in real time.

In particular, Hyosung Heavy Industries will showcase its integrated system control technology powered by its proprietary battery management system software covering everything from battery control to integration of power equipment. The company was listed in 2024 as the best ESS supplier (Tier 1) by BNEF (Bloomberg New Energy Finance), a prominent research firm in the new & renewable energy market; thus proving its global competitiveness.

□Chairman Cho Active Across Global Power Markets in ‘Australia, the US, and Europe’... Demonstrates the Strength of Global Networks, Including Ties with the CEO of the Business Council of Australia

Hyosung Heavy Industries has been securing power equipment contracts across the globe in Australia, the US, and Europe since the beginning of this year. This series of contract wins is seen as tangible results of Hyosung Chairman Cho Hyun-joon's hands-on management, driven by his active engagement across global markets and effective use of global networks.

In securing the recent order in Australia, Chairman Cho’s extensive engagement with local stakeholders-including meetings with executives of major Australian utility companies and senior government officials related to energy policy-proved to be a decisive factor. Last year, Chairman Cho visited Washington, D.C., where he met with political and business leaders, including Kevin Rudd, former Prime Minister of Australia (Australian ambassador to the US) to have in-depth discussions about key issues related to Australia’s energy infrastructure. In January this year, he also met with a delegation led by Bran Black, CEO of the Business Council of Australia (BCA) to explore avenues for cooperation.

□Accelerating Expansion into the Australian Power Market... ‘No.1’ in Ultra-High-Voltage Transformer Market Share in the Local Transmission Network

Recently, in Australia, demand for large-scale power infrastructure is growing explosively as the Australian government’s ‘Rewiring the Nation’ project, valued at AUD 20 billion (approx. KRW 20 trillion), gains momentum. In particular, advanced power solutions are urgently needed in the local environment where long-distance transmission is essential due to the significant distance between renewable energy generation complexes and urban demand centers.

Over the past decade, Hyosung Heavy Industries has been recognized as a total solution supplier that provides products and maintenance services in the Australian power market. It especially holds the No.1 market share in ultra-high-voltage transformers in the Australian power transmission market.

Hyosung Heavy Industries signed a long-term supply contract for ultra-high-voltage transformers in 2023 for the ‘EnergyConnect’ project-a transmission network linking South Australia and New South Wales. In 2024 and 2025, the company also signed contracts for supplying ultra-high-voltage power equipment to a power company owned by Queensland State and a leading power generation and energy company, respectively.

Going forward, Hyosung Heavy Industries plans to accelerate its expansion in the Australian power grid market by enhancing its STATCOM (Static Synchronous Compensator) and HVDC (High-Voltage Direct Current) technologies. Demonstrating its advanced technological capabilities, Hyosung Heavy Industries has ushered in the era of 1 GVar STATCOM, the world’s largest capacity. Furthermore, the company developed Korea’s first proprietary voltage-type HVDC system that shares MMC (Modular Multilevel Converter) technology, the heart of STATCOM and power conversion, and installed it at the Yangju Substation.