Key officials at Taihan Electric Wire and National Grid sign a contract for the London Power Tunnel 2 project, in an online meeting. (Taihan)
Taihan Electric Wire said Monday it has signed a 92.5 billion won ($77.3 million) contract with the UK’s National Grid to supply underground cables and accessories for the London Power Tunnel 2.
It is the largest electric grid project to be undertaken by a Korean cable manufacturer in the country, and the company had to fend off stiff competition from other bidders. The bidding process lasted for over a year.
“We are excited that we will play a big part in this large-scale, long-term infrastructure project in London,” Taihan CEO Na Hyung-kyun said.
“As the UK is a leading country in the energy industry, through this challenging and critical award we feel it assures us of a competitive market position in Europe.”
Taihan opened its UK branch in 2017 as part of its efforts to enter the European cable market, before establishing a new branch in the Netherlands in the second half of 2019.
By Yim Hyun-su (email@example.com