Elpowertech. A great success exporting $100 million worth of transformers to 6 U.S. power agencies > Press Release

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Elpowertech (CEO Choi Seong-kyu), which is considered a representative transformer manufacturing company, has been growing into a global powerhouse by continuously achieving remarkable results in North America since last year.

Last year, it participated in the construction of a large power grid by signing a contract to supply pad transformers with the Los Angeles Department of Water and Power (LADWP) in the United States, and this year, it made a splash by signing export contracts worth a total of $100 million with six major power agencies in the United States.

Elpowertech will supply a total of 20,000 pole-mounted transformers and pad transformers to the United States in the future.

In particular, it is evaluated that it has gained wings in conquering the North American market by recently obtaining UL (US safety standard) certification for oil-immersed transformers of 34.5kV 5000kVA or less and dry-type transformers of 23kV 6000kVA or less.

Elpowertech CEO Choi Seong-gyu said, “We have been preparing steadily by investing about 800 million won over the past five years to obtain UL certification,” and “Both dry and oil-immersed transformers have a wide voltage coverage, so we have established a foundation to supply most transformers.”

Elpowertech has been focusing on exports for a long time as part of a mid- to long-term strategy to build a stable portfolio in exports, government-provided, and civilian markets.

This is because it is difficult for major items such as transformers, switches, and systems to maintain competitiveness in the face of rapid market changes in the future, with sales ratios or market shares being biased to one side.

As the chairman of the Transformer Association, CEO Choi has always emphasized that the public enterprise supply market should be used as a minimum foundation, a kind of seed money, to challenge new markets.

Elpowertech’s successful entry into the North American market is a case of realizing its usual beliefs through actual performance.

He said, "There are only about 10 countries in the world, including our country, that can properly manufacture transformers," and "The US market is a competition between local companies, Japan, and us, but there are increasing calls for domestic transformers with excellent quality." This means that the growing demand for power equipment in the US can be a great opportunity for our companies.

Elpowertech has reinvested more than 10% of its annual sales in R&D, and 20% of its total employees are professional engineers. The R&D competitiveness based on this is leading to strong confidence in future growth.

CEO Choi emphasized, "We will not stop investing in the three areas of R&D, personnel, and facilities in the future," and "We will continue to find ways to integrate ICT into traditional manufacturing areas and prove that power equipment manufacturers can also transform into ICT convergence companies."

Source: Electric Newspaper(https://www.electimes.com)