Various stories of activities brought to you by Hyosung Heavy Industries
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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CEOs of the Hyosung Group announced on April 28 their commitment to ESG management at the 19th CEOs Ethical Management Oath Ceremony held at Finland Tower in Seodaemun-gu, Seoul, hosted by the BEST ESG Forum. At said ceremony, the CEOs of five affiliates—Hyosung Corporation as the holding company, Hyosung TNC, Hyosung Advanced Materials, Hyosung Heavy Industries, and Hyosung Chemical—renewed their resolve to do their best to place priority on the following: ▲putting carbon neutrality into practice; ▲working together for the realization of social values; ▲ working together to spread the ESG culture throughout the industries; and ▲building a better society and a better environment for the future generation. ″Ethical management is not a matter of choice, and we all should set it as the basis of corporate management. I′ll lead others in the realization of SDGs through ESG management,″ Hyosung CEO & Vice Chair Kim Kyoo-young vowed. The Hyosung Group has consistently run programs for the voluntary observance of the rule of fair transactions as part of ethical management. Top managers have renewed their commitment to ethical management at every available opportunity including Ethical Management Oath of the CEOs, declaration of their willingness for voluntary observance of the rule of fair transactions, BIS summit anti-corruption oath, etc. The group has also come up with the code of ethics and guidelines for putting it into practice and held educational sessions for employees concerning ethical management and fair transactions. The BEST ESG Forum run by the Institute of Industrial Policy Studies (IPS) is a private forum launched in March 2003 to foster an ethical corporate culture in industries and spread ethical management. It holds said oath ceremony every year in an effort to have ESG management established as a solid culture. The accumulated number of those who have attended the ceremony comes to about 1,120 from 420 businesses. This year alone, 140-plus business people and those from social/academic organizations attended the ceremony.
Hyosung strives to help the disabled get back their beautiful smile through the dental service on wheels. On April 27, Hyosung donated KRW 20 million to a program designed to provide support for dental service on wheels for the disabled by paying a visit to Nexon Children′s Rehabilitation Hospital run by the Purme Foundation in Sangam-dong, Mapo-gu, Seoul. The donated fund is to be spent for dental service and oral health education on wheels. This year, Hyosung and the Purme Foundation will work together to provide said service for the 310-plus disabled at welfare facilities. Hyosung started to provide dental service on wheels such as this to the disabled in 2017. Hyosung engages in a variety of social contribution activities designed to help the disabled with rehabilitation. They include support for operation of barrier-free cinemas for the disabled and provision of support fund for Onnuri Sarang Chamber Orchestra, etc.
Hyosung donated KRW150 million for programs designed to help disabled children in their medical rehabilitation and provide support for their families run by the Purme Foundation on April 6. Hyosung′s relationship with Purme Foundation dates back to 2013, ten years ago. Hyosung′s donation is spent on a variety of rehabilitation treatments for disabled youths, education/psychological treatment of their non-disabled siblings, trips with families of Hyosung employees, concerts held with their families invited, etc. The donation provided by Hyosung this year will be spent on the rehabilitation treatment of 20 disabled youths and education/psychological treatment of their 25 non-disabled siblings, etc. Twenty families of the youths receiving support from the Purme Foundation will also be invited to accompany the families of Hyosung employees on family trips. By making such donation, Hyosung expects the following good results: restoration of mind and body of disabled youths; psychological stabilization of their non-disabled siblings; and expansion of opportunities for self-development. ″We will continue to provide support so there will be no gaps in the treatment of disabled youths and their families due to the prolonged COVID-19 situation,″ Hyosung Chairman Cho Hyun-joon said, commenting on the matter. Other things that Hyosung has done in connection with what is stated in the foregoing include the provision of support for the operation of barrier-free cinemas for the disabled and provision of support fund for replacing instruments of Onnuri Sarang Chamber Orchestra, etc.
Galaxia Metaverse (CEO Ko Kwang-rim), which specializes in block chain, said on March 25 that it will issue NFTs (Non-Fungible Tokens) related to officetel slated to be sold and carry out an airdrop event jointly with Hyosung Heavy Industry (CEO Yang Dong-gi). Galaxia Metaverse plans to provide a special customer service through NFT airdrop concerning the sale of the officetel to be built by Hyosung Heavy Industry in Cheongdam-dong and Seocho-dong, Seoul. Hyosung Heavy Industry has played a leading role in trends of residential culture through differentiated customer services. So far, NFTs issued for buildings and other real estates have been in the form of virtual buildings and real estates in metaverse only. The NFT airdrop of The APOGEE Cheongdam and The Opera Seocho Harrington Tower built by Hyosung Heavy Industry is recognized as the first case of issuance of NFTs concerning real officetels in the country. Said arrangement is expected to live up to expectations for the earlier completion of sale of the officetels and enhance the value of the differentiated, rare NFTs. Those interested can take part in the country′s first NFT airdrop event through Metagalaxia′s homepage starting March 25. Hyosung Heavy Industry is to provide diverse benefits including provision of news on the sale to the NFT owners. ″It is the first significant case where NFTs playing the role of a digital certified copy of the register are being issued for real buildings. We plan to provide services infusing block chain technology into diverse sectors like real estate-based STO and metaverse platform-based model houses, etc.,″ a Galaxia Metaverse official said, commenting on the matter. As a subsidiary of Galaxia Money Tree specializing in fintech NFT, Galaxia Metaverse has launched the platform Meta Galaxia, and it also owns more IPs than any other domestic NFT platforms. In addition, it issues differentiated NFTs linked with real goods or offline events like resort memberships, professional golf rounding memberships, etc.
Hyosung provided on March 17 a truck for carrying donated goods to the Eunpyeong Branch of Goodwill Store. The new truck presented by Hyosung will replace the old one, which was also provided by Hyosung in 2013 and used as donated goods carrier since. Since 2013, Hyosung has invested approximately 700 million won in all to create jobs for the handicapped and opened the Eunpyeong Branch of Goodwill Store. At present, said branch has five people with severe disability and two North Korean defectors carrying out the work of classifying and selling donated goods. Hyosung employees (from head office to regional branches alike) have donated 85,000-plus items to the branch. Hyosung Vice Chair Cho Hyun-sang, who has served as Head of Hyosung Sharing Volunteer Group since 2015, stressed that businesses should take the lead in building a community where needy neighbors can get assistance to stand on their own. ″I am very happy to see Goodwill Store, which has worked side by side with us, create jobs for the handicapped and work to improve the way people perceive the handicapped. We will continue providing support to those working to build warm and healthy communities,″ he added. At present, Hyosung provides financial support for programs for handicapped artists belonging to the Seoul Foundation for Arts and Culture′s Jamsil Creator Studio and Onnuri Love Chamber, an orchestra composed of those with developmental disability.
Hyosung donated a total of 300 million won to the Korean Red Cross on March 10, to be used for the rehabilitation of the areas affected by the recent forest fires that broke out in Uljin, Gyeongbuk and Samcheock, Gangwon and everyday necessities of the victims. The Hyosung affiliates that took part in the donations are: Hyosung Corporation, Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung Chemical. ″I can′t find the words to console the victims. I sincerely hope that their everyday lives get back to normal soon,″ Hyosung Chairman Cho Hyun-joon said, commenting on the matter. Hyosung donated 300 million won for flood victims in 2020 and additional 500 million won for the effort to overcome the COVID-19 situation.
