Taihan Cable lands $36 mn US infrastructure deal ahead of LA Olympics

South Korea’s oldest electric wire maker Taihan Cable & Solution Co., formerly known as Taihan Electric Wire Co. until under IMM PE’s ownership, has landed a 42 billion won ($36 million) infrastructure deal from a California-based power company.  

Taihan Cable said on Sept. 8 that the new project will build 275kV-class extra-high voltage power grids underground to meet the demand hike expected prior to and during the 2028 LA Olympics.

Taihan Cable’s year-to-date US sales has reached 190 billion won ($162 million) with the new deal. Starting from April, the company has won more than 10 new projects in the US in different states including California, Florida and New York.

Analysts note that the range of its product portfolio sold in the US market has also expanded from extra-high voltage cables between 69kV-class and 276kV-class to medium and low-voltage power lines as well as overhead lines.

According to data from the Korea International Trade Association (KITA), Taihan Cable accounted for 85% of the volume of extra-high voltage cables that South Korea exported to the US in 2020. Analysts note that the demand for power infrastructure in the US is on the constant rise due to the replacement of old power grids and the expansion of renewable energies.

“We are strengthening our presence in the US with aggressive marketing activities and tailored technical support to our clients. We will further raise our profile in America with our strong network and business development expertise,” said a Taihan Cable official.

Write to Shin-young Park at nyusos@hankyung.com
Daniel Cho edited this article.