An energy storage system installed and managed by Hyosung Heavy Industries in South Africa / Courtesy of Hyosung Heavy Industries

Hyosung Heavy Industries was put once again on the Energy Storage Tier-1 list, which includes the world's best energy storage system (ESS) suppliers recognized by renewable energy market research firm Bloomberg New Energy Finance (BNEF), the Korean company said Monday.

BNEF publishes its Energy Storage Tier-1 report every quarter to rank battery and system suppliers equipped with outstanding operating capacities in the global ESS market.

Hyosung Heavy has been ranked as a tier-1 supplier for two consecutive quarters.

The company explained that its consecutive inclusion on the list shows its capabilities in the global ESS market, which has been dominated by Chinese suppliers.

"Being ranked as a tier-1 supplier on the BNEF Energy Storage Tier-1 list means a lot to us, as it confirms our global business performance and reputation in the global renewable energy market," Hyosung Heavy CEO Woo Tae-hee said. "We will continue endeavoring to become a global total electric power solution supplier, not only in ESS, but also in power grid solutions including power transformers, switchgear, STATCOM, DC transmission and other areas."

In 250 regions around the world, Hyosung Heavy has installed and managed ESS with a combined storage capacity of 2.7 gigawatt-hours.

Since it entered the ESS industry in the late 2000s, the company has provided its systems to power plants and factories nationwide, ranging from Incheon to South Gyeongsang Province and South Jeolla Province. In 2018, it became the leading ESS supplier in Korea in terms of market share.

In particular, its expertise in design and operation of substations besides heavy electric machinery allowed the company to be recognized as a total provider of ESS solutions, including substations.

After supplying a 68 megawatt/292 megawatt-hour ESS to South Africa last year, Hyosung Heavy has also participated in ESS projects in the U.S. and the U.K. It also plans to provide optimal solutions to its global customers, based on its capabilities in engineering, procurement and construction (EPC) and in operation and maintenance (O&M).