Woo Tae-hee CEO of Hyosung Heavy Industries

Hyosung Heavy Industries Has secured a major contract to supply ultra-high voltage transformers of 420kV to Norway’s Transmission authority owned by the state Statnett. The Total value of contract is approximately $244 million, with a large portion, 304 Billion won, being signed on July 5. This Deal marks major milestone for Hyosung Heavy IndustriesThe first time the. Norwegian The company is targeting the 2020 market and has already established a strong presence.

The The purpose of contracted transformers is to expand the business. Norway’s Renewable energy grid and replacement of outdated infrastructure. These Transformers will be delivered in a sequential manner until 2029. This will ensure a constant improvement of Norway’s Electrical infrastructure This contract underscores Hyosung Heavy IndustriesThe growing influence of the European Power market, a regional area known for its high entry technical barriers and concentrations of global competitors in power equipment.

Last In the year 2000, the company won a project worth 130 billion won for 420kV transformers. This helped the company capture an 80 percent market share. Norwegian Ultra-high voltage transformers market This This latest contract further cements its position in the market and proves its competitiveness.

The European Power market is known for its strict standards and rigorous certification procedures, making it hard for new entrants. Hyosung Heavy Industries It has been able to overcome these obstacles by demonstrating its technological prowess, and high-quality product. The This order was won because of the ability of this company to carry out all processes from conception to installation.

Woo Tae-hee. CEO of Hyosung Heavy Industries”I am very pleased with the achievements of this company,” he said. “As Hyosung Heavy Industries’ technology and quality have been recognized in the European market, we will further enhance our influence in the global market based on our presence in Europe.”

Norway’s The commitment of Japan to renewable energies is well known, and hydropower accounts for a large portion of their electricity generation. The Country is constantly working to expand its renewable energy and sustainability infrastructure to meet future demands for energy and sustainability goals. Statnett, Norway’s State-owned transmission systems operator plays a vital role in this effort, ensuring reliability and efficiency of electric transmission throughout the country.

Source link