Hyosung announced on December 21 that it signed a deal to export 100 MVAr and 240 MVAr STATCOMs (static synchronous compensators) to India and Panama. The combined value of these export deals is estimated at US$30 million.
STATCOM is an electronic device that ensures stable power supply by minimizing the loss of electricity which could arise when the power generator delivers electricity to users. The global STATCOM market is estimated at around $1 billion. Hyosung is the only Korean supplier which has the capacity of commercializing the technology.
The STATCOMs for which Hyosung will sell to India and Panama is applied with the modular multi-level converter (MMC) technology, thereby having more than 10 times higher capacity compared to conventional STATCOM models.
There are only three companies in the world, including Hyosung, which can commercialize STATCOMs by using this technology.
A Hyosung official said, “STATCOM is a high value-added item that will become a pillar of future growth engines for us, together with our energy storage systems and ultra-high voltage equipment.”
