Hyosung Heavy Industries Wins 386.5 Billion Won Transformer Order from U.S. Big Tech Company
Hyosung Heavy Industries announced that it has signed a contract to supply ultra-high voltage transformers worth approximately 386.5 billion won to a U.S. big tech company. This order was achieved amidst an explosive rise in power demand within the U.S., driven by the rapid growth of the artificial intelligence (AI) industry.
Since the early 2010s, Hyosung Heavy Industries has maintained the top market share in the U.S. 765kV ultra-high voltage transformer market, earning recognition for its technological prowess. Through this contract, the company is expected to further solidify its position in the U.S. market.
The company's growth trend is also very steep. From January to August of this year, Hyosung Heavy Industries' cumulative new orders reached approximately 9.3 trillion won. This is a significant increase compared to the same period last year, demonstrating its expanding influence in the global power market.
Hyosung Group Chairman Cho Hyun-joon has set a goal to leap into a 'Top 3' company in the global market within the next five years. To achieve this, Hyosung Heavy Industries plans to expand its export reach beyond the U.S. to markets worldwide, including Europe, and strengthen its production capacity.
This large-scale order has once again proven that South Korea's power equipment technology possesses high competitiveness in the global market. Industry attention is now focused on what achievements Hyosung Heavy Industries will continue to make in the global power market.