New factory completed… Portfolio completed for market diversification > Press release

Inside view of Elpowertech's new Hwaseong plant

2019. 08. 27 (Tue)

(Best ITEM) Elpowertech

New plant completed… Portfolio completed for market diversification

Elpowertech (CEO Choi Seong-kyu, pictured), a manufacturer of heavy electrical equipment such as transformers and switches, is a company that is receiving more attention amid Japan's export regulations, including exclusion from the whitelist. This is because Elpowertech is the largest exporter to Japan in the transformer industry. Its annual export volume exceeds 5 million dollars. Elpowertech CEO Choi Sung-gyu said, "There is no problem with our existing relationship of trust or cooperation with Japanese trading companies," and added, "As a citizen of the country, I hope this will be an opportunity for us to overcome our trauma from Japan. I actively support our government's response." He added, "The Korean economy as a whole will suffer to some extent, but this is something that we will have to experience at some point," and added, "I am confident that if we trust our national strength and respond, we will see good results." Elpowertech is a manufacturing company that has completed the optimal portfolio by market, including exports and civil and irrigation, and by equipment, including transformers, switches, and systems. The belief and execution of preemptive investment, innovation, and talent development are the driving forces behind its unstoppable growth and progress. Recently, it has also succeeded in entering the North American market, which is difficult for small and medium-sized companies to enter on their own. It received an order for a large-capacity power oil-immersed transformer from the Los Angeles Power Authority. It is the result of its efforts to obtain UL certification for dry and oil-immersed transformers and knock on the door of the local public market for a long time. Now that Elpowertech has successfully entered the US market, it plans to actively target the markets of power agencies in all 50 states to expand its export volume. CEO Choi said, “We always have a sense of crisis that if we do not continuously discover and develop new niche markets, we will inevitably be eliminated at some point,” and explained, “This sense of problem is leading to continuous constitutional improvement and innovation.” In particular, Elpowertech invested a total of 20 billion won in late May to relocate its headquarters and factory to a 16,000㎡ (approximately 5,000 pyeong) site in the Hwaseong Biovalley Industrial Complex in Gyeonggi Province. It is a smart factory equipped with advanced heating and cooling systems and dustproof facilities. With the completion of the new factory, Elpowertech has expanded its heavy electric equipment production capacity by approximately three times. In addition to its existing transformer and switch product line, it plans to focus on producing items for market diversification, such as eco-load switches, OLED inverter transformers, semiconductor power supplies, Scott transformers, and solar power transformers. It will also expand its workforce by 20-30% in the future to keep pace with the expansion of its production capacity, and has also acquired new licenses for electrical engineering and information and communications engineering to enter the new energy industry. CEO Choi said, “Manufacturing companies should always keep in mind three things: innovation, people, and future investment in management,” and pledged, “We will continue to move ahead of others to discover new markets and develop future items.” Electric Times Reporter Song Se-jun 21ssj@electimes.com

[This post was copied from the press release (Korea) on 2022-08-25 11:21:28 by the highest administrator]