Hyosung Heavy Industries lands $210 million Australia grid deal

Hyosung Heavy Industries has secured a contract worth up to 310 billion won ($210 million) with Australia's AusNet to exclusively supply power equipment over a five-year period.

The Korean company said Thursday the deal covers the supply of extra-high-voltage transformers and reactors for AusNet's transmission grid in the state of Victoria.

The order follows a 142.5 billion won energy storage system (ESS) project the company won in Queensland in March. 

With the latest deal, Hyosung Heavy Industries has now become the supplier of extra-high-voltage power equipment across major regions of Australia, including Victoria, Queensland, New South Wales and South Australia.

Hyosung is the No. 1 power equipment supplier in Australia's transmission grid market in terms of extra-high-voltage transformers. 

"Australia is one of the most dynamic markets in the world in terms of the speed and scale of its energy transition," said Cho Hyun-joon, chairman of Hyosung Group. "We will continue to expand our cooperation to include next-generation grid solutions and become a partner that helps lead Australia's energy transition."

The Australian government is pushing its Rewiring the Nation initiative, a roughly 20 billion Australian dollar ($14 billion) program aimed at easing grid instability caused by the rapid shift to renewable energy and expanding large-scale, long-distance transmission networks. Heavy investment is being funneled into interstate transmission links connecting regions such as Victoria and New South Wales, as well as power infrastructure in key renewable energy zones across the country.

BY SARAH CHEA   [[email protected]]