Hyosung Heavy Industries Signs 310 Billion Won Power Equipment Deal with Australia's AusNet

en.Wedoany.com Reported - Hyosung Heavy Industries has signed a five-year exclusive supply agreement with AusNet, the transmission network operator in the Australian state of Victoria. The contract is valued at approximately 310 billion Korean won, under which Hyosung Heavy Industries will supply ultra-high voltage transformers, reactors, and other power equipment to Victoria's transmission network.

The agreement was announced on July 1. Under the deal, Hyosung Heavy Industries will become the exclusive supplier of ultra-high voltage power equipment in Victoria for the next five years. Previously, in March, the company secured a 142.5 billion won Energy Storage System (ESS) project in Queensland. Hyosung Heavy Industries supplies ultra-high voltage power equipment to key Australian regions, including Victoria, Queensland, New South Wales, and South Australia, and maintains a leading market share in Australia's ultra-high voltage transformer market.

Hyosung Heavy Industries plans to expand its collaboration to next-generation grid solutions, including High-Voltage Direct Current (HVDC) systems and Static Synchronous Compensators (STATCOM). Hyosung Group Chairman Cho Hyun-joon stated that Australia is one of the fastest and largest markets for energy transition globally, and the company aims to become a long-term partner supporting Australia's energy transition.