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ILJIN Electric bags $332 mn contract with U.S. company

Collected: 2023.11.28

Distributed: 2023.11.29

Source: Go Direct

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Ultra-high voltage power transformer

South Korea’s ILJIN Electric Co. announced on Monday that it recently signed an ultra-high voltage power transformer supply contract worth 431.8 billion won ($332.56 million) for 15 types of products, including 345-kilovolt (kV) transformers, with a specialized energy company in the eastern United States. Product deliveries are scheduled to take place sequentially over a period of five years from 2026 to 2030.

The contract is the largest single item contract since ILJIN’s founding and fulfills its production capacity for transformers through 2026, according to the company.

The U.S. market is experiencing explosive growth, thanks to the impact of the Joe Biden administration’s Infrastructure Investment and Jobs Act and the Inflation Reduction Act, coupled with the replacement of aging infrastructure facilities and increasing demand for renewable energy generation.

According to a recent report by the U.S. Energy Information Administration, U.S. electricity generation is expected to increase by 32 percent from 1,168 gigawatts (GW) in 2023 to 1,543 GW in 2030 due to increased demand for electricity from electrification of energy sources and investment in new plants.

By Yang Yeon-ho and Yoon Yeon-hae

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