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Chairman Cho Hyun-joon Pledges to Invest KRW 1 trillion in Green Hydrogen in Jeollanam-do

 Following the chairman Cho Hyun-joon′s decision to develop the Honam region into the business group′s outpost for future business, Hyosung has started to construct a large-scale advanced materials production plant in Jeollabuk-do and pledged to build core infrastructure for the green energy industry in Jeollanam-do. □ Chairman Cho Hyun-joon: ″We will create a green energy mecca by mobilizing all our business capabilities.″On January 24th, Chairman Cho signed an MOU with Jeollanam-do to ′foster the green hydrogen industry′ in the province.Under the agreement, Chairman Cho will take the lead in creating jobs for about 300,000 people and producing 200,000 tons of green hydrogen through offshore wind power generation in and around Sinan-gun in collaboration with Jeollanam-do. The signing ceremony was attended by Hyosung Chairman Cho Hyun-joon and Vice Chairman Lee Sang-woon and Jeollanam-do Governor Kim Yung-rok and Kim Shin-nam, director of the Bureau of Economy and Energy of the province. Chairman Cho said, "We will mobilize all of our group′s technology and expertise that we have accumulated over the years in the fields of hydrogen business, heavy electric equipment, and new and renewable energy in order to help create an offshore wind power generation complex in Jeollanam-do successfully. We will contribute to making Jeonnam a mecca for the green energy industry in Korea.″Governor Kim Yung-rok said, ″I highly appreciate Hyosung′s strong commitment to the hydrogen industry,″ noting, ″We will work together to realize the vision of Jeollanam-do to become a green hydrogen mecca based on its large-scale offshore wind power generation while empowering Hyosung to become a global top-tier company in the hydrogen life cycle at the same time.″ □ ″To produce 200,000 tons of green hydrogen using renewable energy such as wind power″Hyosung is planning to invest a total of KRW 1 trillion in the production of green hydrogen using renewable energy in the mid- to long-term based on a water electrolysis method that produces clean green hydrogen by electrolyzing water with electricity generated from wind power off the coast of Jeollanam-do.To this end, Hyosung will kick off a project to build a 10MW-class water electrolysis facility, the largest in Korea, in 2022. The company is planning to expand its production of green hydrogen to a maximum of 200,000 tons per year.Hyosung is aiming to supply its green hydrogen to major industrial complexes in the Seoul Metropolitan Area, Ulsan, Changwon, and Busan, with some of the clean energy exported to a few foreign countries including Japan.To facilitate the storage and utilization of green hydrogen, Hyosung has decided to build two liquid hydrogen plants with an annual capacity of 10,000 tons and install liquid hydrogen charging stations in nine major areas across Jeollanam-do. The company is also planning to promote the complete vertical integration of the green hydrogen industry by conducting the shipping of liquid hydrogen on its own. In addition, Hyosung is preparing to promote the production and utilization of blue hydrogen by applying the CCUS (Carbon Capture Utilization and Storage) technology to by-product hydrogen generated from industrial complexes in Jeollanam-do.It is estimated that Hyosung will be able to create about 110,000 jobs by 2031 from its full-force production of green hydrogen in Jeollanam-do, serving as a catalyst for economic revitalization in the entire Honam region which includes Jeollabuk-do. □ Jeollanam-do to build wind power generation facilities equivalent to 25 nuclear power plantsHyosung has decided to actively participate in renewable energy projects such as wind power to generate electricity for green hydrogen production facilities.With President Moon Jae-in in attendance, Jeollanam-do announced last February that it would build the world′s largest 8.2GW offshore wind farm in Sinan by 2030 in addition to a 5GW offshore wind power generation complex that will be built in eastern Jeollanam-do centered on Yeosu, making the province a leader in the country′s transition to decarbonization and green energy.For the creation of offshore wind power complexes in Sinan and Yeosu, .Jeollanam-do is promoting the construction of wind power assembly plants, docks and ports as well as transmission and distribution infrastructure, expecting to create about 200,000 jobs by 2030 in the process alone. The total scale of offshore wind farms in Jeollanam-do is 25GW, with the wind farms to be built along a 300-kilometer coastline from Yeonggwang to Yeosu via Sinan being equivalent to 25 nuclear power plants in terms of power generation capacity.Jeollanam-do plans to build separate industrial complexes devoted to the nurturing of upstream and downstream offshore wind power industries in the Mokpo Daeyang Industrial Complex, Yeongam Daebul Industrial Complex, and Sinan Aphae Industrial Complex. The province is also planning to develop a hinterland complex over the land of about 520,000m2 in Mokpo New Port which will serve as a hydrogen industrial cluster that can meet all the needs of its offshore wind power generation. □ Hyosung to build an offshore wind power assembly plantIn line with Jeollanam-do′s offshore wind power generation plan, Hyosung will kick off the construction of an offshore wind power assembly plant in Jeollanam-do by 2023. Hyosung Heavy Industries is getting ready to establish a joint venture with the third largest company in the global offshore wind turbine market in 2022 while promoting to acquire KS certification for its 10MW class offshore wind turbine to be produced in Korea.It also actively participates in various power grid construction projects required for offshore wind power generation. For the power grid construction project worth around KRW 19 trillion won, Hyosung expects to supply HVDC (high-voltage direct current) systems tailored to increase the transmission efficiency of new and renewable energy as well as various transmission and distribution power equipment such as ultra-high voltage transformers and circuit breakers Hyosung also anticipates that it will be in a position to supply a large volume of STATCOM (Static Synchronous Compensator) and ESS (Energy Storage System) required to supply and store electricity generated by offshore wind farms and solar farms in a stable manner. □ To invest KRW 1 trillion in Jeollabuk-do to build a production base for advanced materials such as carbon fibersIn 2019, Chairman Cho announced a plan to invest a total of KRW 1 trillion to build the world′s largest carbon fiber plant with an annual capacity of 24,000 tons in Jeonju, Jeollabuk-do by 2028. Hyosung succeeded in developing carbon fibers with its own technology for the first time in Korea and has produced carbon fibers in Jeonju since 2013. Through the production facility expansion of the plant made twice, Hyosung will be equipped with the annual carbon fiber production capacity of 6,500 tons by July this year. As carbon fiber is ten times stronger than iron but weighs only a quarter, it is called the rice of the future industry. Recently, it is used as an essential material for hydrogen fuel tanks, drawing attention as a high-tech material that will accelerate the transition to a hydrogen economy.

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