Hyosung Heavy Industries (298040) announced on the 2nd that it has signed a long-term supply agreement worth approximately 310 billion won with AusNet, the sole transmission network operator in Victoria, Australia, for ultra-high-voltage transformers and reactors.
Under the agreement, Hyosung Heavy Industries will exclusively supply key power equipment to Victoria’s transmission network for the next five years. The company expects the deal to further strengthen its position in the Australian power infrastructure market.
Earlier in March, the company also secured a 142.5 billion won energy storage system (ESS) project in Queensland, continuing its series of wins in the Australian market. Hyosung currently holds the No.1 market share in ultra-high-voltage transformers in Australia’s transmission sector, supported by its localized strategy and regional operations.
The latest contract is seen as an extension of Chairman Cho Hyun-joon’s global partnership strategy. He has emphasized Australia as a key market undergoing rapid energy transition, driven by abundant renewable resources and increasing demand for grid stability and long-distance transmission networks.
Australia is currently advancing a national power grid modernization project worth around 20 trillion won, focusing on inter-state transmission links and renewable energy integration across major regions such as Victoria and New South Wales. This is driving rising demand for advanced grid stabilization and high-voltage equipment.
Hyosung Heavy Industries expects the deal to open opportunities to expand cooperation into next-generation power grid solutions, including STATCOM (Static Synchronous Compensator) and HVDC (High Voltage Direct Current) systems, which help reduce transmission losses over long distances.
Chairman Cho said Australia represents one of the most dynamic energy transition markets globally and reaffirmed the company’s commitment to evolving into a strategic partner in the country’s grid transformation, beyond simple equipment supply.
Industry observers note that the deal is significant as it secures a long-term exclusive supply position in a high-value power equipment segment, highlighting Hyosung’s strengthened competitiveness in global grid infrastructure markets amid accelerating renewable energy adoption.
