With an increase in worldwide demand for power machinery due to the growth of AI data centers and funding in green energy projects, Hyosung Heavy Industries has entered into a long-term procurement agreement valued at 310 billion South Korean won with AusNet, Australia's leading electricity network provider, aiming to enhance its position within the regional market.
On the 2nd, Hyosung Heavy Industries stated that it has entered into a long-term supply agreement with AusNet, the only electricity transmission network operator in Victoria, Australia, for delivering ultra-high-voltage transformers and reactors. The projected value of the deal stands at around 310 billion South Korean won, with the firm set to deliver high-voltage electrical infrastructure to Victoria's energy system throughout the coming five years.
This deal represents Hyosung's second significant initiative in Australia, after securing a 142.5 billion South Korean won energy storage system (ESS) project in Queensland last March. Through this partnership, Hyosung has created a sourcing foundation within critical Australian electricity markets such as Victoria, Queensland, New South Wales, and South Australia, reinforcing its status as the leading provider of ultra-high-voltage transformers.
Significantly, this agreement is a long-duration supply contract that combines ultra-high-voltage transformers with reactors. It further establishes the foundation for upcoming cooperation in advanced power grid technologies, including high-voltage direct current (HVDC) transmission systems and static synchronous compensators (STATCOM).
Australia is now implementing the 'Rewiring the Nation' program, an investment worth 20 billion Australian dollars (around 20 trillion South Korean won) aimed at resolving power grid issues resulting from the swift growth of renewable energy sources.
Chairman Cho Hyun-joon remarked, "Australia stands out as one of the fastest-moving and largest-scale energy transformation hubs worldwide. Moving ahead, we plan to broaden our cooperation to incorporate advanced grid technologies and position ourselves as a vital ally in supporting Australia's shift toward sustainable energy."