Choi Seong Kyu, CEO of Elpowertech, received the 50 million dollar export tower and bronze tower industrial medal last year > Press Release

“This year’s goal is to enter Europe and expand transformer export territory”

Choi Seong Kyu, CEO of Elpowertech[Photo = Reporter Song Se-jun]

“The global strong market for transformers will continue until 2032. We will further accelerate our overseas market conquest in line with this. This year’s target is the European market.”

Choi Seong-gyu, CEO of Elpowertech, which is leading the export of distribution transformers, set ‘Europe’ as this year’s export target.

At the 61st Trade Day event held late last year, he received the Bronze Tower Industrial Medal and the $50 million Export Tower. This is the second feat for a transformer company other than a large corporation.

Starting with exports to Japan in 2005, Elpowertech has been raising the status of ‘Made in Korea’ transformers on the global stage, including Southeast Asia in 2008, Africa in 2012, and the United States in 2019.

This year, the company plans to directly attack Europe, which is considered an export wasteland for domestic companies.

CEO Choi said, “Europe is one of the top markets where multinational power companies are gathered,” and “Since we have already successfully entered the advanced US market, if we prepare thoroughly, we will be able to target the gap.”

In addition, we plan to actively participate in the Ukraine reconstruction project.

He said, “Now that Elpowertech has achieved exports of 50 million dollars, we have received help not only from our employees but also from many people,” and “We have been working in the power equipment industry for the past 40 years with challenge and passion. There are many people to thank, including the Korea Electric Power Industry Promotion Association, the Korea Electric Power Association, and related organizations such as KEPCO.”

This year, uncertainty is increasing in the global market, as the second term of the Trump administration is set to begin.

CEO Choi said, “If the Trump administration applies a 25% tariff to Korea like Mexico or Canada, export transformers could immediately become a deficit item.” He added, “The exchange rate is also a significant risk, but if we believe in market growth and increase competitiveness, we believe we can seize any opportunity.”

In this regard, according to WEIDMANN, a global insulator company in Switzerland, electricity demand is expected to double by 2050 compared to 2020.

In particular, demand for ultra-high voltage transformers and distribution transformers is expected to continue to grow in almost all regions until 2032. The annual average growth rate is 4-7% from a conservative perspective and 9-10% from an optimistic perspective.

CEO Choi emphasized, “Although there are issues with tariffs and exchange rates, it is expected that the global transformer market will continue to be a strong market,” and “I believe that the distinction between companies that are prepared and those that are not will be clearly divided depending on how they respond to the future market.”

Elpowertech has been growing explosively, with an average export growth rate of nearly 700% over the past three years.

Last year alone, the company has been expanding its export areas smoothly, including opening up new markets in the Philippines subway and South America (Brazil). Exports to South America are expected to be the first exports for a small and medium-sized enterprise.