Hyosung Heavy Industries

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.

Hyosung wins King Sejong Award 2022 from the Korean Intellectual Property Office

Hyosung’s Technology management has added another feather to its cap.The Group has become the world’s first business to develop an eco-friendly catalyst for polyester production, taking one step closer to the status of the top leader in the world’s eco-friendly textile market.Hyosung received the King Sejong Award, the top award among awards presented to businesses that have succeeded in the development of high-end technologies, at the Patent Technology Award ceremony held at L Tower, Gangnam-gu, Seoul on November 3 for the development of antimony-free catalyst, which is eco-friendly polyester catalyst, in 2020. The award was presented to Mr. Kim Cheon-gi, the leader of Hyosung R&DB Labs' Nylon Polyester Polymer Research Team that invented the technology.The Patent Technology Award is presented each year to the one who contributed remarkably to the development of new technologies as well as the relevant industry. The top award is the King Sejong Award, followed by the Chungmugong Award, Ji Seogyeong Award, Hong Daeyong Award, and Jeong Yagyong Award in consideration of the following factors: △ technological significance, △level of distinction/innovativeness, and △ realistic commercial value, etc. The antimony-free catalyst developed by Hyosung is an eco-friendly catalyst that will replace the existing antimony catalyst used in the production of polyester. Antimony is one of the eight leading toxic heavy metals, and domestic businesses have failed to commercialize one that can replace it despite attempts made for years.Antimony-free catalyst is a catalyst based on tin (Sn), which is not a toxic heavy metal. Hyosung has succeeded in completion of the technological development and production of large quantities of it in 2020, a mere three years after its commencement of the effort.The use of antimony-free catalyst as a catalyst can reduce the amount of catalyst used to one-tenth and reduce plastic waste occurring in polyester production by more than half. It can also improve the production process and enhance the quality of goods.Hyosung has set up a plan to use antimony-free catalyst in all polyester productions, and it is taking a step for trial production to cope with major customer businesses’ eco-friendly textile needs proactively and patent registration in the United States, China, Europe, and India. The Group also plans to expand the use of said catalyst in polyester-based products produced in major affiliates such as △ film, △ PET bottles, △ textiles used in vehicles, etc., including polyester tire cords where the Group enjoys the No.1 position in terms of market share (45%).“We’ll listen to VOCs worldwide, get a grasp of changes in customers’ requirements rapidly, and continue to concentrate on ESG management and innovation of eco-friendly technology,” Hyosung Chairman Cho Hyun-Joon said.Meanwhile, Mr. Kim Cheon-gi, the leader of Hyosung R&DB Labs' Nylon Polyester Polymer Research Team attended the celemony and received the King Sejong Award as the lead inventor.

Hyosung Social Work Volunteers resume activities for children with disabilities

Hyosung Social Work Volunteers engaged in the work of taking care of children with disabilities of a municipally run child care center named Janggunbong at a kids’ café in Bongcheon-dong, Seoul. Said volunteers resumed their activities after two years of absence due to COVID-19, taking care of children including toddlers and infants engaging in ball pool, magnet experiments, and climbing. The team of Hyosung’s volunteers started its activities in May 2013, lending support for children at the municipally run Janggunbong Child Care Center by paying a visit there at least once a month. They had to stop their activities in 2020 and 2021 due to COVID-19. Instead, they launched Theme Day, which included a program carried out monthly within the facility for children including igloo, bumper car, dinosaur play, etc. They strived to build affinity among the children, disabled and non-disabled alike. Meanwhile, on September 23, Hyosung held a fall trip wherein family members of children with disabilities spent time with those of employees. Hyosung also engages in activities of sharing with the disabled including providing support for the production of barrier-free films for the visually/hearing-impaired.

Hyosung Heavy Industries Forms MOU with Uljin-Gun for the Development of Nuclear Clean Hydrogen Sect

Hyosung, which has a major competitive edge over other domestic businesses, plans to build infrastructure for the production, storage, and transportation of liquid hydrogen in Gyeongbuk as it has already done in Ulsan and Jeonnam.On Sept. 27, Hyosung Heavy Industries and the Uljin-gun, Gyeongbuk municipality formed an MOU on a project to develop the nuclear clean hydrogen industry during a ceremony held at the Hyosung’s head office building in Mapo-gu, Seoul with Hyosung Heavy Industries VP Ahn Seong-hoon and Uljin-Gun head Son Byeong-bok, etc. in attendance.The two parties have agreed to cooperate to build the infrastructure geared to robust distribution and use of large-scale clean hydrogen produced through the electricity and heat generated in the process of nuclear power generation in Uljin. In line with the abovementioned, Hyosung Heavy Industries will forge ahead in the following domains in Uljin: △ Construction of liquefied hydrogen plants, △ provision of liquid hydrogen storage facilities and trailers /pipeline for transportation of liquid hydrogen, and △ construction and operation of liquid hydrogen re-filling stations. Uljin-Gun municipality has agreed to provide positive administrative support for the domains Hyosung Heavy Industries plans to pursue and devise a strategy for phased progression of the project. Hyosung Heavy Industries plans to take part in the project for building a national industrial complex for the production of clean hydrogen generated from nuclear power plants, which Uljin-Gun municipality plans to support and promote.The said MOU marks a major accomplishment for Hyosung Heavy Industries by helping it secure its prominence as a leader in the domestic hydrogen business with the expansion of the said program to Gyeongbuk, on the heels of the country’s first liquefied hydrogen facility being built by Hyosung Heavy Industries at its Yongyeon Plant in Ulsan and the green hydrogen production project linked with offshore wind power generation in Jeonnam. In regard to the matter, Hyosung Heavy Industries V.P. Ahn Seong-hoon remarked, “We are highly enthusiastic to assume a leading role in the project for the development of a facility that will produce a large-scale clean hydrogen being advanced by Uljin-Gun municipality. We are committed to charting the way forward in our efforts to invigorate the hydrogen industry based on our technological prowess in liquid hydrogen.”Hyosung Heavy Industries is building a facility that can produce 13,000 tons of liquefied hydrogen a year at its Yongyeon Plant. The project is scheduled to be completed by 2023, and it also plans to build large-sized liquid hydrogen refueling stations, besides those slated to be built in Ulsan, Gwangyang, Geoje, and Gyeongsan.

Hyosung employees take a fall season trip with the families of children with disabilities

Hyosung employees, together with those from the Purme Foundation, took a fall season trip to places in Gyeonggi-do, being accompanied by the families of young people with disabilities on a three-day schedule from Sept. 23. The said event is part of the programs for rehabilitation treatment of children/young people with disabilities provided jointly by Hyosung and the Purme Foundation. The event held in the fall of 2022 was participated by a total of 51 people among ten families of Hyosung employees and nine families of children/ young people with disabilities. The group (each team consisting of the family of an employee and the family of a person with disabilities) had a good time for two nights & three days. On day 1 (Sept. 23), they saw the sight of a bamboo forest and the place where the popular drama Autumn in my heart was shot on Namiseom Island in Gapyeong. They also had a recreation time to encourage dialogues and communication between participants. On day 2, they paid a visit to a village in Yangpyeong and had a hands-on experience with making sundubu (soft tofu) and injeolmi, and catching trout in the stream. On Day 3, they took part in the event of making tomato gochujang (red pepper paste) and feeding animals, and strolled around inside the Yulbom Botanical Garden in Gwangju.Commenting on the trip, the mother of a disabled child said, “Due to my child’s disability status, we always found it not easy to take a trip with the whole family. This time, we could have a good time and experience a lot of things this time thanks to the well-arranged daily schedule. My child said that he would like to take another trip like this.” A Hyosung employee who took the trip said, “We could teach our kid how to get along with fellow friends with disabilities. We talked to each other a lot and did many activities that will be cherished as a fond memory.”Hyosung, together with the Purme Foundation, has provided support funds for medical rehabilitation of children with disabilities since 2013, along with the support for mental health care and education for siblings of children with disabilities, who are prone to feel alienated due to the need and efforts to take care of their disabled siblings. Last July, the Group arranged for a trip for 15 able-bodied siblings of children with disabilities.

CVC Hyosung Ventures Now Officially Launched

Hyosung Ventures, which is Hyosung’s first Corporate Venture Capital (CVC), has officially launched and is established with Hyosung Corporation’s investment of KRW 10 billion in paid-in capital. On Sept. 23, the Company said that it has completed the process of getting it registered as a new technology project financial business.Hyosung Ventures plans to enable the Group’s source technologies for core materials to gain traction independently without relying on imported technologies through investments in startups specializing in materials, parts, and equipment, which can maximize the Group’s core businesses and synergistic effects. The Company also plans to make bold attempts at new business areas like ICT and data aligned with the era of digital exchange (DX) to contribute to establishing an ecosystem, growing in partnership with the businesses that it invests in, while exploring and developing businesses with new technologies in a variety of fields.Hyosung Chairman Cho Hyun-joon has highlighted the importance of agile management amid the rapid-paced traction of DX, commenting that, “We should embrace and leverage data-centered new technologies and trends rapidly, flexibly, and efficiently.”The mantle of Hyosung Ventures’ first president has been assumed by Mr. Kim Cheol-ho, who was a former vice president at Hyosung Corporation’s Strategy Division. He has accumulated relevant experience with an accomplished career in investment banking, etc. at Iljin Investment Partners, STIC Investments, Deutsch Bank, etc.Hyosung Ventures will engage in consultations with relevant departments and affiliates concerning the raising of paid-in capital with a fast turnaround time.

Hyosung Employees Clean Graveyards in Seoul National Cemetery during Armed Forces Day

On Sept. 20, Hyosung employees paid homage to those laid to rest and enshrined at the Seoul National Cemetery in Dongjak-gu, cleaned the tomb sites, and placed flowers there. The said activities were carried out in connection with the 74th Armed Forces Day (Oct. 1). The employees tallied over 20 people from major affiliates of the Hyosung Group, such as Hyosung Corporation, Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, Hyosung Chemical, etc. Hyosung has formed a partnership with the cemetery site and has been participating in such activities twice a year since 2014. Hyosung has provided support for a program geared to provide an improved residential environment to war veterans since 2012 through social contribution activities, as well as provide daily necessities to the elderly of national merit through the Nambu Branch of the Ministry of Patriots and Veterans Affairs (MPVA) since 2017.