Hyosung Heavy Industries is targeting the European market, the home of the power industry, with a large-capacity energy storage system (ESS) for stable power supply.
Hyosung Heavy Industries announced on the 17th that it has recently signed a 50-megawatt (MW) large-capacity ESS supply contract with Downing, the UK’s largest power investment developer, in Southampton, UK. The size of the down payment is unknown.
The 50MW class ESS supplied by the company is the largest capacity among products supplied to overseas markets so far. It is used by being connected to the transmission grid of the national grid, a public utility company in the UK.
Hyosung Heavy Industries provides a total solution from the design and supply of the entire ESS system, such as power conversion devices (PCS), batteries, and energy management systems (EMS), to maintenance management for 10 years after installation.
This contract is of great significance in that Hyosung Heavy Industries has been recognized for its quality and technology in the European ESS market, which is dominated by global major companies.
ESS is an essential facility for the stable use of new and renewable energy with varying amounts of power generation. As the proportion of new and renewable energy generation is increasing not only in Korea but also around the world, it is attracting attention as a core facility in the future power and energy industry.
Large capacity ESSs of 50MW or higher are often directly connected to important facilities such as national power grids and large-scale factories, so energy storage capacity and power conversion efficiency are important, requiring technology. Large-capacity ESS is an important market that accounts for more than 60% of the total ESS market.
Hyosung Heavy Industries is planning to build a strategic relationship with major equipment suppliers in Europe through this contract.
A company official said, “It is important to optimize the ESS according to the application/installation environment and usage.” “I plan to improve it.”
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Based on this contract, Hyosung Heavy Industries plans to strengthen its position in the US and European markets and enter emerging markets such as Australia and Africa.
According to the industry, the European ESS market this year is expected to grow by more than 50% each year, with a total scale of 720 billion won. The UK and Germany markets, which account for more than 60% of the total European market, are also expected to grow. In particular, the UK is expected to further increase renewable energy generation and ESS supply under the’Net Zero Target’ policy, which aims to achieve 0% carbon emissions by 2050.