HD Hyundai Electric is First Korean Electricity Firm to Take Home $1 Billion Export Tower Award

Vice Chairman and CEO Cho Seok of HD Hyundai Electric and other executives attend a ceremony to complete the expansion of a transformer laminated core plant in preparation for the boom of the global transformer market on Oct. 24.

HD Hyundai Electric was honored with the $1 billion export tower award, marking a first in the Korean electricity equipment market.

HD Hyundai Electric said on Dec. 5 the company received the $1 billion export tower award at a ceremony to celebrate the 61st anniversary of Trade Day at COEX in Samseong-dong, Gangnam-gu, Seoul.

During the anniversary event, Vice Chairman and CEO Cho Seok of HD Hyundai Electric received the award while he attended the event in person.

HD Hyundai Electric saw exports jump to $1,245.1 million in the first six months of the year.

The figure represented a 45.6 percent surge year-on-year over the same period last year.

The company’s robust export performance was owed to the steady growth of exports in North American and Middle Eastern markets, which jumped a 113.2 percent and a 98.1 percent, respectively, during the January-September period of this year over the same period of the previous year.

In July, HD Hyundai Electric finished a project to expand a production entity in Alabama, the United States, to make inroads into the U.S. market, in which demand for electric equipment and instruments is on the rise on the back of rising investments into replacing outdated power grid networks and data center facilities.

In May, HD Hyundai Electric struck a contract to supply super voltage transformers worth 82.1 billion won with National Grid, a UK power company.

The company has made strenuous efforts to explore new markets, as the company entered the Swedish market, Europe’s largest electricity export country.

Vice Chairman & CEO Cho of HD Hyundai Electric said, “HD Hyundai Electric’s winning of the $1 billion export tower award is owed to efforts to expand sales in mainstay markets and explore new markets, such as Europe, and from now on, HD Hyundai Electric will grow into a global energy solution company by concentrating our capabilities on exploring new overseas markets beyond the nation’s representative electric equipment and component company.”