The Korea Herald


BNEF names Hyosung Heavy as top ESS supplier

By Kim Jun-hong

Published : April 29, 2024 - 15:46

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Hyosung Heavy Industries' ESS in South Africa (Hyosung Heavy Industries) Hyosung Heavy Industries' ESS in South Africa (Hyosung Heavy Industries)

South Korea’s Hyosung Heavy Industries announced Monday that it has been recognized as a tier-1 supplier of energy storage systems by BNEF or Bloomberg New Energy Finance, a market research firm specializing in the renewable energy sector.

The firm has now been included in the top-tier list for two consecutive quarters.

“It is meaningful that a Korean firm has won the industrial recognition in the global ESS market that is dominated by Chinese rivals,” said a Hyosung Heavy official.

Hyosung Heavy is one of the top ESS providers operating in over 200 regions globally. Its total operation stands at 2.7 gigawatt hours.

Since it entered into the ESS sector in the late 2000s, the firm has supplied ESS to power plants and factories across Korea. In 2018, it became the No. 1 company at home.

Last year, the company expanded globally by supplying ESS to South Africa. It is currently seeking an expansion into other key markets, including the UK.

“The latest BNEF recognition means a lot as it confirms the firm’s competitiveness in global markets,” said Woo Tae-hee, CEO of Hyosung Heavy. “We aim to grow into a global power solution provider not just in power facilities but also in other promising sectors like ESS, STATCOM (static synchronous compensators) and HVDC (high-voltage direct current).”