News and Updates on Hyundai Heavy Industries Group
HHI Power Systems Wins USD 100M Order for Industrial Boilers
Hyundai Heavy Industries (HHI) Power Systems won its first order for large-scale industrial boilers since it was spun off from HHI into a separate company last year.
HHI Power Systems announced that it signed a contract worth USD 100 million with a European consortium to manufacture three circulating fluidized bed combustion (CFBC) boilers to be supplied to Thai Oil Public Company Limited, the nation’s largest refinery and supplier of petroleum products, for its refinery modernization project.
Each of the three CFBC boilers will be capable of producing 330 tons of steam per hour by burning pitch, a residue from advanced refining facilities, and the steam produced will be used to operate turbines to generate power for the Thai refinery’s facilities. HHI Power Systems plans to deliver the boilers by the end of 2020.
What sets a CFBC boiler apart from ordinary boilers is that it ensures complete combustion of fuel by continuously circulating the fuel for long hours and thereby helps to reduce environmental pollution with less amounts of nitrogen oxides (NOx) and sulfur dioxides (SOx) produced, a system that also gives economical advantages to the plant owners.
This latest win adds to an array of orders for boilers running on different types of fuel that HHI Power Systems has secured so far, which include petcoke-fired CFBC boilers and low-calorie lignite-fired CFBC boilers, helping the manufacturer advance further into both domestic and overseas markets.
“This new win demonstrates that our excellence in technology and quality was recognized by our client, who chose us over other prominent manufacturers worldwide. Going forward, our plan is to create new profit models by focusing on newly emerging areas of environmentally-friendly business, such as biomass-fired CFBC boilers and petcoke-fired power plants,” said an official of HHI Power Systems.
As a total solution provider, the manufacturer offers a complete, turnkey solution for industrial boilers and peripheral equipment installed in thermal power plants and oil refineries, catering to the needs of different clients by making the most of its own production plant in Yantai, China, and personnel specializing in installation and test running.
Having reached already 60% of its annual order target (USD 350 million) for the year to date, HHI Power Systems ambitiously plans on boosting sales by 50% each year to post KRW 1 trillion in 2023.