South Koreans partner up to develop crucial materials used in power cables

South Korea-headquartered Taihan Cable & Solution and energy services company Hanwha Solutions have partnered up to work on the development of crucial materials used in high-voltage direct current (HVDC) and submarine cables, as well as extra-high-voltage (EHV) cables.

The South Korean companies signed a memorandum of understanding (MoU) on June 26 for the joint advancement of the Global TOP Project, with the aim of the deal being to form a strategic partnership geared towards future growth engines.

The partners have committed to working together on product development, commercialization, acquiring certifications, and expanding their market reach.

Taihan and Hanwha will focus on the development and certification of crucial materials, including cross-linked polyethylene (XLPE) insulation used in HVDC and submarine cables, as well as EHV cables.

The goal is to localize the production of materials and achieve technological independence, thus enhancing the competitive advantage of Taihan’s cable products, the company said.

Furthermore, the companies plan to bolster their cooperation in the eco-friendly energy sector and, through strategic alliances in the offshore wind power and solar energy sectors, to foster tight-knit business and information exchanges while exploring new opportunities.

“By forging a strategic partnership with Hanwha Solutions, a leader in the global energy and petrochemical sectors, we anticipate significant improvements in our competitive edge across all business domains,” said Song Jong-min, Vice Chairman of Taihan.

“In response to the rapidly evolving global market, we aim to elevate national competitiveness and enhance corporate value by leveraging the exceptional technological strengths of both companies, expanding our collaborative efforts to encompass the entire group.”

Taihan announced in December 2023 that it had acquired what is said to be Korea’s only cable-laying vessel (CLV) for the offshore wind market. The CLV, bought for approximately $38.4 million, is equipped with self-propulsion and a DP2 system and can load up to 4,400 tons of underwater cables at once.

This April, the South Korean company revealed plans to set up a specialized test facility for HVDC cables as a response to the growing global demand. The first phase of its submarine cable plant was recently opened.

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