Press release

Hyosung Chairman Cho Hyun-joon Pivots Marketing of New Renewable Energy around the US Power Market

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Heavy Industries Corporation
(KRX:298040) has announced the entry of
their industry-leading Energy Storage Systems (ESS) into the
fast-growing U.S. market. The ESS department, part of Hyosung Heavy
Industries’s Power and Industrial Systems Performance Unit, recently
formed and opened their business in the U.S.

The ESS division of Hyosung Heavy Industries offers a diverse product
line which includes their Power Conditioning Systems (PCS). In addition
to their PCS, the company also manufactures the Power Management Systems
(PMS), which are used to communicate and optimally control the hardware
and batteries.

The cutting-edge energy storage products can be paired with renewable
generation sources such as solar PV in a microgrid configuration or be
used as a stand-alone battery storage system. As the need for more
efficient use of renewable and clean power increases in the U.S.,
Hyosung Heavy Industries’s advantages of company strength and product
experience will be valuable assets to utilities and commercial customers

Hyosung Heavy Industries has been the largest whole-system ESS supplier
in S. Korea, which in 2018 was the world’s biggest energy storage
market. The U.S. market is projected to become the largest in 2019.

“Hyosung Heavy Industries seeks new businesses around
environment-friendly energy and future grid through its existing main
products such as extra high voltage transformers and circuit breakers as
well as STATCOM, HVDC, ESS and hydrogen refueling,” Chairman Cho
Hyun-joon said, “With a goal of becoming a leading corporation in the
world electric power market, we strive to be a global provider of total
energy solutions by fusing big data and information technologies.”