Singapore and Seoul, South Korea, 19 January 2021 – ST Telemedia Global Data Centres (STT GDC), a leading data centre service provider headquartered in Singapore, today announced a strategic partnership with Hyosung Heavy Industries (KRX:298040), a leading high voltage electrical equipment manufacturing and construction company in Korea, on a 60:40 basis to jointly develop and operate their first carrier-neutral data centre campus in, South Korea.
“South Korea ranks among the world’s most digitally competitive economies and we are delighted to be partnering Hyosung Heavy Industries as we expand into South Korea, growing our presence in Asia to five markets. Hyosung Heavy Industries has strong local capabilities in power, industrial systems and construction technology. Leveraging our global track record in designing, constructing and operating state-of-the-art, carrier-neutral data centres, we are well poised to support the increasing demands from our customers and businesses in the country and region, brought about by the rising adoption and consumption of cloud and digital services globally,” said Bruno Lopez, Group CEO, ST Telemedia Global Data Centres.
“Hyosung Heavy Industries has been focused and reputed for decades in providing power, industrial systems and construction technology in various residential, commercial and industrial facilities. We have observed the data centre industry in South Korea to be fast-growing on the back of increasing demand for digital solutions and services. With our long-standing expertise and leveraging STT GDC's operational Data Centre excellence, we are excited to extend our capabilities and venture into building green data centres to support the surging demands of IT infrastructure sustainably,” said Takeshi Yokota, Representative Director of Hyosung Heavy Industries.
“The world's first commercial 5G network was launched in South Korea in 2019. With faster data speeds, it enables businesses and consumers alike to enjoy the benefits of consistent ultra-low latency and high quality real-time digital content and services such as the Internet of Things (IoT), artificial intelligence and virtual reality. It is an opportune time for us to expand our offerings and delve into the data centre business based on our collective industrial capabilities with STT GDC, who is recognised as a leading data centre provider in Asia, to build the infrastructure needed for the thriving digital economy,” said Hyun-Joon Cho, Chairman, Hyosung Group.
South Korea leads the world in ICT adoption1 and 5G network rollout, and tops Asian countries with an Internet penetration rate of 96% as of January 2020, while its number of mobile connections was equivalent to 118% of its population2. The country’s public cloud market is expected to double in size over five years from US$1.5 billion (2018) to US$3.1 billion (2023), enjoying a compound annual growth rate of 15% with digital native businesses, and media and gaming companies driving spend in South Korea’s public cloud market3.
The JV is in the final stages of securing a land site in Greater Seoul, South Korea. Once finalised, the new data centres will be built to the highest quality standards and will be one of the few carrier-neutral, high-capacity facilities in South Korea capable of serving both hyperscale and retail colocation customer requirements.
This partnership marks the continuing expansion of STT GDC’s data centre footprint globally particularly in Asia, with strong bases in China, India and Southeast Asia markets.
About ST Telemedia Global Data Centres
ST Telemedia Global Data Centres is a fast-growing data centre provider headquartered in Singapore, a wholly-owned subsidiary of ST Telemedia under Temasek Holdings. With a global platform of data centres in the world’s major business markets of over 110 facilities across Singapore, China, India, Thailand and the UK, STT GDC offers a full suite of best-in-class, highly scalable and flexible data centre solutions, connectivity and support services that best meet customers’ current and future colocation needs. For more details, please visit sttelemediagdc.com.
About Hyosung Heavy Industries
Hyosung Heavy Industries is a leading manufacturing company in South Korea deemed highly valuable in the field of heavy electrical equipment such as transformers, switchgears, electric motors and gensets. It also operates in the construction industry for both residential and industrial purpose. Based on its high product reliability obtained more than 50 years, it exports to many corners of the world, including North America, Middle East, and Europe. Now focusing on the core technology for the future energy grid such as Energy Storage Systems (ESS), STATCOM, and Smart Grid, Hyosung Heavy Industries is determined to lead the era of low-carbon green life.
For more details, please visit hyosungheavyindustries.com/en/main.do
About Hyosung Corporation
Hyosung Corporation is the holding company of Hyosung group, a South Korean industrial conglomerate headquartered in Seoul, with a total of 80 business arms operating across the globe. Since its establishment in 1966, Hyosung has successfully expanded its business areas to heavy industry, trade, construction, and IT focusing on the textile and chemical sectors, and various products such as tire cord, spandex, seat belt yarn, and airbag fabric have gained global recognition with the world's largest market share. Nowadays, Hyosung is undergoing its digital transformation through its IT subsidiaries Hyosung ITX which operates in the cloud, smart factory, and data center industry. For more details, please visit hyosung.com/en/index.do
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1World Economic Forum, The Global Competitiveness Report 2019, page 33
2We Are Social and Hootsuite, 18 Feb 2020, Digital 2020: South Korea
3Boston Consulting Group, Economic Impact of Public Cloud in Asia Pacific: South Korea’s Market Report