Hyosung Heavy Industries CEO Woo Tae-hee, right, poses with AusNet CEO David Smales, left, and Australian Ambassador to Korea Jeff Robinson at the Korean power equipment maker's headquarters in Seoul, Wednesday.
Courtesy of Hyosung Heavy Industries Hyosung Heavy Industries has secured a power equipment supply contract worth 310 billion won ($200 million) with Australia's AusNet, strengthening its position as a key supplier in one of the world's fastest growing energy transition markets.
The company said Thursday that it signed a five-year agreement with AusNet, the sole transmission network operator in the state of Victoria, to exclusively supply Hyosung’s ultra-high-voltage transformers, reactors and other critical power equipment for the region's transmission grid.
The deal marks another major win for Hyosung in Australia, following the 142.5 billion won energy storage system project it secured in Queensland in March.
With projects spanning Victoria, Queensland, New South Wales and South Australia, the company has further solidified its standing as a top-tier supplier across the country.
