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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Hyosung Heavy Industries has been recognized by the Carbon Disclosure Project (CDP) as a business setting an example for others to follow in the realization of low-carbon green growth.The Company will receive ‘Carbon Management Sector Honors’ from CDP at the “2022 CDP Climate change and Water Security Award Ceremony” to be held at Hotel Glad Yeouido, Seoul on February 10th. The Carbon Management Sector Honors is an award presented to the business that garnered the highest grade in the CDP appraisal each year. The Company got an A- grade in the appraisal for the year 2022. The Company garnered said grade as it prepared for the low-carbon era proactively. The Company has strived to lead others in hydrogen economy, building a hydrogen plant in Yongyeon, Ulsan in 2021 and expanding its hydrogen refueling station operation across the country. In the electric power sector in particular, it has concentrated on the development of and investment in eco-friendly products, emphasizing the need for carbon neutrality earlier than others. As a result, it has secured the position of leading others in the low-carbon era, developing the Energy Storage System (ESS) and eco-friendly transformers/gas-insulated switchgears (GIS), etc. “We are happy to receive the prestigious award, which we regard as recognition for our continued efforts in ESG management. We will continue pushing such activities and expanding them to carbon emission management in our overseas corporations,” President Yokota Takeshi of the Company said. CDP is a London-based non-profit institution that provides investing financial institutions with information on the evaluation of major listed businesses in 91 countries concerning their strategies for coping with climate change and their GHG emissions, carbon management strategies, etc.
Hyosung Heavy Industries has started taking steps to help subcontractors establish their safety/health management systems.The Company intends to provide subcontractors with free consulting on their safety/health management systems and help them improve the status of their workers’ safety and working conditions. This is in response to the need to enhance the level of safety management consciousness on the part of management and workers of subcontractors and improve their safety management capability by pre-checking the relevant risk factors. On January 27, the Company signed a contract with a legal corporation, DR & AJU, for consulting on subcontractors’ safety/health management systems. Subcontractors will receive certification when they are recognized as being equipped with an adequate safety management system after a process of checking/consulting on 100-plus items of evaluation by a team of judges specializing in safety/health. Those that have acquired the certification will be treated favorably by the Company in the evaluation of subcontractors. The process is expected to result in a more substantial site-oriented safety management system. The number of subcontractors that acquire the certification is expected to reach 50-plus this year. Meanwhile, the Company is making a guidebook for subcontractors’ ESG management to help subcontractors strengthen their ESG management and is continuing the relevant education and consulting. Since 2016, it has provided facilities and cleaning vehicles for the removal of dust at workplaces and taken steps to improve lighting at workplaces and provide lounges for workers in an effort to improve the working environment. This year, the Company will pour more effort into the establishment of adequate safety management systems at subcontractors and the strengthening of their ESG management.
Hyosung TNS said on January 17 that it was launching NFTtown, a portal service specializing in NFT. At NFTtown, you can see all information including NFT-related news and the status of NFT transactions at a glance. The service provides sections like a gallery (for NFT-related works), a library (for the retrieval of information on NFT producers), and a school (providing NFT-related learning contents) under the premise that users pay visits to “town” for easier access to NFT, which is deemed difficult to deal with. The section NFT Today provides latest news. The service is currently provided through Open Beta at nfttown.io but is to be launched formally in February.Hyosung TNS plans to expand its scope of business based on NFTtown from the existing service centered on ATM to digital asset service including NFT.Specifically, the Company plans to introduce Web3 wallet service that enables using mobile apps exclusively for NFTtown and engage in digital asset transactions after launching NFTtown formally. “We’ll enhance customers’ accessibility to and use of NFT by linking our financial IT operation knowhow to NFTtown. We’ll do what we can to lead others in the invigoration of the NFT market,” Hyosung TNS President SOHN Hyunsik said.Hyosung TNS is striving to establish business alliance with other services for the invigoration of NFTtown including a partnership arrangement made with businesses specializing in block chain Web3.0 and NFT project teams last December.
Hyosung Vice Chair CHO Hyun-sang attended the World Economic Forum session, met with other global business leaders, and vowed to pour efforts into the holding of the 2030 Busan EXPO.Mr. CHO Hyun-sang attended said session after a three-year absence following the one held in 2020. The 53rd session started with a four-night/five-day schedule on January 16 local time. He plans to discuss ways of mutual collaboration with other global business leaders and carry out activities designed to designate Busan as the site of the next expo during the forum.Mr. CHO Hyun-sang plans to work for the “Busan Project” using his Young Global Leader (YGL) network at the Night of Korea event held on January 18 and hosted by the Korea Chamber of Commerce and Industry (KCCI). He had been a YGL at the Davos Forum held in 2007. He plans to meet with many influential global leaders including ex-YGL members and those from the press, cultural circles, and multinationals to ask for their support for Korea’s bid to host the next expo at Busan.Moreover, he plans to discuss ways of business cooperation with CEOs of global businesses. He will also look for an opportunity to discuss Hyosung’s prospects as a global business specializing in the relevant materials at the forum where attendees are expected to discuss matters concerning climate change and carbon reduction. Mr. CHO Hyun-sang has been attending the Davos Forum since 2006, maintaining close links with the other regular attendees. He was selected as YGL at the forum held in 2007. In 2010, he was listed as the only Korean member of the YGL G20 Initiative. At present, he engages in a variety of activities as a leading next-generation business executive and serves as director of Business at OECD (BIAC).
On February 28, Hyosung provided products made with its own eco-friendly technology to people in Gunbuk-myeon, Haman-gun, Gyeongnam. Said event was participated by five Hyosung affiliates: Hyosung Corporation, Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung Chemical. The products provided include T-shirts made with regen, which is recycled polyester yarn (Hyosung TNC); grain dryers made of carbon fiber (TANSOME®) (Hyosung Advanced Materials); food trays made of Polyketone, which is an eco-friendly material (Hyosung Chemical); and PV power generation facility (Hyosung Heavy Industries). Said event was designed for the promotion of win-win cooperation between rural areas and businesses. The items were provided to elementary schools, senior centers, and community centers in Gunbuk-myeon, Haman-gun, Gyeongnam, where Mr. CHO Hong-je, the founder of Hyosung, was born. “I hope that the event will serve as an occasion to awaken those in rural areas to the importance of eco-friendly products,” Hyosung Chairman CHO Hyun-Joon said. Hyosung affiliates are engaging in eco-friendly activities as follows: Hyosung Chemical’s ‘Animal Behavioral Enrichment’ activities for animals protected on the national level carried out jointly with Cheongju Zoo in October; Hyosung Advanced Materials’ program for the preservation of Pogostemon operated with the City of Jeonju; and Hyosung Corporation, Hyosung TNC, and Hyosung Heavy Industries engaging in activities for the preservation of seagrass groves jointly with the City of Geoje.
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On December 14, Hyosung, jointly with the Purme Foundation, held the “Mini Purme Concert 2022” at the Purme Center in Jongno-gu, Seoul. First held in 2015, the annual event has not been held for three years due to COVID-19. The Company invited 100-plus people including handicapped youths attending programs provided by the Purme Center to the concert. One of the ancillary events related to Christmas held for the attendees was making Santa hat/bracelet. Snacks like ddeokbokki, skewered fish cake, waffle, etc. were also provided to the attendees. The main event included a handbell performance by children of the Jongno Ai Zone for children with developmental disabilities, a Nanta performance by Ullim Sori of the Jongno Welfare Center for the Handicapped, a Pansori performance by JANG Seongbin, a singer with developmental disabilities, a tap dance performance by Theater Lahaph composed of handicapped/non-handicapped members, a performance by PARK Mingyu, a handicapped baritone singer, and a performance by GratoFlute, an ensemble of handicapped flutists.Hyosung is also carrying out a variety of year-end activities for sharing. On December 15, Hyosung employee volunteers are holding a Christmas party for children at the Jangunbong Child Care Center. On December 20, they plan to deliver tuna and ham gift sets to 400 less privileged households in Ahyeon-dong, Mapo-gu, Seoul.
