Hyosung announced on the 30th that it will begin building a production base for voltage-source high-voltage direct current (HVDC) transformers, which are evaluated as key technologies for future power grids.
The HVDC transformer factory is expected to be constructed on a site of approximately 29,600 square meters within the Hyosung Heavy Industries Changwon factory. The completion date is scheduled for July 2027.
Hyosung Heavy Industries plans to invest a total of 330 billion won over the next two years for the HVDC business, including the factory construction amount of 25 billion won and the expansion of facilities for the core equipment of HVDC, the "large capacity voltage-source converter system," as well as research and development projects.
The newly constructed factory will be the largest dedicated factory for voltage-source HVDC transformers in Korea. Hyosung Heavy Industries successfully developed the country's first 200-megawatt (MW) voltage-source HVDC technology last year.
Currently, HVDC technology is held by only a few overseas power equipment companies, which almost monopolize the global market. Korea has relied on foreign technologies, but Hyosung Heavy Industries began developing HVDC technology in 2017 and successfully localized it with an investment of 100 billion won last year using its own technology.
Hyosung Heavy Industries plans to continue the localization of technology in the HVDC market dominated by a few foreign companies through the development of 2000 MW-class large-capacity voltage-source HVDC.
Lee Sang-woon, vice chairman of Hyosung, noted, "The voltage-source HVDC technology, which overseas companies have dominated, is essential for competitiveness in the future transmission market and for fostering it as an export industry, so localization of technology is necessary," and he added, "As a leading energy solution representative of Korea, I will lead the localization of HVDC technology."