Shining report card in overseas procurement markets such as the US, Japan, and the Middle East > Press Release

Written: Thursday, April 23, 2020

(Best lineup in the procurement market) Elpowertech

Shining report card in overseas procurement markets such as the US, Japan, and the Middle East

Elpowertech (CEO Choi Seong-kyu, pictured), considered a ‘star company’ in the transformer industry, is actively expanding its territory beyond the domestic procurement market and into overseas procurement markets. In particular, it is rapidly expanding its territory to the global stage by winning remarkable orders not only in the North American region, which is considered an advanced market, but also in the Middle East, Japan, etc. Choi Sung-kyu, CEO of Elpowertech, said, “We are proving that domestic transformers are competitive in overseas procurement markets.” The most notable order win for Elpowertech was winning a bid for a large-capacity power inflow transformer ordered by the LA Power Authority last year. The total amount is 2.1 million dollars (approximately 2.5 billion won). CEO Choi said, “If we calculate the additional volume for which orders are certain, we expect exports to be worth about $3 million,” and added, “LAPA is just the beginning. We will aggressively market in major procurement markets in North America.” As a representative export company in the transformer industry, CEO Choi has a firm philosophy based on his long experience in overseas expansion. He pointed out, “There are four major groups competing in the global power equipment market. Multinational groups such as ABB and Siemens, Japanese companies, our country, and China and Taiwan.” He added, “The other three groups, excluding us, pursue mutual growth while operating a cooperative mechanism.” However, CEO Choi believes that domestic companies are engaging in cutthroat competition, sometimes cutting into each other’s flesh. He said, “We also have a system in place to coordinate interests to some extent in the construction and shipbuilding industries overseas, but it is unfortunate that the electric power industry is particularly weak in this role,” and pointed out that “related associations such as the Electric Power Association and the Electric Industry Promotion Association need to put their heads together and think more to strengthen overseas competitiveness.” In relation to this, CEO Choi, who is the chairman of the Transformer Association, is also preparing joint bids between SMEs and consortium bids in overseas procurement markets. CEO Choi also emphasized the role of public corporations such as KEPCO in absorbing shocks in the economic downturn caused by the COVID-19 pandemic. He said, “From a mid- to long-term perspective, public corporations need to play a supporting role so that SMEs do not collapse, such as executing budgets in advance,” and “Most power equipment companies will likely be in danger of survival due to this situation.” Internally, CEO Choi plans to further strengthen the portfolio for stable growth, as the construction of a new plant with an investment of 20 billion won last year has been completed. In addition to existing transformers and switches, the company plans to spur market diversification by expanding to include eco-load switches, transformers for OLED inverters, power supplies for semiconductors, Scott transformers, and solar power transformers. CEO Choi said, “We will continue to discover new markets and develop future items while always keeping innovation, people, and the future in mind,” and pledged, “We will rise as the most competitive heavy electric equipment manufacturing company.”

Reporter Song Se-jun, Electric Times 21ssj@electimes.com

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