# Who are Hyosung Heavy Industries's customers? Who does Hyosung Heavy Industries earn revenue from?
Canonical: https://valuechain.wiki/hyosung-heavy-industries · Facet: customers · Updated: 2026-07-12T03:50:49.742+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Hyosung Heavy Industries discloses no named confirmed revenue counterparties; 3 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 3 revenue edges, backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).

### 미국 송전망 운영사 (765kV 초고압변압기) (high)
- note: The epicenter of Hyosung's earnings surge — it supplies about half of the 765kV ultra-high-voltage transformers on US transmission grids and has led that segment since the early 2010s. In Feb 2026, via US arm HICO America, it won a record single order of USD 535.3M (~KRW 787bn) in 765kV transformers/reactors for a large utility. The end customer is undisclosed for competitive reasons (kept anonymous), but being the only 765kV producer in the US (Memphis) lifts both price and volume.
- [confirms] MoneyToday (KO, news, published 2026-06-18) https://www.mt.co.kr/industry/2026/06/18/2026061311474061903: "Record single Korean power-equipment order of 765kV UHV transformers."
- [mentions] Korean brokerages (Samsung/Yuanta/Shinhan Securities) (KO, research, published 2026-05-05) https://www.cbci.co.kr/news/articleView.html?idxno=572831: "Brokerages: US UHV and data-center beneficiary; targets KRW 2.9-5.0M."
- [confirms] Hyosung (EN, ir, published 2026-02-11) https://www.hyosung.com/en/newsroom/view/19029: "Hyosung to supply a 765kV transmission grid as a full package to the U.S."
- [confirms] DART (Financial Supervisory Service) (KO, filing, published 2026-02-10) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260210800044: "765kV Transformer and Reactor Purchase Agreement, USD 535,308,266; HICO America won from a large US utility and reordered to Hyosung Heavy; region US."

### 글로벌 초고압변압기 수출 고객 (유럽·중동·오세아니아 유틸리티) (high)
- note: The export-diversification axis that spreads US concentration risk — heavy-industry exports (KRW 1,636.1bn separate basis) now exceed domestic sales (KRW 1,229.9bn). It supplies UHV transformers/reactors to utilities such as the UK's SPEN and Scottish Power, Norway's Statnett, Australia's Powerlink and Denmark's Orsted (offshore wind), riding global grid-replacement and renewables-linkage demand.
- [confirms] Seoul Economic Daily (EN) (EN, news, published 2026-05-01) https://en.sedaily.com/news/2026/05/01/korean-power-equipment-makers-clinch-record-orders-on-us: "Korean power-equipment makers clinch record orders on US grid replacement and AI data-center demand."
- [confirms] DART (Financial Supervisory Service) (KO, filing, published 2026-03-23) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260323001004: "Heavy-industry exports KRW 1,636,051m vs domestic KRW 1,229,857m; global reach across Europe, Americas, Middle East, Asia."

### (주)효성 (지주, 32.47%) (high)  → /hyosung.md
- note: The axis binding Hyosung Heavy to the Hyosung Group structure — after the 2018 holding conversion, Hyosung Corp. became the largest shareholder (32.47%). A pure holding company managing subsidiary stakes, investments and group CI, it sees Hyosung Heavy's record earnings flow straight into its NAV and dividend receipts.
- [confirms] DART (Financial Supervisory Service) (KO, filing, published 2026-03-23) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260323001004: "Largest shareholder Hyosung Corp., period-end stake 32.47% (2018 holding conversion)."

### 글로벌 ESS·BESS 사업 (일본·호주 등) (mid)
- note: A new business opening a demand line distinct from the transformer cycle — ESS/BESS EPC aimed at renewables and grid-stabilization demand. After high-voltage ESS in Japan's Kansai/Kyushu (~KRW 64bn cumulative), it won Australia's Queensland Tangkam BESS for AUD 135M (~KRW 142.5bn, turnkey, 2027 COD). Bundling grid solutions with power equipment widens its order pipeline.
- [confirms] Aju Business Daily (KO, news, published 2026-05-27) https://www.ajunews.com/view/20260527110902202: "Japan Kansai/Kyushu high-voltage ESS EPC, ~KRW 64bn cumulative."
- [confirms] DART (Financial Supervisory Service) (KO, filing, published 2026-02-10) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260210800044: "Australia Tangkam BESS supply and turnkey contract, AUD 135,000,000 (Tangkam BESS Pty Ltd, Queensland)."

Reverse side: https://valuechain.wiki/hyosung-heavy-industries/suppliers.md · Ripple: https://valuechain.wiki/hyosung-heavy-industries/ripple.md

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Full node: https://valuechain.wiki/hyosung-heavy-industries.md · JSON: https://valuechain.wiki/hyosung-heavy-industries.json