CS Wind

What CS Wind does

CS Wind Corporation (KOSPI: 112610) is a South Korean manufacturer of tubular steel wind power towers and offshore wind substructures, self-described as the world's No. 1 wind tower producer. Founded in 2003 and listed on KOSPI in November 2014, the company operates seven production facilities across Vietnam, Malaysia, China, Taiwan, Turkey, Portugal, and the United States, with corporate headquarters in Seoul (Gangnam-gu). Its product portfolio spans onshore towers, offshore towers up to 10 meters in diameter, transition pieces, monopiles up to 80.5m long, jackets, offshore substations, and pitch bearings via subsidiary CS Bearing. Revenue is generated through direct B2B sales to tier-1 wind turbine OEMs (Vestas, Siemens Gamesa) and offshore wind project developers (Vattenfall, Pattern Energy, CIP) under long-term, quote-based supply agreements; pricing is not publicly disclosed and revenue is recognized upon delivery of components.

The company's commercial pipeline is anchored by a €2.8 billion (KRW ~3.8 trillion) offshore wind tower supply contract with Siemens Gamesa signed in 2022, the full tower supply contract for Vestas on the SunZia project (~242 towers / 1 GW), and transition piece supply for Vattenfall's Nordlicht I offshore wind project (68 monopile foundations, Germany). Sales are conducted through direct enterprise relationships with key account management; major contracts are negotiated individually with OEM customers and tied to multi-year project schedules.

Recent corporate strategy has centered on three pillars: (1) vertical integration into offshore substructures via the December 2023 acquisition of Bladt Industries A/S for KRW 26.9 billion; (2) European market entry through ASM Industries (Portugal), acquired in two tranches in 2021–2022; and (3) aggressive capacity buildout, including a US$80 million Vietnam expansion (Phu My, completed March 2024, ~360,000 tons annual capacity) and a Portugal expansion at the Port of Aveiro (completed May 2024, ~140,000 tons annual capacity, workforce tripling to 1,100). The U.S. onshore footprint was established via the June 2021 acquisition of Vestas' Pueblo, Colorado plant — the world's largest wind tower facility (~3.3 million sqm, ~1,000 workers). In 2025, reported revenue was KRW 2,931,649 million and operating income KRW 320,323 million, up sharply from 2023 on the back of these moves.

Name

CS Wind

Legal name

CS WIND Corporation

Website

https://cswind.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

CS Wind Corporation (KOSPI: 112610) is the world's largest manufacturer of wind power towers and offshore wind substructures, supplying Vestas, Siemens Gamesa, and project developers from seven factories across Asia, Europe, and the United States.

Ownership category

akta.pro rank

Product category

Wind Tower Manufacturing

akta.pro primary industry

Wind Blades, Towers & Foundations Manufacturing (EUAMAHAE)

akta.pro secondary industry

Offshore Wind Substructures & Marine Engineering (Monopiles, Jackets, Floating) (EUAMACAE)

Keywords

• Wind tower manufacturing
• Offshore wind substructures
• Tubular steel towers
• Wind energy components
• Monopile foundations

Headquarters

HQ city

Cheonan

HQ country

South Korea

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Wind Tower Sales: Manufacture and sale of tubular steel wind towers for onshore and offshore wind turbines. Towers sold directly to wind turbine OEMs (Vestas, Siemens Gamesa) and project developers. Revenue recognition upon delivery of towers to customers.
2. Offshore Wind Substructure Sales: Production and sale of offshore wind substructures including transition pieces, monopiles, jackets, and offshore substations following December 2023 acquisition of Bladt Industries. Expanded from tower-only to full turbine foundation solutions.
3. Wind Turbine Components (CS Bearing): Subsidiary CS Bearing produces pitch bearings and other components for wind turbines. Revenue from component sales to turbine manufacturers.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

CS Wind is the world's No. 1 wind tower manufacturing company, producing tubular steel wind power towers for onshore and offshore wind turbines, as well as a full range of offshore wind substructures including transition pieces, monopiles, jackets, and offshore substations. The company supplies major wind turbine OEMs such as Vestas and Siemens Gamesa through manufacturing facilities across Asia, Europe, and North America.

Product overview

CS Wind is the world's No. 1 wind tower manufacturing company offering a comprehensive portfolio of wind power infrastructure products. The product portfolio includes onshore and offshore wind power towers, offshore wind substructures (transition pieces, monopiles, jackets, offshore substations), and related wind turbine components through subsidiaries like CS Bearing (pitch bearings) and CS Energy (renewable energy development). The company operates global manufacturing facilities in Vietnam, Portugal, USA, Malaysia, China, Taiwan, Turkey, and the UK, supplying major wind turbine manufacturers including Vestas and Siemens Gamesa. Following the acquisition of Bladt Industries, CS Wind expanded from tower manufacturing into complete offshore wind substructure production.

Differentiator

Problem solved

Functional benefit

Brands

• CS BEARING: BEST QUALITY SLEWING BEARING FOR WIND TURBINE - specializing in pitch bearings for wind turbines
• CS ENERGY

Products and services

• Onshore Wind Power Towers Tubular steel wind towers designed for onshore wind farm installations, manufactured at global production facilities and supplied to wind turbine OEMs. CS Wind is recognized as the world's No. 1 onshore wind tower manufacturer.
• Offshore Wind Power Towers Large-diameter steel towers up to 10 meters in diameter for offshore wind turbines, designed for harsh marine environments with enhanced corrosion protection and structural capacity to support next-generation high-capacity offshore wind turbines.
• Transition Pieces Steel components connecting monopile foundations to wind turbine towers in offshore wind installations. Produced at CS Wind facilities including the Aalborg, Denmark location for projects such as Vattenfall's Nordlicht I.
• Monopiles Large steel tube foundations up to 80.5 meters long and over 1,290 tonnes, driven into the seabed to support offshore wind turbines. Part of the offshore wind substructure portfolio following the December 2023 acquisition of Bladt Industries.
• Offshore Substations Offshore electrical substations (OSS) that collect and transmit power from offshore wind farms to the mainland grid, produced following the Bladt Industries acquisition.
• Jackets Jacket foundation structures for offshore wind turbines, particularly suited for deeper water locations, produced as part of the Bladt Industries portfolio.
• CS Bearing Slewing Bearings Pitch bearings for wind turbines manufactured by subsidiary CS Bearing, supporting turbine blade adjustment mechanisms and supplied to wind turbine manufacturers.

Quantifiable outcome

• Annual production capacity of 360,000 tons (Vietnam), 140,000 tons (Portugal offshore), and major USA facility
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature4 records

Partnerships

Five partnerships are on record, tiered core, flagship and strategic.

• Bladt Industries (Acquisition)coreStrategic or Co-development Partner · 10 July 2023CS Wind acquired 100% stake in Bladt Holdings A/S for 26.9 billion won in December 2023. Bladt is a Danish offshore wind power infrastructure company established in 1965 that produces all substructures including monopile, jacket, transition piece, and offshore substation (OSS). This acquisition expanded CS Wind's business from tower manufacturing to complete offshore wind substructures.
• Vestas (Joint Venture)flagshipStrategic or Co-development Partner · 8 March 2022CS Wind and Vestas established a joint venture for the Korean wind power generation market. Through this JV, the companies will establish domestic production facilities for wind towers, blades, and turbine assembly. Vestas has operated in Korea for 20 years with 25 wind farms (600 MW). This extends the existing supply relationship into a deeper partnership for Korean market development.
• ASM Industries (Acquisition)coreStrategic or Co-development Partner · 27 July 2021CS Wind acquired ASM Industries (A.Silva Matos Group Industries), a European manufacturer of wind towers and offshore tower substructures based in Portugal. Initially acquired 60% stake (July 2021) for 63 billion won, subsequently acquired remaining 40% stake (February 2022) for full ownership. ASM Industries has onshore tower production and offshore tower/substructure production subsidiaries.
• Korea South-East Power Co.strategicStrategic or Co-development Partner · 7 June 2021CS Wind signed MOU with Vestas and Korea South-East Power Co. for offshore wind energy industry cooperation in Korea. The three companies agreed to cooperate to establish an international eco-friendly energy supply chain and contribute to Korea's 12 GW offshore wind power generation goal.
• Copenhagen Infrastructure Partners (CIP) and SOTstrategicStrategic or Co-development Partner · 13 November 2020CS Wind, CIP (Copenhagen Infrastructure Partners), and SOT signed an MOU for the development of floating offshore wind power generation. This partnership focuses on the emerging floating offshore wind market segment.

Scale indicators12 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Sif Group: Dutch manufacturer of monopile foundations for offshore wind farms. Direct peer to CS Wind's offshore substructure business (Bladt/EEW-style monopile production) serving the same European offshore wind developer customers.
• Dajin Heavy Industry: Chinese manufacturer of offshore wind tower foundations (monopiles, jackets, floating foundations) and large steel structures. Closest large-scale Asian peer to CS Wind's combined tower + offshore foundation offering.
• TPI Composites: US-based manufacturer of wind turbine blades with global production facilities. Adjacent wind component manufacturer serving the same tier-1 OEM customers (Vestas, Siemens Gamesa) under similar B2B contract structures.
• Shanghai Taisheng Wind Power Equipment: Chinese wind tower manufacturer and one of CS Wind's main Asian competitors in onshore wind tower production. Comparable in product (tubular steel wind towers), customer base (global OEMs), and competitive dynamic.
• LM Wind Power (GE Renewable Energy): World's largest wind blade manufacturer, part of GE Renewable Energy. Comparable wind component manufacturer with global multi-continent production serving the same wind OEM customers as CS Wind.
• Smulders: Belgian manufacturer of offshore wind foundations (jackets, transition pieces, substations). Direct peer in offshore wind substructures with comparable customer base among European offshore wind developers.
• EEW SPC (EEW Special Pipe Constructions): German manufacturer of large-diameter welded steel pipes and monopiles for offshore wind. Direct peer producing monopile foundations for projects like Nordlicht that compete head-to-head with CS Wind/Bladt.

Broad incumbents

• Siemens Gamesa (Siemens Energy): Major offshore wind turbine OEM and CS Wind's €2.8B contract counterparty. Overlaps with CS Wind in the offshore wind value chain and sets pricing/spec standards for tower and substructure supply.
• Mingyang Smart Energy: Chinese wind turbine OEM with growing offshore wind business and vertically integrated wind equipment manufacturing. Competes with CS Wind in Asian wind tower supply and increasingly in offshore wind structures.
• Vestas Wind Systems: World's largest wind turbine OEM and CS Wind's largest customer. While not a direct tower competitor, Vestas is the dominant counterparty and the strategic anchor of CS Wind's US business and SunZia contract.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cs-wind-corp
• Instagraminstagram.com/cswind_corp?igsh=MmVlMjlkMTBhMg%3D%3D&utm_source=qr

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries7 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 CS Wind