TECO Electric & Machinery : ABB and TECO Sign Letter of Intent for Pushing Offshore Wind Power Substations
October 21, 2022 at 01:50 am EDT
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ABB and TECO Sign Letter of Intent for Pushing Offshore Wind Power Substations
2022/10/21
Image / TECO
ABB, internationally renowned engineering multinational, and TECO Electric & Machinery, announced today signing of letter of intent for jointly tapping the Taiwanese market for offshore wind-power substations, taking advantage of the former's experience on the global market and the latter's expertise in onshore substations developed over the past three years. Both parties will form a highly competitive team, developing highly credible, complete solutions for offshore substation-related equipment and engineering, to foster the indigenous offshore wind-power industry.<_o3a_p>
Anders Maltesen, senior vice president of Asian region, ABB energy industry division, remarks that "The joint venture will contribute significantly to the generation and transmission of offshore wind power and thus the goal of net zero-emission energy. The partnership will support our aspiration to become a leader for green-energy transformation, offering the market offshore substation solution with excellent design and engineering quality. We are confident to play a key role in Taiwan's sustainable-energy market." In the joint venture, ABB will contribute its expertise in the design and supply of electricity, monitoring and data collection, automation, and telecommunications equipment, as well as the installation, operation, and maintenance of such equipment.<_o3a_p>
Chang Sung-pin, president of TECO's smart energy business group, points out that having built up a track record of 2 GW turnkey onshore substations for offshore wind power since 2019, with 35% market share, TECO will extend its reach to offshore substations, on top of such original products as GIS switchgear, spare generators, and pre-fitting electric-equipment room (E-House), offering a stable, safe, and reliable renewable-energy power system. TECO notes that the collaborative E-House solution will be applied to IDCs, optimizing their power consumption efficiency via energy storage and energy management systems. <_o3a_p>
As an engineering multinational with cutting-edge technology, ABB (ABBN:SIX SWISS EX) has been dedicated to social and industrial transformation, in order to attain high productivity and sustainability. Taking advantage of its software technology and product lineup of electric devices, industrial robots, automation, and motion control, ABB has been continuously boosting its performance via extension of its technology boundary. With over 130-year history, ABB boasts a global workforce of 105,000 in over 100 countries. For information, please accessWWW.ABB.COM.
<_o3a_p>Backed by the joint venture, TECO will foray into the local offshore substation market for offshore wind power, with a scale estimated at NT$10 billion, the first among local heavy electric equipment firms. The collaboration with ABB in offshore substations and E-House manifests its aspiration and resolve to develop indigenous offshore wind-power industry.
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Teco Electric & Machinery Co. Ltd. published this content on 21 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2022 05:49:07 UTC.
TECO Electric Machinery Co Ltd is a Taiwan-based company mainly engaged in the manufacture and sale of heavy electricity equipment and electronic control products. The Company operates through two business segments. The Heavy Electrical Equipment segment is engaged in the manufacture and sale of various motors, reducers, inverters and generators. The Home Appliances segment is engaged in the manufacture, installation and sale of various televisions and other video appliances, as well as air conditioners, refrigerators, washing machines and small household appliances. The Company is also engaged in the provision of power engineering services and power equipment, as well as electric vehicle products, fire pumps and other products. The Company operates within the domestic market and to overseas markets, including the Americas, Europe, Australia, Japan, Singapore, Indonesia and mainland China.
TECO ELECTRIC & MACHINERY CO., LTD. 
