Elpowertech, this time entering ‘South America’… Supplying pad transfo…
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Transformer exports to all continents except Europe
MOU signed for future orders worth 30 million dollars
Choi Seong-kyu, CEO of Elpowertech
Elpowertech, a leading transformer exporter, has successfully entered the South American market. It is expected to be the first export to South America for a small and medium-sized enterprise.
Elpowertech (CEO Choi Seong-kyu) recently announced that it signed a supply contract with R, the largest power equipment company in Brazil, for 1,000 kVA three-phase pad transformers.
It is expected to be used in the distribution lines of Sao Paulo, Brazil, with 60 units and a value of 3 million dollars.
In particular, Elpowertech has also signed an MOU with R for the future supply of transformers worth 30 million dollars, leaving open the possibility of large-scale exports in the future.
Elpowertech CEO Seong-kyu said, “A large Brazilian utility company directly requested a quotation, and we visited the site several times to coordinate the contract.”
“The first delivery is a first-round contract, and we believe that additional orders worth 30 million dollars will be possible in the future.”
He also emphasized, “We have secured important delivery performance for full-scale entry into the Brazilian electricity market,” and “We will make sure to conclude additional contracts for various items through thorough quality and delivery management.”
This export to Brazil is also worth noting as the transport terms are FOB (Free On Board).
It is not a method that is favorable to importers, such as CFR (Carriage Paid), CIF (Freight Insurance Paid), or DDP (Delivery Duty Paid), but in FOB form,
100% of the payment is made when the transformer arrives at Busan Port for export.
CEO Choi said, “Usually, when exporting to the US, payment is usually completed within a month of arrival, but this export to Brazil is already
30% received as an advance payment and the rest is received upon arrival at the domestic port,” and added, “It is analyzed that Brazil, like the US, is expanding its investment to preemptively secure power equipment in preparation for a surge in power demand such as AI and data centers.”
In particular, Elpowertech has made a new history by exporting transformers to all continents except Europe with this export.
In the future, it plans to actively utilize the Brazilian market as a bridgehead and forward base for expanding into the South American market.
CEO Choi said, “South America is divided into Portuguese-speaking countries represented by Brazil and Spanish-speaking countries represented by Argentina,” and predicted, “Entering the Brazilian market, which is considered the leader in South America, will be of great help in expanding the South American market in the future.”
Elpowertech is considered a top pick company with the steepest growth in the era of the transformer super cycle.
It is making great strides on the global stage, with exports accounting for 90% of total orders. The backlog of orders is currently at the level of KRW 200 billion.
In terms of exports of imported transformers alone, it is at the forefront of the industry. Thanks to the expansion of exports, sales, which recorded KRW 34 billion in 2022, are expected to skyrocket to KRW 130 billion this year. It has also secured a $50 million export tower.
CEO Choi said, “We will continue to diversify our product line, specialize our factories, invest in manpower and R&D, and steadily diversify our overseas markets to further strengthen our competitiveness.”
Keyword #Elpowertech
Reporter Song Se-jun 21ssj@electimes.com
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Source: Electric Newspaper(https://www.electimes.com)
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