Hyosung Heavy Industries, the construction and infrastructure arm of South Korea’s textile and chemicals conglomerate
Hyosung, on Mar. 17 said that it closed a 50 MW (megawatt) energy storage system (ESS) deal with UK’s energy investment management firm Downing LLP.
The ESS facilities are to be constructed in Southampton, UK, and will be directly connected to the power grid of the British utilities company National Grid.
Under the deal, Hyosung Heavy will provide the construction design as well as the supply of the power conversion system (PCS); batteries; and the energy management system (EMS) as part of the ESS project.
Once the facility construction is complete, the South Korean company will also provide comprehensive maintenance and management solutions over a 10-year period.
“This large-scale deal in UK marks the recognition of our technology and product quality by the European energy storage sector, previously dominated by a handful of major global players,” said a Hyosung source.
ESS has been receiving increasing attention around the world amid the growing popularity of renewable energy, the production of which is less stable than non-renewable types such as oil and gas. ESS is able to stabilize the supply of renewable energy through storage.
The supply of ESS facilities and plants is expected to continue to grow, as European countries are competitively unfolding eco-friendly policies with a heavy focus on the expansion of renewables. More than 60% of all global ESS projects are large-scale, with supply of more than 50MW.
Hyosung Heavy, the market leader in South Korea’s ESS industry, also shared plans to enter new markets beyond the US and Europe, such as Australia and Africa.
“Hyosung will continue to strengthen customer value by expanding eco-friendly business segments, in step with the global energy trend on renewables”, said Hyosung Group Chairman Cho Hyun-joon.
Write to Kyung-min Kang at
kkm1026@hankyung.comDaniel Cho edited this article.
