Taihan Cable & Solution, which was acquired by Hoban Group last year, is continuing its best performance ever since its entry into North America based on its stable financial structure and technological prowess.
Taihan Cable & Solution announced on Nov. 16 that T.E.USA, a U.S. subsidiary, won additional orders worth about 24 million dollars, and achieved annual cumulative orders of 300 million dollars in North America. This is the highest order achievement in history since entering the US in the early 2000s, and it has already exceeded last year's annual order amount ($240 million).
The project is a 230kV ultra-high voltage underground power line project that is linked to a large-scale solar power plant to be built in the eastern desert of California.
In March, Taihan Cable & Solution won an order to connect a large offshore wind farm on the eastern coast with the power system. Including these two projects, Taihan Cable & Solution won a new and renewable energy infrastructure project worth about $80 million this year alone.
Taihan Cable & Solution expects that these achievements will play a positive role in the continued expansion of orders in the US. This is because, with the implementation of the Inflation Reduction Act (IRA) and carbon-neutral policy, renewable energy generation is in full swing, and the power grid construction project that can stably connect electricity from new power sources to users is expanding.
Taihan Cable & Solution is expanding new and renewable energy infrastructure-related businesses based on the performance of various power grid businesses such as ultra-high voltage, medium and low voltage, and overhead cables, which have shown a competitive advantage in the United States, while also increasing the number of orders for new and renewable energy products such as submarine cables and solar cables.
An official from Taihan Cable & Solution said, “With the implementation of the Inflation Reduction Act and the expansion of new and renewable energy generation, electricity grid bidding continues across the United States” He continued, “As securing stability is important for the power grid infrastructure business, we plan to continuously expand orders based on trust with customers and solid performance.”
And he added, “Through the construction of a new subsea cable plant and product development, we will speed up our entry into the new and renewable energy market, such as the US offshore wind power, which is continuously expanding.”
The Inflation Reduction Act, which came into effect in August 2022 to alleviate the sharp rise in inflation, aims to reduce greenhouse gas emissions by 40% by 2030.