Hyosung Group has signed contracts in India and Panama to export its energy solution called STATCOM.

The static synchronous compensator (STATCOM) is a cutting-edge energy solution with improved voltage stability and space saving.

The company will supply 100 Mvar STATCOM to India and 240 Mbar to Panama, in deals worth a total $30 million.

Hyosung is the only local energy company that has succeeded in commercializing the technology, having tested its stability with state-run power company KEPCO.

“The product uses a modular multi-level converter developed under the Ministry of Trade, Industry and Energy as a national research project,” a Hyosung official said.

“Compared with conventional STATCOM, it can save apace more than ten times.”

Only three companies in the world, including Hyosung, have commercialized this kind of STATCOM.

“The energy solution has high added value and is Hyosung’s one pillar of future growth, together with its energy storage system and ultra high voltage equipment,” said Hyosung President Cho Hyun-joon.

“We will strengthen our competitiveness continuously to become a global top total energy solution company.”

Globally, STATCOM is a $1 billion market, which is expanding with increasing demand for efficient power systems.