Hyosung Heavy Industries gets ESS deal from U.K.
Hyosung’s customer is the U.K. energy infrastructure company Downing. The ESSs will be sent to South Hampton to be included in the region’s transmission grid.
ESSs store electricity and act as a stable power source. They’re essential for use with unstable sources like wind or sunlight.
The 50-megawatt ESSs that Hyosung will make are large units that can be used in national power grids and factory complexes, as opposed to smaller ESSs used in houses. The deal also includes Hyosung designing the ESS system and offering 10 years of maintenance.
The size of the contract was not disclosed.
Hyosung has exported smaller ESSs to Europe. This is its first deal for 50-megawatt ESSs, it said.
“ESSs of more than 50-megawatt storage are often involved in large operations and therefore require a higher level of technology in regards to storage capacity or efficiency in power transition,” the company said.
“Large-sized ESSs take up more than 60 percent of the entire ESS market.”
The deal with Downing is significant for Hyosung in that it boosts the potential for deals in Europe.
“European firms that pioneered the ESS industry already have a strong grip over the market-- it’s not easy for an overseas company to penetrate,” a spokesman said.
The United Kingdom and Germany are the two leading ESS markets in Europe. Combined, they account for 60 percent of the European market, which is estimated to be worth 720 billion won ($637.9 million) this year.
Hyosung also exports ESSs to the United States and plans to sell in Australia and Africa in the near future.
BY SONG KYOUNG-SON [firstname.lastname@example.org]