Various stories of activities brought to you by Hyosung Heavy Industries
□ Ceremony held at Yongyeon, Ulsan, for the “Declaration of the Vision of Hydrogen Business and Breaking Ground for Liquid Hydrogen Plant'Hyosung Heavy Industries Co., the leader in the domestic hydrogen charging system market, and Linde, a global gas and chemical company, held a ceremony for declaring a hydrogen business vision and breaking ground for a liquid hydrogen plant at Hyosung Chemical’s plant in Yongyeon, Ulsan, on June.The event was attended by Hyosung Chairman Cho Hyun-joon, Linde Korea Chairman Sung Baek-seok, Ulsan Mayor Song Chul-ho, Vice Minister of Trade, Industry and Energy Park Jin-kyu, and Hyosung Vice Chairman Cho Hyun-sang and Lee Sang-woon.In the ceremony, Hyosung and Linde declared their vision of “building a carbon neutral Korea with hydrogen application technology.” Three tasks have been set to attain the vision – expansion of R&D to ensure stability, reliability and economic feasibility of hydrogen production and charging facilities, development of technology to extract blue and green hydrogen that do not emit CO2 and localization of facilities, and establishment of infrastructure for building the base for carbon neutral hydrogen business and development of technology to reduce CO2.□ Chairman Cho Hyun-joon: "Hydrogen is the base for the energy revolution, and Hyosung will lead the paradigm shift.”Chairman Cho said, "Hydrogen energy is the base of the energy revolution that will change the future of mankind, and Hyosung will lead the paradigm shift to hydrogen energy by continuing to make investment.” “I’m filled with fresh emotions as we open 100-year Hyosung’s new chapter here in Ulsan where the company’s history started," he said. Sung Baek-seok, chairman of Linde Korea, said, "Hydrogen is a driving force for the transition to a low-carbon economy." "Linde and Hyosung will combine their capabilities and technologies and build the all-important hydrogen infrastructure safely," Sung said.□ Hyosung Heavy Industries to invest 1 trillion won over the next 5 yearsLinde Hydrogen Energy Co., Ltd., a joint production venture of Hyosung and Linde, will build a 13,000-ton liquid hydrogen plant at Hyosung Chemical's Yongyeon plant. It will begin operation in May 2023.In addition, Hyosung Heavy Industries will invest 1 trillion won over the next five years to increase its liquid hydrogen production capacity to 39,000 tons.Hyosung Hydrogen Co., Ltd., the joint venture for sales, will establish liquid hydrogen charging infrastructure in time for the completion of the liquid hydrogen plant. It will start with the construction of the nation's first liquid hydrogen charging station in Ulsan, and build large liquid hydrogen charging stations in about 30 locations nationwide in line with the government policy to supply large commercial hydrogen vehicles.□ Development of technology for blue and green hydrogen and CO2 reduction to contribute to dropping domestic carbon emissions by 10 percentThrough technological cooperation with Linde, Hyosung will seek to localize the liquid hydrogen charging technology and facilities based on Linde's Cryo Pump Technology by 2024.Hyosung will also make R&D investment to develop technology to extract blue and green hydrogen that do not emit carbon dioxide by 2025, and establish green hydrogen production line using renewable energy such as wind and solar power.Besides production of green hydrogen, the two companies agreed to develop and demonstrate CO2 reduction technology as they set the goal of contributing to the plan to reduce domestic CO2 emissions by 10 percent by developing various application technologies including the carbon capture and utilization (CCU) technology. □ Hyosung, Linde, Ulsan sign MOU on construction of large liquid hydrogen charging stationsHyosung and Linde signed a memorandum of understanding (MOU) with Ulsan City to cooperate in building large commercial liquid hydrogen charging stations. Hyosung built the nation’s first hydrogen charging station at Hyundai Motor's Namyang R&D Center in Hwaseong, Gyeonggi Province, in 2008, and it has so far built hydrogen charging system in 18 locations nationwide, including the National Assembly and the Sejong Government Complex.Hyosung is also stepping up its efforts to vitalize hydrogen mobility economy as seen by the plan of Hyosung Advanced Materials to invest 1 trillion won by 2028 to increase production of carbon fiber, which is used as a key material for fuel tanks in hydrogen cars, to 24,000 tons per year.Linde, a global leader in hydrogen production, processing, storage and distribution, has the world's largest liquid hydrogen production capacity and transportation system. It also operates the world's first high-purity hydrogen underground storage and provides stable supply to customers using pipelines which stretch to 1,000 kilometers. Linde, which is spearheading the transition to clean hydrogen, has set up nearly 200 hydrogen fuel stations and 80 hydrogen electrolysis plants worldwide. It is also providing the latest electrolysis technology through its joint venture ITM Linde Electrolysis GmbH.
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Hyosung turned over 20 million won in support funds for the production of barrier-free films at the 11th Seoul Barrier-Free Film Festival opening ceremony.Celebrating the 5th year of sponsorship by Hyosung this year, the project reproduces movies to enable the visual- or hearing-impaired to enjoy them without restrictions. With the sponsorship of Hyosung, nine barrier-free versions of steady-selling films, including Billy Elliot and Late Night Restaurant 2, have been produced so far. Moreover, as part of social contribution activities, Hyosung′s employees directly participated in dubbing the movie Dream Builder. They are changing the perception of barrier-free films by also donating their talents for the recording of audio intros for the movies Dream Builder and Moving on.″I have been reading a lot of books to my four-year-old child instead of going out due to the COVID-19 pandemic and accepted the opportunity for dubbing. I am so happy to be able to understand barrier-free movies better,″ said a Hyosung employee who participated in the dubbing of Dream Builder. Hyosung is carrying out various sponsorship activities to create a society where people with disabilities can enjoy culture and art without restrictions. It has sponsored the Jamsil Creative Studio of the Seoul Foundation for Arts and Culture to support the production and exhibition of 12 artists with disabilities and sponsored the Onnuri Sarang Chamber Orchestra to help in the music activities of students with developmental disabilities.
Hyosung announced on November 4 that it had donated 30 million won to the Mapo-gu Social Welfare Council to support low-income families in Mapo-gu, Seoul.Hyosung has been supporting the vulnerable groups in the Mapo region through the Mapo-gu Social Welfare Council since 2013. The funds are used for emergency fiscal support, such as living expenses, medical expenses, and housing costs.The delivery ceremony held at the Mapo Welfare Center was attended by Representative Noh Woong-rae (Mapo-gu Gap District), Mapo-gu Social Welfare Council President Kim Dae-yeol, Choi Young-beom, and Hyosung Communication Director (Vice President) Choi Young-beom.Hyosung is also carrying out sharing activities with its neighbors in local communities near its domestic business sites, such as Mapo-gu, Seoul. In May, the company awarded scholarships to middle and high school students from vulnerable families in Mapo-gu through the Mapo Human Development and Growth Foundation. Moreover, it has been sponsoring the Warm Winter fundraising event for low-income families in Mapo-gu since 2010, and it has continued activities such as delivering Rice of Love and Kimchi.
Hyosung Heavy Industries announced on October 7 that its STATCOM laboratory in Changwon Plant has recently obtained accreditation from the Korea Laboratory Accreditation Scheme (KOLAS) as an international test agency for the first time in Korea.KOLAS, which is affiliated with the Korean Agency for Technology and Standards under the Ministry of Trade, Industry and Energy, officially accredits testing capabilities in each specific field by evaluating testing agencies′ environment, quality system, and technical capabilities in accordance with international standards (IEC 62927).The KOLAS accreditation certificate has the same effect as the certificate issued by testing agencies in 104 countries, including the United States, China, and Japan, which have signed mutual accreditation agreements under the International Laboratory Accreditation Cooperation (ILAC).STACOM is a static reactive power compensation device that improves the stability of the power system and the quality of electricity by maintaining a constant voltage through the supply and absorption of reactive power on the power transmission line. It is particularly effective in generating power with new and renewable energy which is vulnerable to changes of weather conditions, including wind and solar power.Hyosung Heavy Industries, which is leading the domestic market based on its outstanding technology, has provided STACOM to the Korea Electric Power Corporation′s New Chungju Substation and New Yeongju Substations. It is the largest such equipment in the world ever supplied to a single facility. It is meaningful that obtaining the KOLAS accreditation proved Hyosung′s global quality and evaluation technology. Hyosung Heavy Industries has been focusing on the global STACOM market, and now it is expected to accelerate its efforts to target uncharted overseas markets such as Saudi Arabia, UAE, and Southeast Asia, where demand for STACOM has been surging recently due to the increase in renewable power generation.Meanwhile, Hyosung Heavy Industries obtained KOLAS accreditation for its 800kV ultra-high transformer and circuit breaker laboratory in April.
Hyosung Group donated on 14th the daily necessities of love to patriots and veterans on Hangawi, the Korean Thanksgiving Day. Hyosung contributed 200 sets of tuna cans and hams for the veterans and patriots′ families to the Seoul Southern Regional Office of the Ministry of Veterans and Patriots Affairs. The sharing of the daily necessities of love on this occasion is delivered to the meritorious persons registered in the Seoul Southern Regional Office and the recipients of domiciliary care service. Hyosung launched the sharing of Hyosung′s donation of the daily necessities of love in 2015 and has delivered the donation to the vulnerable social group and the veterans and patriots four times a year. A Hyosung official said, ″in celebration of the Chuseok, the national holiday, we are hosting an event of the ′sharing of the daily necessities of love′ to express our feelings of gratitude to the veterans and patriots who dedicated their lives and sacrificed themselves to serve their country″. Meanwhile, last June, Hyosung sponsored the washing cafe and delivered KRW 10 million in solatium and 20 dehumidifiers to Gwanggaeto, which is the army unit in the sisterhood relationship with Hyosung, for the welfare of the officers and men of the armed forces.
Hyosung Group Chairman Cho Hyun-joon sets out to take over the U.S. market, the largest global market in preparation for the post-coronavirus era in earnest. Hyosung said on 13th Chairman Cho recently made successive visits to the ultra-high voltage transformer plant of Hyosung Heavy Industries in Memphis, Tennessee and the US corporation of Hyosung TNS in Dallas, Texas.The visits on this occasion were made as part of management by wandering around for the flagship businesses′ invasion of the U.S. market. Such move is made by the strategic judgment that it is imperative to gain recognition of technology and quality in the U.S., the key market, and penetrate the U.S. market ahead of the competitors in an attempt to solidify the world′s no. 1 position in the global market in the wake of the COVID-19 pandemic and gain a momentum to expand the new markets. The Biden administration has recently unveiled its plan to invest about 1.2 trillion dollars for the improvement of infrastructure such as electrical grids and new renewable energy, etc. A rapid growth is expected around the high-tech industrial fields such as SOC project, energy and automobile. In response, Chairman Cho emphasized, ″the U.S. is the core of the global market which is rapidly changing in the post-coronavirus era″, and ″it is imperative to increase the dominant power in the U.S. market based on the meticulous localization strategies and customer-oriented preemptive action″. □ Chairman Cho, Discussing Mutual Cooperative Plan with the Tennessee Senator Bill Hagerty Early September, Chairman Cho made a visit to the ultra-high voltage transformer plant in Memphis, Tennessee, which is the first U.S. production base in the heavy industry field and checked the trends and prospect of the U.S. market, and the future strategies, etc. Chairman Cho also met with Tennessee Senator Bill Hagerty to ask for the support and cooperation in performing businesses in the U.S., toured the production site in Memphis together Senator Bill Hagerty worked as an entrepreneur for a long time and mobilized investments in Tennessee from global companies while working in the department of the development of economy and local community of Tennessee′s state government during the period from 2011 to 2014. He served as an ambassador to Japan during the Trump administration and works as the Tennessee Senator starting from January this year. On this occasion, Chairman Cho expressed his appreciation for the support of the Tennessee State and said, ″I will make efforts to nurture the experts of heavy industry technology in the local community, and strengthen the partnership with electrical power companies, thereby contributing to the achievement of a win-win situation with the local communities in Tennessee and the improvement of the infrastructure in the U.S. electrical power market″.Senator Bill Hagerty responded that he will spare no efforts for the diversified and full support to grow the Memphis plant and expand the business at the federal government level. Chairman Cho proposed the business cooperation with the Tennessee Electric Power Board to Senator Hagerty and they discussed the plan to operate the industry-academia liaison program with major universities in Tennessee State to nurture technical manpower in the heavy electrical field. Chairman Cho also said he will provide support for the establishment of the part supply system using local companies. The Memphis plant is pushing for the extension of installations by the end of the year to increase production. Upon completion of the extension, the Memphis plant will have the production capacity of 60 ultra-high voltage transformers a year. It is the two-fold increase compared with an initial goal and at least 100 million dollars is expected in sales next year. Hyosung plans to utilize the Memphis plant as a bona fide foothold for the U.S. market in the heavy industry field. In addition, Hyosung will respond to the future demand for the replacement of electricity infrastructure in the U.S. and start in earnest to make inroads into the new renewable energy markets such as Energy Storage System (ESS) and STATCOM (Static Synchronous Compensator). □ Making a Visit to the ATM Showroom of Hyosung TNS and Demanding Innovation Along with Digital Banking Chairman Cho made a visit to Nautilus Hyosung America (NHA), which is the U.S. corporation of Hyosung TNS in Dallas, Texas on 10th (local time). He inspected the NHA showroom and products and sought for the plans to target the markets such as the future marketing strategies. After entering the U.S. market in the mid 2000′s, Hyosung TNS has occupied the market share of 73% in the small ATM market with a focus on the customer-oriented marketing, taking the first place in sales. ATM products are supplied in large numbers to major banks, capitalizing on the differentiated functions such as recycler. Chairman Cho met with financial and IT experts in the U.S. to discuss the rapidly changing market trends. Meanwhile he demanded the U.S. corporation of Hyosung TNS should set out on the rigorous innovation and technological development to survive in the market, while keeping abreast with the U.S. financial and settlement trends going digital at an accelerating speed. Hyosung TNS plans to strengthen the cooperation with the U.S. financial institutions to embark on the development of software and platform such as kiosk for cryptocurrency transactions. □ Focus Efforts on Automotive Parts and Materials to Embrace the Era of Electric Cars and Hydrogen Powered Cars Meanwhile, Hyosung reinforces its efforts to target the U.S. automobile market which has clearly entered the upward trend in the post-COVID-19 era. The US major automakers declared that they will expand the share of electric cars up to 50% until 2030 and the markets for automotive parts and materials are expected to grow rapidly.Hyosung focuses its efforts on the development and expansion of supply of tire cord for electric cars and hydrogen powered cars, while planning to spur the development of advanced materials such as aramid to be used in tire cord for electric cars, and automotive materials such as carpets, etc. ※ Reference: Trends of Hyosung′s U.S. Businesses- After initially entering the U.S. market in the 1980′s, Hyosung has so far invested about 3 billion dollars and currently runs 6 corporations including three manufacturing corporations and three sales corporations. Last year, about 1.2 billion dollars was recorded in sales and at least 1.6 billion dollars in sales is expected this year. About 1,400 employees are hired. - Manufacturing corporations include the ultra-high voltage transformer plant in Memphis, Tennessee, the tire cord plant in Decatur, Alabama, and the airbag fiber plant in South Hill, Virginia, while the sales corporations sell the fiber products, tire cord, carbon fiber, ATM products, etc.
Hyosung participated in the ″Hydrogen Mobility+ Show,″ the largest hydrogen industry exhibition in Korea, at KINTEX in Goyang, Gyeonggi Province, from August 8 to 11.Hyosung′s exhibition presented the image of the future liquefied hydrogen era with 3D images and exhibition models focusing on liquefied hydrogen plants and charging stations and featuring the entire process of production, distribution and utilization of hydrogen. Hyosung also emphasized its omnidirectional hydrogen value chain by displaying hydrogen vehicle fuel tanks made of carbon fibers and models of wind power generators, which supplies new and renewable energy that is a key component for producing green hydrogen.Hyosung Vice Chairman Cho Hyun-sang attended the inaugural general meeting of the ″Korea H2 Business Summit,″ in which the CEOs of 15 domestic companies participated. Vice Chairman Cho said in the meeting, "Hyosung covers the whole hydrogen ecosystem including production, supply, storage, and utilization of hydrogen.″ "We will expand R&D investment in future energy materials and parts such as batteries, fuel cells, and mobility bodies," he added. After attending the meeting, Vice Chairman Cho visited the Hyosung Booth and other exhibitions to get in touch with the latest trends of the hydrogen industry. He also met with domestic and foreign hydrogen experts and executives and stressed that they should work together to revitalize the hydrogen economy with technological development and early occupation of the market.Meanwhile, Hyosung announced last June that it and Linde Group will build a 13,000-ton liquefied hydrogen plant at Yongyeon plant in Ulsan by 2023 under the vision of "Building a carbon-neutral Korea on hydrogen technology." It had also announced plans to develop blue hydrogen by using CCUS (Carbon Capture, Utilization and Storage) technology and green hydrogen utilizing eco-friendly energy such as wind and solar power.