Hyosung Corp. announced on Dec. 21 that it has won contracts in India and Panama to export its energy solution, called static synchronous compensator (Statcom), for the first time in the domestic industry, gaining the momentum to target the power markets in Asia and the Americas.
The company will supply 100 Mvar Statcom units to India and 240 Mbar to Panama, in deals worth a total US$30 million (35.33 billion won). The Statcom is a cutting-edge energy solution that enables a stable power supply by minimizing power losses, which are caused in the process of transmitting electricity from generators.
Hyosung is the only local energy company that has succeeded in commercializing the technology, and has created world-class competitiveness by having tested its stability with state-run power company KEPCO.
In particular, the product, which is introduced in this project, uses a modular multi-level converter (MMC) technology developed under the Ministry of Trade, Industry and Energy as a national research project. Compared with conventional Statcom, it can save more than ten times the space. Only three companies in the world, including Hyosung, have commercialized this kind of Statcom.
The global Statcom market is worth US$1 billion (1.18 trillion won) on an annual basis. The demand of Statcom for efficient power systems is expected to greatly increase due to the expansion of new renewable energy and the increase in power consumption caused by urbanization in the future.
Meanwhile, Hyosung’s MMC-type Statcom technology is the fruition of the stepping stone project of a multi-terminal high-voltage direct current (HVDC) electric power transmission system, which will be led by the government as a new growth engine industry. The company also plans to actively participate in national research and development projects in the future to create national new growth engines and establish a next-generation power grid.