Seoul [South Korea], December 23 (ANI): Hyosung Heavy Industries secured a contract worth 120 billion won, or approximately USD 82 million, to supply ultra-high-voltage transformers to the United Kingdom. This deal with SP Energy Networks, a division of ScottishPower, aims to support a significant wind power project as Britain works toward its carbon-neutrality goals.
The South Korean company stated that these transformers will play a vital role in major renewable energy projects across the UK. According to a report by Pulse, the English service of Maeil Business News Korea, the equipment will help strengthen the stability of the power grid while the country moves toward net-zero emissions.
This latest agreement continues a period of growth for the company in the European market. Since the start of December, Hyosung Heavy Industries won several contracts for ultra-high-voltage power equipment. “Since December, it has secured contracts totaling around 230 billion won for ultra-high-voltage power equipment across major European markets including the UK, Sweden and Spain,” the report noted.
The demand for this equipment comes from energy transition policies and the need to replace old infrastructure. “Driven by energy transition policies and replacement demand for aging infrastructure, Europe’s power grid market is projected to grow at an annual rate of more than 5 per cent through 2030, reaching an estimated $6 billion to $7 billion in size. The region is widely regarded as a high-end market dominated by advanced global competitors,” the report said.
Hyosung Heavy Industries also recently won an order worth 50 billion won from a power distribution firm in Sweden. Earlier this month, the company signed another deal for ultra-high-voltage transformers in Norway. “Earlier this month secured another ultra-high-voltage transformer contract in Norway, further expanding its presence in the Nordic power market,” the report said. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages
