Hyosung Heavy Industries won a battery energy storage system (BESS) project worth 142.5 billion won in Australia.
Hyosung Heavy Industries said on the 11th that it signed a supply and engineering, procurement and construction contract for a BESS project to be installed in Tungkam, Queensland, Australia.
The contract is worth 142.5 billion won, about 2.9% of Hyosung Heavy Industries' 2024 sales of 4.895 trillion won on a consolidation basis. The contract period runs from the order date, the day before, through Dec. 31 next year.
In this project, Hyosung Heavy Industries will handle the entire process from BESS design and equipment supply to civil works, installation, and commissioning. An operation and maintenance (O&M) contract will be signed separately.
A BESS stores electricity when demand is low and supplies it when demand surges, and global demand is rising quickly alongside the expansion of renewable energy. In Australia, as the share of renewables such as solar and wind has recently grown, BESS buildouts are proceeding actively to ensure power supply stability.
With global demand for power grid expansion surging, Hyosung Heavy Industries' power equipment business is posting record results. Last year, sales were 5.9685 trillion won and operating profit was 747.0 billion won.
Hyosung Heavy Industries plans to strengthen its mid- to long-term growth base by boosting production capacity and advancing technology, including expanding its Memphis plant in the United States.