Cho Hyun-joon’s bold bet pays off: Hyosung Heavy Industries wins largest-ever order in U.S. power market

Under the leadership of Hyosung Group Chairman Cho Hyun-joon, Hyosung Heavy Industries has secured the largest order in its history in the U.S. power market, Financial News reported.
Hyosung Heavy Industries announced on the 10th that it has signed a contract worth about 787 billion won with a major U.S. transmission grid operator to supply 765kV ultra-high-voltage transformers and reactors. This is the largest single project ever won in the United States by a Korean power equipment company.
■ Cementing No. 1 position in the U.S. 765kV ultra-high-voltage marketWith this contract, Hyosung Heavy Industries has reaffirmed its dominant position in the U.S. 765kV market. Last year, it became the first Korean company to successfully deliver a full package of 765kV ultra-high-voltage transformers and 800kV ultra-high-voltage circuit breakers in the United States. Now, it is following that achievement with another large-scale order in the new year.
In the United States, power demand is projected to surge by about 25% over the next decade, driven by the spread of AI data centers and the rapid adoption of electric vehicles (EVs). In response, major power companies are accelerating the build-out of 765kV transmission grids, which can transmit large amounts of electricity over long distances in a stable manner. A key advantage of 765kV systems is that they significantly reduce transmission losses compared with existing 345kV and 500kV lines.
A 765kV ultra-high-voltage transformer is a piece of power equipment with extremely high entry barriers, requiring advanced design capabilities, high-voltage insulation technology, and rigorous testing and verification. Hyosung Heavy Industries entered the U.S. market after establishing its U.S. subsidiary in 2001 and, in 2010, becoming the first Korean company to export 765kV ultra-high-voltage transformers to the United States. In 2020, it built a transformer plant in Memphis, Tennessee, which is currently the only production base in the United States capable of designing and manufacturing 765kV ultra-high-voltage transformers.
Hyosung Heavy Industries now supplies nearly half of all 765kV ultra-high-voltage transformers installed on the U.S. transmission grid. Since the early 2010s, it has maintained the No. 1 market share in this segment, proving its technological strength and reliability. This latest mega-order further solidifies its top position. Beyond 765kV transformers, the company has also built a lineup that includes 800kV ultra-high-voltage circuit breakers, positioning itself not just as a supplier of individual devices but as a key partner in the modernization of the U.S. transmission grid.
■ ‘U.S. expert’ Chairman Cho Hyun-joon’s bold move pays offThis order is the result of Chairman Cho’s long-term strategy and decisive investments. He has built personal relationships with top executives at U.S. energy and power companies, including Christopher Allen Wright, U.S. Secretary of Energy, thereby enhancing the brand value of Hyosung Heavy Industries.
“With the spread of AI and data centers, power infrastructure has become a core industry directly linked to national security,” Cho has emphasized, adding, “We must become an indispensable partner for stabilizing the U.S. power grid, leveraging our Memphis plant and ultra-high-voltage technologies.”
Believing that local production bases in the United States would be crucial to future competitiveness in the power infrastructure market, Cho acquired an ultra-high-voltage transformer plant in Tennessee in 2020. Following the acquisition, he invested a total of $300 million, including expansion projects, to strengthen local manufacturing capacity. Thanks to these investments, the Memphis plant has become the core hub of Hyosung Heavy Industries’ U.S. power equipment supply chain, and once the expansion is completed, it is expected to secure the largest production capacity of its kind in the United States.
Hyosung Heavy Industries, on a consolidated basis, posted record annual results last year with sales of 5.9685 trillion won and operating profit of 747 billion won. Its global order backlog reached 11.9 trillion won, up about 34% from the previous year.
solidkjy@fnnews.com Gu Ja-yoon Reporter