LS Electric to form joint venture with America’s GE Vernova
Hyosung Heavy Industries to establish new factory in Changwon next year
HD Hyundai Electric to localize core technologies
Amid a boom in the power infrastructure industry driven by demand for power-grid replacements in North America and a surge in demand fueled by artificial intelligence (AI), Korean companies have identified the High Voltage Direct Current (HVDC) market as their next growth engine and are striving to strengthen their competitiveness.
LS Electric recently announced at CIGRE 2026, the world’s largest power-grid technology exhibition held in Paris, France, that it has signed a cooperation agreement with the U.S. power infrastructure company GE Vernova to establish a voltage source converter (VSC) HVDC joint venture.
Through the establishment of a joint venture, the two companies will pursue cooperation in the domestic VSC HVDC market, and develop joint solutions and strategies, including the supply of core equipment. They also plan to establish a cooperation framework to enter the global HVDC market.
HVDC is technology that transmits electricity generated at power plants as direct current (DC), drawing attention because it causes less power loss and can transmit more electricity.
Hyosung Heavy Industries demonstrated its technological capabilities by installing Korea’s first independently developed 200 MW VSC HVDC system in 2024 at the Korea Electric Power Corporation (KEPCO) Yangju Substation. Its strengths lie in independently handling everything from system design and production of equipment such as converters, controllers, and transformers to overseas production, and in having a low dependence on foreign technology for its core technologies.
Hyosung Heavy Industries is also building a dedicated HVDC transformer factory at its Changwon plant in South Gyeongsang Province, aiming for completion in July 2027. It is investing approximately KRW 254 billion to expand its manufacturing facilities for high-capacity VSC converter systems, a core component of HVDC.
HD Hyundai Electric is pursuing the localization of core technologies as it was selected as a participating company in the government’s development of transformers for 500 kV-class large-capacity VSC HVDC converter transformers.
HD Hyundai Electric plans to enhance its competitiveness by utilizing the new plant currently under construction within its Ulsan plant as a dedicated production facility for HVDC transformers.
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