Daehan Electric Wire announced today that TE USA, its U.S. subsidiary, secured a massive long-term contract worth about 190 billion won (approx. US$137 million) in the eastern United States. This contract marks the largest project Daehan Electric Wire has won in the U.S..
Including this latest contract, Daehan Electric Wire has achieved a total of 520 billion won (approx. US$375 million) in new orders in the U.S. alone this year. In just six months, the company surpassed the cumulative order amount of 400 billion won (approx. US$289 million) in 2022, its most successful year since entering the North American market.
For the project replacing aging power grids with new infrastructure to meet the rapidly growing power demand in the eastern United States, Daehan Electric Wire will supply all high-voltage power network materials, including 138 kV and 345 kV cables and connectors.
More than 50% of the underground power grid in the U.S. exceeded the typical 40-year replacement period. With the surge in power consumption driven by advancements in artificial intelligence (AI) and semiconductor technology, the need to replace outdated power grids has become significant. Daehan Electric Wire has consistently shown remarkable performance in the U.S. market for replacing outdated power networks, and they anticipate securing additional orders through this major contract.
A representative from Daehan Electric Wire highlighted that in the U.S., where technology, quality, and reliability are thoroughly assessed, their success in securing and executing numerous projects with various power authorities underscores their technological prowess and competitiveness. They further emphasized that having established a strong presence as a major supplier in the North American power market over the years, they are focused on maximizing exports and boosting national competitiveness.
At the end of last year, Daehan Electric Wire won a project in New York, showcasing products specialized for replacing aging power grids and patented new technologies. In March of this year, they also secured a turnkey project worth approximately 110 billion won (approx. US$79.4 million) to replace outdated power networks in Florida.
