Hyosung HICO

What Hyosung HICO does

Hyosung HICO, Ltd. is a U.S.-based manufacturer of high-voltage power equipment and a wholly-owned subsidiary of South Korea's Hyosung Heavy Industries, headquartered in Memphis, Tennessee. The company operates a state-of-the-art ISO-9001-certified manufacturing facility producing large power transformers rated from 69kV to 765kV with capacity up to 2,250 MVA, and is the only U.S. producer of 765kV transformers. Its product portfolio also includes energy storage systems (ESS), Flexible AC Transmission Systems (FACTS), STATCOM with Modular Multilevel Converter technology, HVDC solutions, gas-insulated switchgear (HV/MV GIS including eco-friendly DAIS variants), dead tank breakers, and HCSP/HCBH/HCBP series gas circuit breakers. The company serves electric utilities, power infrastructure developers, and industrial customers across North America, with a stated focus on grid modernization and the rising power demand from data centers and electrification.

The business model is enterprise B2B hardware sales of custom-engineered, large capital equipment, with quote-based, multi-year project pricing tied to voltage class, MVA capacity, and configuration. Go-to-market is executed through HICO America, the company's sales and marketing arm established in 2001 with regional representatives, and is supplemented by direct relationships with utilities and a new joint venture with Quanta Services (Hyosung HICO Breaker, LLC) for circuit breaker manufacturing in Canonsburg, Pennsylvania beginning July 2026. Revenue is complemented by professional field services for transformers and breakers, including inspections, troubleshooting, and preventative maintenance regardless of original manufacturer. Since 2019, the company has attracted over $300 million in capital investment from its parent, including a $157 million expansion announced in November 2025 that will add 240 jobs and increase manufacturing capacity by 50%, and a separate $50.8 million expansion in May 2025 creating 123 jobs.

Name

Hyosung HICO

Legal name

Hyosung HICO, Ltd.

Website

https://hyosunghico.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Hyosung HICO is a U.S. subsidiary of South Korea's Hyosung Heavy Industries that manufactures high-voltage power transformers (69kV–765kV, up to 2,250 MVA), gas-insulated switchgear, FACTS/HVDC, and circuit breakers from its Memphis facility, serving North American utilities and power infrastructure developers.

Ownership category

akta.pro rank

Product category

Power Transformer Manufacturing

NAICS

Power, Distribution, and Specialty Transformer Manufacturing (335311)

SIC

Power, Distribution & Specialty Transformers (3612), Switchgear & Switchboard Apparatus (3613)

akta.pro primary industry

Transformers (Power, Distribution, Instrument, Specialty) (IMAGAAAA)

akta.pro secondary industries

Reactive Power & Power Quality Equipment (Capacitor Banks, Reactors, STATCOM/SVC, Harmonic Filters) (IMAGAAAG), HVDC Transmission Systems & Converter Stations (EUADAAAE), Grid-Scale Power Conversion & Interconnection (PCS, Grid-Tie Inverters, Converter Stations) (IMAGAAAI)

Keywords

• Power transformer manufacturing
• High voltage equipment
• Gas insulated switchgear
• Grid infrastructure solutions
• Circuit breaker production

Headquarters

HQ city

Memphis

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Power Transformer Sales: Sale of high-voltage power transformers ranging from 69kV to 765kV for utility and industrial customers across North America. These are large capital equipment purchases with long sales cycles, custom specifications, and installation/professional services bundled.
2. High-Voltage Circuit Breaker Sales: Manufacturing and sale of high-voltage and extra-high-voltage circuit breakers rated up to 800kV through the Hyosung HICO Breaker, LLC joint venture with Quanta Services. Products supplied directly to utility, industrial, and technology customers in the US, as well as to Quanta Services to support their infrastructure projects.
3. Gas-Insulated Switchgear Sales: Sale of High Voltage and Medium Voltage GIS systems including dead tank breakers for substations and grid applications.
4. FACTS and DC Solutions: Flexible AC Transmission Systems and HVDC solutions for grid stability and power transmission applications.
5. Transformer Field Services: Field service solutions including inspections, troubleshooting, routine and preventative maintenance on transformers and shunt reactors, regardless of original manufacturer. Professional services provided by trained technicians.
6. Breaker Services: Technical assistance and service support for gas circuit breakers, with representatives available regardless of scope.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Hyosung HICO manufactures high-voltage power transformers (69kV to 765kV, up to 2250 MVA capacity) at its Memphis, Tennessee facility, serving as the only U.S. producer of 765kV transformers. The company also provides energy storage systems, FACTS/STATCOM/HVDC grid stability solutions, gas-insulated switchgear, and high-voltage circuit breakers (including through a joint venture with Quanta Services for products up to 800kV). All products are sold to North American electric utilities, industrial customers, and power infrastructure companies, with lifecycle field services and maintenance support.

Product overview

Hyosung HICO is a U.S.-based manufacturer of high-voltage power equipment and a subsidiary of Hyosung Heavy Industries. The company operates a state-of-the-art manufacturing facility in Memphis, Tennessee, producing large power transformers (69kV to 765kV, up to 2250 MVA capacity) and is the only U.S. producer of 765kV transformers. The product portfolio centers on power transmission and distribution equipment including: Power Transformers (core product), Energy Storage Systems (ESS), FACTS solutions with STATCOM and HVDC components, Gas-Insulated Switchgear (GIS) in high and medium voltage variants including eco-friendly DAIS systems, Dead Tank Breakers, and Gas Circuit Breakers in HCSP, HCBH, and HCBP series. In June 2026, the company launched Hyosung HICO Breaker, LLC — a joint venture with Quanta Services — to manufacture high-voltage circuit breakers up to 800 kV at a facility in Canonsburg, Pennsylvania. Solutions are brought to market through HICO America, established in 2001 as the company's sales and marketing arm. The company also provides field service solutions for transformers and circuit breakers.

Differentiator

Problem solved

Functional benefit

Brands

• HICO America: Sales and marketing arm established in 2001 for Hyosung HICO's power solutions portfolio including circuit breakers, power transformers, gas-insulated switchgear, FACTS and DC solutions.

Products and services

• Power Transformers High-voltage power transformers ranging from 69kV to 765kV with maximum capacity up to 2250 MVA, designed for grid modernization and utility applications across North America. Hyosung HICO is the only U.S. producer of 765kV transformers. Transformers feature deenergize or on-load tap changers and can be smart grid-enabled with online condition monitoring.
• Energy Storage Systems (ESS) Complete energy storage systems for sustainable power management and grid stability applications, serving utility and industrial customers.
• FACTS (Flexible AC Transmission Systems) Advanced Flexible AC Transmission Systems (FACTS) solutions for enhancing grid stability and power flow control, including STATCOM and HVDC subsystems.
• STATCOM (Static Synchronous Compensator) Static Synchronous Compensator using Modular Multilevel Converter (MMC) technology, providing optimal power quality, power factor correction, and voltage instability solutions for grid applications.
• HVDC (High Voltage Direct Current) High Voltage Direct Current solutions for efficient long-distance power transmission and grid interconnection applications.
• Gas-Insulated Switchgear (GIS) Gas-insulated switchgear systems that maximize space efficiency and minimize environmental impact, including High Voltage GIS, Medium Voltage GIS (with Eco-Friendly DAIS systems), and Dead Tank Breakers for utility and industrial power distribution applications.
• Gas Circuit Breakers (HCSP, HCBH, HCBP Series) High-voltage gas circuit breakers across multiple product series: HCSP series (72kV, 145kV, 245kV), HCBH series (245kV), and HCBP series (362kV), with various current ratings up to 80kA for high-voltage power transmission and distribution protection.
• Hyosung HICO Breaker, LLC (Joint Venture) Joint venture with Quanta Services (NYSE: PWR) for manufacturing high-voltage and extra-high-voltage circuit breakers up to 800 kV at the Canonsburg, Pennsylvania facility, supplying utility, industrial, and technology customers across North America.
• Transformer Services Field service solutions including inspections, troubleshooting, routine and preventative maintenance on transformers and shunt reactors, regardless of original manufacturer. Professional services provided by trained technicians.
• Breaker Services Technical assistance and service support for circuit breakers, with representatives available regardless of scope of work needed.

Quantifiable outcome

• 50% increase in manufacturing capacity through $157M expansion
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

Eight partnerships are on record, tiered core and supporting.

• Quanta Services (NYSE: PWR)coreStrategic or Co-development Partner · 1 June 2026Joint venture Hyosung HICO Breaker, LLC formed in June 2026 to manufacture high-voltage circuit breakers up to 800kV at Quanta's Canonsburg, Pennsylvania facility. Operations begin July 1, 2026. Combines Hyosung HICO's proven breaker technology and manufacturing expertise with Quanta's position as North America's largest power infrastructure solutions provider. Directly connects to Quanta's core transmission and substation work, strengthening domestic supply chain for grid modernization.
• Tennessee Department of Economic and Community Development (TNECD)coreOthers · 1 November 2025State agency supporting Hyosung HICO's $157M expansion and 240 new jobs at Memphis headquarters. Commissioner Stuart C. McWhorter participated in announcement. Agency works to strengthen Tennessee's competitive landscape and economic prosperity for all Tennesseans.
• Greater Memphis ChambersupportingOthers · 1 November 2025Hyosung HICO is a member of the Greater Memphis Chamber, specifically the Chairman's Circle since 2022, demonstrating commitment to the local business community and economic development.
• Tennessee Valley Authority (TVA)supportingStrategic or Co-development Partner · 1 November 2025TVA partnered with TNECD, Greater Memphis Chamber, and Memphis Shelby County EDGE to support companies like Hyosung HICO that create quality jobs and investment. TVA provides economic development support for the region.
• Memphis Shelby County EDGEsupportingStrategic or Co-development Partner · 1 November 2025Economic development agency partnering with state and local entities to support Hyosung HICO's Memphis expansion. CEO Dr. Joann Massey celebrated the announcement as building a future powered by innovation, collaboration, and shared prosperity.
• Memphis Light, Gas and Water (MLGW)supportingStrategic or Co-development Partner · 1 November 2025Local utility partnering with TVA, TNECD, and Greater Memphis Chamber to support companies creating quality jobs and investment in the Memphis/Shelby County region.
• Hyosung Heavy IndustriescoreOthers · 1 November 2025Hyosung HICO is a subsidiary of South Korean Hyosung Heavy Industries, a global leader in heavy electrical equipment. Parent company specializes in advanced power transformers, shunt reactors, high and medium-voltage gas-insulated substations, FACTS and DC solutions, and Smart Grid technologies. Over $7.2 billion in investment has come from South Korea to Tennessee since 2019.
• HICO AmericacoreChannel Partner/ Reseller/ Distributor · 1 January 2001HICO America serves as Hyosung HICO's sales and marketing arm established in 2001, serving as the commercial home for the company's full power-solutions portfolio including circuit breakers, power transformers, gas-insulated switchgear, FACTS and DC solutions. North America Sales operations.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Schneider Electric: Schneider Electric offers a broad portfolio of medium-voltage switchgear, distribution transformers, and grid software aimed at utilities and industrial customers. It overlaps with Hyosung HICO in grid-side applications but at lower voltage classes and as part of a much wider electrical equipment business.
• Eaton: Eaton is a broad incumbent in electrical power management producing medium-voltage switchgear, transformers, and grid components as part of a much larger diversified portfolio. It serves the same U.S. utility customers as Hyosung HICO but does not specialize in the ultra-high-voltage transformer niche.
• Hubbell: Hubbell is a diversified electrical products manufacturer serving utility, industrial, and construction markets including substation connectors, switchgear components, and transformer accessories. It is a broad incumbent in the same utility supply ecosystem rather than a direct transformer competitor.

Direct peers

• GE Vernova (Prolec): GE Vernova, through its Prolec GE joint venture, is a top-tier manufacturer of power and distribution transformers in North America including large EHV units. It competes head-to-head with Hyosung HICO for U.S. utility transformer orders and represents the most established domestic alternative.
• Siemens Energy: Siemens Energy manufactures large power transformers, gas-insulated switchgear, HVDC systems, and grid-stability equipment globally and serves U.S. utilities through its transformers facility in Carolina. It is one of the closest direct competitors to Hyosung HICO's transformer and grid product portfolio.
• Hitachi Energy: Hitachi Energy (formerly ABB) is the global market leader in power transformers, switchgear, FACTS/HVDC, and grid integration. It directly competes with Hyosung HICO across nearly every product line including transformers up to 1100kV, GIS, STATCOM, and HVDC converter stations, and is the dominant incumbent Hyosung HICO must displace in U.S. utility accounts.
• Powell Industries: Powell Industries designs and manufactures custom-engineered metal-enclosed switchgear, control houses, and high-voltage circuit breakers for utilities and process industries. It is a direct competitor in the U.S. switchgear and breaker space that Hyosung HICO's new Quanta JV is entering.
• Mitsubishi Electric Power Products: Mitsubishi Electric Power Products manufactures large power transformers, gas-insulated switchgear, and HVDC/STATCOM systems through its U.S. operations. It is a direct peer serving investor-owned and public power utilities across the same voltage classes as Hyosung HICO.
• ERMCO (Electric Research & Manufacturing Cooperative): ERMCO is a U.S. manufacturer of distribution and small power transformers serving investor-owned utilities, co-ops, and industrial customers. While focused on lower voltage classes than Hyosung HICO's 765kV units, it competes for adjacent transformer spend in U.S. utility procurement.

Regional players

• WEG Transformers: WEG manufactures power and distribution transformers (including large EHV units) primarily from Brazil with growing U.S. presence. It serves similar utility customers as Hyosung HICO across the Americas but is not yet a major U.S.-domestic high-volume transformer manufacturer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hyosung-hico-ltd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hyosung HICO