(Preempt the GD New Deal Era) Elpowertech > Press release

Written: 2020-08-25 (Tue) 13:35

Elpowertech (CEO Choi Seong-kyu) is considered the hottest star company in the transformer industry.

It is considered the most innovative company in the industry, having successfully completed the work of diversifying and optimizing its business portfolio several years ago and also greatly expanding its production capacity.

In addition, it is a strong company that is achieving results in overseas markets, as it is challenging $10 million in exports, focusing on advanced markets such as Japan and the United States.

CEO Choi Sung-kyu is a CEO who always emphasizes breaking the frame, expanding thoughts, change, and innovation.

CEO Choi said, “Moving the same way as others and hoping for better results is no different from hoping for luck,” and “I believe that only continuing preemptive investment, training of technical personnel, and business innovation can brighten the future of the company.”

In fact, Elpowertech has completed a portfolio consisting of three axes: exports and civil and public utilities by market, and transformers, switches, and systems by device.

In addition to the existing transformer and switch lineup, in order to respond to the digital and green new deal considered post-COVID-19, we have completed the development of items to prepare for new markets such as eco load switches, transformers for OLED inverters, power supplies for semiconductors, Scott transformers, and solar power transformers. We have also acquired new licenses for electrical engineering and information and communication engineering to enter the new energy industry.

Despite export regulations such as Japan's exclusion from the whitelist last year, Elpowertech has a solid overseas sales channel, maintaining local exports worth $5 million annually.

In particular, we successfully entered the US procurement market and attracted the attention of the industry. We delivered dozens of power transformers to the LA Power Authority, thereby taking the lead in market expansion.

“While Japan, Southeast Asia, and the Middle East have been our main export markets so far, the North American market will take over from us in the future,” said CEO Choi. “We will actively target the North American region, where demand is expected to remain steady, such as for replacing old transformers.”

CEO Choi has also been leading the Transformer Business Association, the only organization in the industry, for 12 years with his unique stamina and leadership.

As the head of the association, he continues to think about the new future of the industry.

Specifically, this includes entering overseas markets through the formation of an export consortium, establishing joint orders, joint production, and joint sales systems in the civilian market.

CEO Choi emphasized, “Everything has changed due to COVID-19. If we remain satisfied with the existing market, we may be eliminated in the midst of a huge paradigm shift,” and “Transformer manufacturing should also create new added value by using the public enterprise supply market as a minimum foundation, a kind of seed money.” This means that we should not remain satisfied with the narrow government-funded market, but should challenge the larger overseas market.

He pledged, “Elpowertech will not stop challenging and innovating in the future,” and “We will rise as a heavy electric company that can shine even more in the New Deal era.” [This post was copied from Press Release (Korea) on 2022-08-25 11:21:28 by the top administrator]