Hyosung Chairman Cho Hyun-joon Drives Development of Core HVDC Technologies

• Early Strategic Focus on Securing Core HVDC Technologies
• Growing Global HVDC Market… Expanding Business to the US and Europe

SEOUL, South Korea, Sept. 24, 2026 /PRNewswire/ -- As AI data centers proliferate and renewable energy generation expands, demand is growing for next-generation grid technologies capable of reliably delivering large amounts of electricity.

As renewable energy generation increasingly takes place far from major centers of electricity demand, high-voltage direct current (HVDC) transmission is gaining attention as a key technology for future power grids due to its advantages in long-distance, high-capacity power transmission.

Hyosung Heavy Industries recognized these shifts in the power industry early and has invested in developing core HVDC technologies.

Hyosung Chairman Cho Hyun-joon has emphasized the strategic importance of HVDC, saying, "HVDC is more than a transmission technology; it is a core technology that will shape competitiveness in the future energy market. We will provide the full support needed for Hyosung to become a leading player in reshaping the global HVDC market."

Under Chairman Cho's strategic direction, Hyosung Heavy Industries has steadily strengthened its proprietary technology capabilities through R&D and demonstration projects aimed at developing and localizing core HVDC technologies since 2012.

Early Strategic Focus on Securing Core HVDC Technologies

The market for key equipment used in large-scale voltage-source converter (VSC) HVDC systems has long been led by a small number of global companies. In South Korea, the need to localize core technologies has grown as the country seeks to build power grids on schedule and secure stable supply chains. The South Korean government has accordingly promoted the localization of key HVDC equipment, including converter valves, control systems and converter transformers.

Rather than relying on external technologies, Hyosung Heavy Industries has concentrated its R&D capabilities on developing core HVDC technologies in-house.

With Chairman Cho's support and his emphasis on securing technologies critical to future competitiveness in the power industry, Hyosung Heavy Industries has steadily invested in R&D. These efforts have enabled the company to develop proprietary technologies for key HVDC components, including converter valves and control systems, establishing a strong foundation for its independent HVDC capabilities.

Hyosung Heavy Industries began developing and demonstrating VSC-HVDC technology with a 20 MW demonstration project in Jeju in 2012. The company subsequently developed key 200 MW equipment, including converter valves and control systems, and applied the technology to actual power grids, building experience in both the localization and operation of core HVDC equipment.

Building on its experience commercializing 200 MW HVDC systems, Hyosung Heavy Industries is now scaling its technology to 2 GW large-scale VSC-HVDC systems. Beyond developing individual components, the company is strengthening the system technologies and project capabilities required for large-capacity power grids, laying the foundation to pursue global projects.

Growing Global HVDC Market… Expanding Business to the US and Europe

As the global energy transition accelerates, major economies are increasing investments in renewable energy generation and grid modernization, supporting continued growth in the global HVDC market.

According to a global market research firm, the global HVDC transmission market is projected to grow from $15.62 billion in 2025 to $22.07 billion by 2030, representing a compound annual growth rate (CAGR) of 7.2%.

Chairman Cho has positioned power infrastructure businesses, including HVDC, as future growth engines as the global power industry undergoes a fundamental shift.

Chairman Cho stated, "Future competitiveness in the power industry will depend on the ability to provide integrated solutions across the power grid. By combining Hyosung Heavy Industries' accumulated expertise in ultra-high-voltage transformers and circuit breakers with grid stabilization solutions such as HVDC, ESS and STATCOM, we will strengthen our total solution capabilities. Our goal is to establish Hyosung Heavy Industries as one of the world's top three power solutions providers within five years."

Hyosung Heavy Industries is strengthening its solution capabilities across the power grid, including HVDC, ultra-high-voltage transformers and STATCOM. In the US, the company is positioning its ultra-high-voltage transformer plant in Memphis, Tennessee, which it acquired in 2020, as a key manufacturing hub for its North American power infrastructure business. This year, the company has secured ultra-high-voltage transformer supply contracts with multiple US Big Tech companies. Across its businesses, Hyosung Heavy Industries recorded approximately KRW 9.3 trillion in new orders through August.

The company is also expanding its presence in Europe's next-generation power grid market. In August, it participated in CIGRE 2026 in Paris, showcasing its next-generation grid solutions, including its proprietary VSC-HVDC technology, while expanding technical collaboration with global customers.

Hyosung Heavy Industries plans to make its HVDC technology a key pillar of its global expansion. By strengthening synergies between its existing power equipment portfolio and grid stabilization solutions, the company aims to enhance its integrated solution capabilities across the global power infrastructure market, including next-generation power grids and AI data centers.

Website: https://www.hyosung.com/en/

SOURCE HYOSUNG CORPORATION