Chairman Cho Hyun-joon of Hyosung Group, left, meets with Gov. Yuan Jiajun of Zhejiang Province in China on Aug. 25 at the group’s Banpo head office in Seoul to discuss what the group can do for the Chinese province in terms of cooperation. (Photos:Hyosung Group)

Hyosung Heavy Industries Corporation has announced the entry of their industry-leading Energy Storage Systems (ESS) into the fast-growing U.S. market. The ESS department, part of Hyosung Heavy Industries’ Power and Industrial Systems Performance Unit, recently formed and opened their business in the U.S.

“Hyosung Heavy Industries seeks new business around environmentally-friendly energy and future grid through its existing products, such as extra high voltage transformers and circuit breakers, as well as STATCOM, HVDC, ESS and hydrogen refueling.” Chairman Cho Hyun-joon said. “With a goal of becoming a leading corporation in the world electric power market, we strive to be a global provider of total energy solutions by fusing big data and information technologies.”

The ESS division of Hyosung Heavy Industries offers a diverse product line, which includes their Power Conditioning Systems (PCS). In addition to their PCS, the company also manufactures the Power Management Systems (PMS), which are used to communicate and optimally control hardware and batteries.

The cutting-edge energy storage products can be paired with renewable generation sources, such as solar PV in a microgrid configuration or be used as a stand-alone battery storage system.

Hyosung Chairman Cho Hyun-Joon announced on Nov. 9 that Hyosung strengthened communication with overseas markets through “Corporate Day” its company presentation for domestic institutional investors and analysts, and a “non-deal road show” for offshore institutional investors.

The meetings were attended by executives from 17 companies, including Goldman Sachs Asset Management, JP Morgan and Allianz. They displayed high interest in the business activities and directions of Hyosung Corp. and the affiliates it spun off in June.
Chairman Cho Hyun-Joon’s determination to improve communication with markets was highly praised.

Chairman Choi Hyun-joon of the Hyosung Group met with Yuan Jia Jin, governor of Zhejiang Province of China, on Aug. 25, 2018, at the Banpo head office building and sought ways to promote mutual cooperation in business.

It is the second time Zhejiang Province’s top leader visited Hyosung following President Xi Jinping (the then party secretary of Zhejiang Province) who met with Honorary Chairman Cho Suck-rai in 2005.

“We have grown in China for the past 20 years together with Zhejiang Province as the base of the Global Hyosung. I hope Zhejiang Province will continue to be a partner of the Centennial Hyosung by maintaining the friendship forever.” Chairman Hyun Joon Cho said during the meeting.

“When President Xi Jinping visited Hyosung in 2005 as the party secretary of Zhejiang Province, I met him together with Honorary Chairman Suck-Rai Cho and sought ways to boost the economy of Zhejiang Province.

At that time, the Honorary Chairman personally participated in the briefing session for investment in China hosted by Party Secretary Xi Jinping and supported the effort of Zhejiang Province to attract investment. In accordance with the wish of the Honorary Chairman, I will do my best to make Hyosung the most trustworthy partner of Zhejiang Province.” Chairman Cho said.

Hyosung is celebrating its 20th year anniversary of operating in Zhejiang Province this year.

In 1999, a factory was built by Hyosung in Jiaxing, Zhejiang Province in China as the first overseas production base of Spandex by the initiative of Chairman Hyun Joon Cho under the “C(China)-Project.”

Chairman Cho targeted the domestic sales in China as well as the global market with a localization strategy based mainly in Jiaxing, Zhejiang Province.

An inspector checks the ESS made by Hyosung installed at Pyeongchang Wind Power Complex in Pyeongchang, Gangwon Province.