Hyosung Heavy Industries Ranked on BNEF's Energy Storage Tier 1 List

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Hyosung Heavy Industries

29 Apr, 2024, 16:54 CST

  • Consecutively Ranked Tier 1 Supplier on BNEF Energy Storage List in 2024
  • Started ESS Business in the late 2000s, ranked no.1 supplier in Korea since 2018 ∙∙∙ continues to expand its foothold into the global market

SEOUL, South Korea, April 29, 2024 /PRNewswire/ -- Hyosung Heavy Industries has been acknowledged as one of the best suppliers in the Energy Storage System (ESS) market.

  • Consecutively Ranked on BNEF Energy Storage Tier 1 List in 2024
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Hyosung Heavy Industries listed in BNEF Energy Storage Tier 1 2024 Q1, Q2
Hyosung Heavy Industries listed in BNEF Energy Storage Tier 1 2024 Q1, Q2

As of April 29th, Hyosung Heavy Industries announced that the company has been listed on BNEF(Bloomberg New Energy Finance)'s "Energy Storage Tier 1". BNEF is a renowned research firm focusing on market trends in the renewable energy sector.

The Energy Storage Tier 1 report[1] is a selection of high performing battery suppliers and system supply companies within the global ESS market. The report is released quarterly; and Hyosung Heavy Industries has been ranked tier 1 in both Q1 and Q2 of 2024.

Two consecutive quarters of registration on the list conveys a meaningful message, as it proves the high capabilities of Hyosung Heavy Industries in the global ESS market.

  • Hyosung's ESS Business, ranked no.1 in Korea since 2018 ∙∙∙ continues to expand its presence into the global market

The company now installs and operates ESS systems in close to 250 sites, acquiring a total record of 2.7GWh as an outstanding ESS supplier.

Since entering the ESS business in the late 2000s, the company has provided ESS solutions to renewable energy generation plants across South Korea. It has been ranked the no.1 supplier in South Korea since 2018.

In addition, Hyosung Heavy Industries has supplied many global ESS projects around the world, including the US, South Africa, and the UK. Last year, it supplied a 68MW/292MWh ESS to the Republic of South Africa. It has been leveraging its capabilities in EPC (Engineering, Procurement, and Construction) and O&M (Operation and Maintenance) to offer optimal solutions for customers.

Hyosung Heavy Industries plans to expand its global footprint by increasing its ESS sites within existing markets and expanding to new countries.

[1] The criteria for selection in the Energy Storage Tier 1 list are explained in the methodology of the report announced by BNEF.

SOURCE Hyosung Heavy Industries