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Taihan clinches an KRW 840 Billion deal in Singapore! “Breaking new ground in extra-high voltage export records”- An all-time high in contract volume, representing 30% of the company’s total revenue from the previous year.- Concurrently awarded two full-turnkey projects operating at the highest local voltage of 400kV.- Vice Chairman Song Jong-min stated, “We will continue to promote the excellence and competitiveness of Korean cable technology.” In a move that reinforces its competitive standing in the international market, Taihan Cable & Solution has shattered the record for extra-high voltage (EHV) power grid contracts.    Taihan (CEO Song Jong-Min) revealed through a public announcement on the 4th that it had finalized two contracts with SP PowerAssets Limited for the supply and installation of a 400kV EHV power grid, with a total value of KRW 840 billion. This figure accounts for around 30% of the company’s consolidated sales for 2023, which amounted to KRW 2.844 trillion. The NDC373 project, one of the two contracts, amounts to approximately KRW 500 billion, making it the largest export of extra-high voltage AC transmission networks in the nation's history. This marks the most sizable project that Taihan has ever acquired, whether within the country or overseas.  This endeavor is a key project that SP PowerAssets has meticulously prepared over a long period to effectively address the burgeoning electricity demand stemming from the surging demand of AI and data centers. This grand-scale project entails the construction of a 400kV extra-high voltage underground power grid, the highest voltage in use locally, throughout Singapore, with Taihan undertaking the entire process, from design to production, laying, connection, and testing, in a full turn-key manner. Due to the critical importance of stability in a 400kV full turn-key project, rigorous evaluation encompassing quality, technical prowess, engineering proficiency, and project management capabilities is carried out when selecting the contractor. In particular, the high construction difficulty of this project, which includes tunnel sections, required comprehensive and thorough evaluation, and Taihan was selected as a qualified contractor amidst competition with renowned global firms. Song Jong-Min, Vice Chairman, remarked, “Winning this landmark project in Singapore, a market known for its stringent technical and quality verification requirements, serves as a testament to Taihan’s all-encompassing competitiv advantage in technology, quality, and service,” and further affirmed, “We will continue to play a pivotal role in enhancing the national competitiveness by widely promoting the excellence of Korean cable technology and products in key markets across the United States, Europe, and Asia.” Taihan, having successfully completed the 400kV projects conducted in Singapore in both 2016 and 2022, has now achieved a remarkable feat with the signing of this contract, making it the only company in Korea to have participated in every 400kV full-turnkey project carried out in Singapore. 

1. Taihan is preparing to lay cable in the U.S.   2. Taihan is laying cables in the U.S. 3. Taihan completes certification testing for HVDC cables system at KEPCO's Power Research Institute in the Gochang Power Testing Center  Taihan Secures First U.S. HVDC Project Worth 90 Billion KRW-  Supplying 320kV HVDC and 500kV HVAC power grids to Silicon Valley and surrounding areas-  Secured all 500kV HVAC projects in the U.S., including this latest achievement-  Proves competitiveness with new orders totaling 610 billion KRW secured in the U.S. this year On 19th, Taihan Cable & Solution (CEO Song Jong-min) announced that it had been selected as the cable supplier for a 320kV VSC (Voltage Source Converter)-HVDC and 500kV HVAC power project in the United States. The contract, which was awarded by LS Power Grid California, LLC, a United States electric utility company and contemplates multiple cable orders with a currently-projected overall value of approximately KRW 90 billion, supports efforts to improve reliability of the power grid in Northern California, including regions like Silicon Valley and San Jose, which have seen a surge in electricity demand due to the recent expansion of AI(Artificial Intelligence) related businesses and other advanced IT companies. This contract marks Taihan’s official entry into the U.S. HVDC market. HVDC is a key technology for long-distance, large-scale power transmission, converting alternating current (AC) into direct current (DC) for transmission. In particular, the VSC(Voltage Source Converter)-HVDC project awarded to Taihan Cable & Solution is becoming a global trend as it allows for easier bidirectional power transmission and simpler converter station installation compared to LCC(Line Commutated Converter)-HVDC. It can also be applied to renewable energy generation, such as wind and solar power.  In fact, TSOs(transmission system operators) in Europe are increasingly adopting VSC-HVDC for many of their recent grid-connected renewable energy projects and cross-border power grid interconnection projects. Given the advanced technology required for HVDC cable systems, only a handful of companies worldwide have successfully commercialized this technology.Taihan Cable & Solution has focused on strengthening its technological capabilities in the HVDC field and previously developed South Korea's first 525kV VSC(Voltage Source Converter)-HVDC cable system, featuring a 3,000-square-millimeter cross-sectional area and a maximum operating temperature of 90°C.With this latest contract, Taihan is poised to actively pursue further HVDC projects both domestically and internationally. The 500kV HVAC cable system, designated as a national core technology, is the highest voltage among commercially available underground cables Taihan was the first company in South Korea to develop and commercialize this technology, and it has successfully secured and executed all 500kV HVAC projects conducted in North America. With this latest win, Taihan has achieved the remarkable accomplishment of carrying out all 500kV projects conducted in the U.S This achievement was made possible by demonstrating the competitiveness and technical capabilities of Taihan’s to multiple power authorities in the U.S. Anticipating the increased demand for replacing aging power grids in the U.S., Taihan has focused its efforts on the U.S. market since 2017. This strategic focus has yielded continuous success, with the company recording over KRW 610 billion (approximately $455 million) in new orders this year alone, achieving record-breaking results. A spokesperson from Taihan stated, “Extra-high-voltage power grids, such as HVDC and 500kV HVAC, require not only product supply but also highly specialized construction capabilities. Proven track records in such projects are a critical measure of success. As we continue to build on our achievements in this high-value, future-oriented market, we will further strengthen our competitive edge in the growing North American market. 

​Taihan completes construction of the first fiber optic cable plant in KuwaitTaihan held an opening ceremony for Taihan Kuwait’s plant. Taihan Kuwait, established in partnership with Rank General Trading & Contracting Co., a prominent local construction and trading firm, is the first production subsidiary in Kuwait. The plant is the first fiber optic cable plant in Kuwait, located in the Mina Abdullah Industrial area southeast of Kuwait City on a plot of land measuring 5,000 square meters.​ It is equipped with production and testing machinery identical to Taihan's Dangjin cable plant in Korea. The facility is set to commence operations in mid-September following product certification. The move comes as global demand for fiber optic cables surges, driven by the expansion of 5G infrastructure supported by the Internet of Things (IoT) and artificial intelligence (AI) technologies. Taihan plans to use this new plant as a springboard to supply not only Kuwait but also neighboring Gulf Cooperation Council countries like Saudi Arabia and Qatar. Song Jong-min, Taihan's vice chairman, said, "Taihan Kuwait will expand its market dominance by supplying top-quality fiber optic cables through advanced technology transferred from Taihan and skilled engineers." 

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Taihan has successfully signed a massive contract estimated at KRW 190 billion in the United StatesTaihan Cable & Solution has announced that T.E.USA, its American sales subsidiary, has successfully signed a massive long-term contract estimated at KRW 190 billion in the eastern United States. This undertaking marks the largest project ever secured by Taihan within the United States, and it stands as one of their most significant international contracts. To address the rapidly growing power demand in the eastern United States, Taihan will furnish all necessary extra high voltage power grid components, such as 138 kV and 345 kV cables and accessories, for a project aimed at upgrading old power grids to new ones. With the addition of this contract, Taihan’s new orders from the U.S. this year amount to KRW 520 billion. Therefore, the company has, within half a year, surpassed the 2022 annual order intake of KRW 400 billion, the highest since its entry into the North American market, thereby setting a new record for orders in the U.S. 

​Taihan held a PALOS Commissioning ceremonyTaihan reported on the 24th that the commissioning ceremony for the 6,200-ton class submarine cable laying vessel “PALOS” took place at the pier where its second Dangjin submarine cable plant stands. Being the only offshore wind power cable laying vessel (CLV) in Korea, PALOS has the capacity to carry up to 4,400 tons of submarine cable in a single voyage. The event was attended by around 200 participants, including key local figures such as Governor of Chungcheongnam-do, and Mayor of Dangjin. Representatives from the Ministry of Trade, Industry, and Energy, Korea Electric Power Corporation, Korea Wind Energy Industry Association, as well as various power companies, clients, and partner companies also attended. The event proceeded with an opening performance, followed by welcome and congratulatory speeches, the reading of a prayer for safe voyage, and a champagne breaking ceremony, among other proceedings. Constructed with the explicit purpose of laying submarine cables, PALOS exhibits far superior performance when compared to cable laying barges (CLBs) that were converted from cargo barges. Unlike conventional vessels, PALOS features a flat bottom, allowing it to operate at various sites regardless of water depth. The vessel is also outfitted with cutting-edge features such as Dynamic Positioning 2 (DP2).  Furthermore, as a powered vessel capable of reaching speeds of up to 9 knots, PALOS offers an exceptionally stable and precise approach to laying submarine cables, significantly outperforming CLBs that depend on tugboats and lack the capability to effectively respond to weather variations and currents. “Today's launching ceremony marks South Korea's rise to one of the few countries globally equipped with a CLV, with only about 30 such vessels existing worldwide," said Song Jong-min, Vice Chairman of Taihan. "Palos will not only strengthen Taihan's construction competitiveness but also serve as a crucial strategic asset protecting Korea's offshore wind market from foreign competition" "We will construct additional submarine cable factories and secure larger cable-laying vessels in the future, aiming to emerge as a powerhouse in the global offshore wind industry" 

[Photo Caption]The inaugural ceremony of the first step of Taihan’s submarine cable plant 1Second from the left : Executive Director Kim Jun-seok of the Taihan Corporate Management Division, Executive Director Kim Min-seong of Hoban E&C, President Kim Dae-heon of the Hoban Group Planning Division, Chairman Kim Seon-kyu of Hoban Group, Vice Chairman Song Jong-min of Taihan, Union Leader Kang Jin-yeon, Executive Director Kim Hyun-joo of the Taihan Production R&D Division.  [Photo Caption] The executives attending the ceremony are inspecting the first step of submarine cable plant 1.   Taihan’s Submarine Cable Plant Goes Live, Aiming for Global Supply Leadership- First Step of Submarine Cable Plant 1 Completed in May- Hoban Group and Taihan Leadership Present at Plant Opening Ceremony- Vice Chairman Song Jong-min: “Equipped with Production and Installation Capabilities, We Will Dominate the Market as a Game Changer” Taihan Cable & Solution is positioning itself as a key global supplier in the offshore wind power industry, armed with a robust submarine cable production infrastructure. On the 4th of May, Taihan (CEO Song Jong-min), announced the completion of the first step of its submarine cable plant 1 in the Godae district of the Asan National Industrial Complex in Dangjin-si, Chungcheongnam-do. The grand opening of the plant was celebrated the day before, on the 3rd. The ceremony welcomed notable executives in attendance from both Hoban Group and Taihan, including Chairman Kim Seon-kyu of Hoban Group, Vice Chairman Song Jong-min of Taihan, President Kim Dae-heon of the Hoban Group Planning Division, Executive Director Kim Jun-seok of the Taihan Corporate Management Division, Executive Director Kim Hyun-joo of the Taihan Production R&D Division, Union Leader Kang Jin-yeon, and Executive Director Kim Min-seong of Hoban E&C, Ltd. The event featured a tour of the submarine cable production line, a ceremony to mark the commencement of operations at the plant, and several commemorative speeches. The submarine cable plant 1 of Taihan, occupying around 44,800 square meters behind Godae Pier at Pyeongtaek’s Dangjin Port, is being constructed in two phases. The first step, which focuses on producing inter array cables, was finalized and approved this May. After a series of tests and prototype productions, the plant is scheduled to begin full-scale operations starting with the production of inter array cables for the Yeonggwang Nakwol offshore wind power project. In December of last year, Taihan secured a significant contract worth around KRW 100 billion to supply inter array cables for the same project in Yeonggwang-gun, Jeollanam-do. During the inaugural ceremony, Vice Chairman Song Jong-min highlighted the strategic importance of the newly completed facilities, stating, “With the completion of the Step 1 facilities of our submarine cable plant 1, we now have the capacity to satisfy the rapidly increasing annual demand for submarine cables.” He also noted, “With the new acquisition of the CLV(Cable Laying Vessel), we are now further equipped with installation capabilities, positioning us to emerge as a game changer in the global submarine cable industry.” He further emphasized, “We will expedite the construction of the second step of the submarine cable plant 1 and submarine cable plant 2 to build a diverse product portfolio, and, based on this, we will explore and pursue global opportunities.” The second step of the submarine cable plant 1, which includes facilities for the production of export cables, is currently under construction with plans for completion by the first half of 2025. The second submarine cable plant will feature state-of-the-art vertical continuous vulcanization (VCV) facilities for the production of export cables and HVDC cables, and is currently undergoing the final stages of review for site selection.

​Submarine Cable Laying Vessel Charter Agreement SignedTaihan has signed a charter agreement for a submarine cable laying vessel with Haechun, a company specializing in the laying of submarine cables and construction of underwater structures. The charter period is set from July this year until October 2025, totaling 16 months, with the charter fee amounting to 51 billion won.In December last year, the company acquired a dedicated submarine cable laying vessel, aiming to expand its submarine cable installation capabilities and secure new sources of revenue.A representative from Taihan stated, "This charter agreement serves as an opportunity to demonstrate the competitiveness of our vessel and the potential for new business expansion. By enhancing our submarine cable products and production capabilities and expanding the operational capacity of our laying vessels, we aim to emerge as a total solution provider in the submarine cable sector."