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 donated 300 million won on August 16 to the Korean Red Cross for flood victims in the Central Area. The donation was put together by Hyosung Corporation as the holding company of the Group, Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung chemicals. Hyosung asked the Korean Red Cross to spend the money for flood victims in Seoul, Gyeonggi-do, Gangwon-do, and Chungcheong-do and for the rehabilitation of the affected areas. Commenting on the matter, Hyosung Chairman Cho Hyun-joon expressed hope that the donation could give some consolation to the flood victims. Hyosung donated another 300 million won for victims of the fire that occurred in Gangwon-do last March. In 2020, it donated 500 million won in support of efforts to overcome COVID-19.
On July 19, Hyosung donated KRW 100 million to be used for a program of providing new homes to war veterans during a paid visit to the ROK Army Headquarters in Gyeryong-si, Chungnam. This program is meant to express gratitude to Korean War and Vietnam War veterans for their sacrifice for and devotion to the country. For this program, in which the ROK Army Headquarters plays a leading role, Hyosung builds new homes or repairs old homes for war veterans experiencing financial difficulty with the involvement of the private sector and the government agencies. They also support the housing rents to those eligible to be basic livelihood security recipients for up to two years among those of national merit.Hyosung has provided financial support for this program since 2012. Their donation, along with those from other businesses, will be spent on improvement of the living environment of a total of 12 veterans and finding rental houses for more than 100 veterans. In 2021, donations like this were spent on improvement of residences for a total of 16 Korean War veterans and finding rental homes for 98 war veterans. Hyosung pursues in earnest social contribution activities based on three themes of support for the underprivileged, culture & arts, and war veterans of national merit under the slogan “We will be with you through the spirit of sharing.” Last June, Memorial Day-Month, Hyosung employees paid a visit to the 1st Corps, the ROK Army, and delivered solatium while they engaged in voluntary activities for cleaning the graveyards of the Seoul National Cemetery.
On July 18, Hyosung distributed five-hundred 20kg sacks of rice to those in need in Mapo-gu, Seoul.The sacks of rice distributed as part of Hyosung’s ‘Rice of love’ campaign will be delivered to a total of 500 households with the support of the Mapo-Gu Office. This is part of the charitable campaigns carried out by Hyosung twice a year for the past 17 years since 2006 for those in need in Mapo-gu, Seoul.Hyosung has purchased the sacks of rice from the Gunbuk Agricultural Cooperative in Haman-gun, Gyeongnam, which is Hyosung’s affiliated village. It could be said that Hyosung kills two birds with one stone by helping farmers sell their harvested rice and distributing good-quality rice to residents of Mapo-gu. Hyosung strives to provide support for the underprivileged class under the slogan “We will be with you through the spirit of sharing.” Last June, Hyosung provided support funds to the Eden Welfare Foundation, a social enterprise striving to find jobs for those with disabilities, and daily necessities and concert tickets to senior citizens of national merit through the Nambu Branch of the Ministry of Patriots and Veterans Affairs.
Hyosung Heavy Industries and KEPCO have signed an MOU on June 30, 2022 to build a business model for cooperation in the areas of power facility diagnosis and asset management. The signing ceremony held at the KEPCO Art Center in Seoul was attended by Takeshi Yokota, CEO of Hyosung Heavy Industries, Cheong Seung-il, CEO of KEPCO and other guests. The MOU is aimed at creating a new integrated diagnosis and analysis solution by combining Hyosung’s ARMOUR ① and KEPCO’s SEDA ② while leading the inception of a new market. Under the agreement, Hyosung Heavy Industries will spearhead the development of the integrated solution and KEPCO will contribute its cloud server, network and other technical support. With this agreement, Hyosung Heavy Industries will successfully integrate KEPCO’s extensive power facility operation know-how and cutting-edge preventive diagnosis technology into its ARMOUR, which will enable it to offer high-quality solutions that includes consistent asset management based on upgraded and cutting-edge diagnosis and analysis technology. KEPCO’s SEDA has the biggest database in Korea equipped with the technology to achieve a high level of prediction accuracy and collect and analyze a wide variety of sensor data. KEPCO and Hyosung Heavy Industries have been working together in the areas of analysis of the algorithm of power facilities and asset management technology. Based on the mutual trust built over time, both companies agreed to build a new business model together under this MOU. The MOU ushers in a new opportunity by laying the foundation for further cooperation to create a private-public cooperation model and for securing a foothold in the preventive diagnosis and asset management solution market both at home and overseas. If customers that operate power facilities introduce the integrated solution package offered by both companies, they will be able to receive a wide range of power facility-related data on a single screen. This is on track for a new ecosystem in the preventive diagnostic and asset management system to be built up and evolved. Hyosung Heavy Industries, a power industry leader in Korea became the first developer of the 154kV asset management system (ASM) algorithm in 2015. Since then, it has been steadily expanding its business by forming a cooperation network with various solution providers in Korea. “We will work closely together with KEPCO to build the first industry business model in Korea and create a revolutionary milestone in the digital transformation of power facilities so as to solidify our market presence globally,” said Hyosung Heavy Industries CEO Takeshi Yokota, expressing his ambitions on global expansion.
Hyosung donated KRW 20 million to the Eden Welfare Foundation, a social enterprise in Paju, Gyeonggi-do dedicated to job creation for those with disabilities, to contribute to improving its facilities. The funds will be used to replace the production equipment as part of the occupational rehabilitation facilities for the disabled members of the Eden Welfare Foundation and to improve the outdated work environment. It is expected to help create jobs for those with disabilities and keep them employed, as well as reduce the risk of safety accidents with the replacement of outdated production facilities. In addition, Hyosung plans to donate around 1,200 units of old electronic devices to the foundation to support its ComBridge (Computer + Bridge) Project, which aims to collect discarded electronic devices including computers, laptops, printers, and scanners to take apart for recycling and to hire eligible beneficiaries for the jobs created in the process. So far, Hyosung has donated around 8,300 units of electronic devices in disuse. Hyosung has also donated around KRW 240 million in total to the foundation for 9 years since 2014. A total of 133 people with disabilities currently work at the foundation, making standard plastic garbage bags and advertising materials. Under the social contribution vision “Sharing for co-prosperity”, Hyosung is making concerted efforts to help those with disabilities live an independent life. As part of this, we have been working together with the Purme Foundation to help children with disabilities in rehabilitation and children with developmental disorders receive dental treatment and care.
Hyosung personnel paid a visit to 1st Corps (Gwangaeto Corps) of the ROK Army on June 8 and delivered solatium worth 44 million won.Said solatium will be spent for the troops’ welfare. Back in 2010, Hyosung forged sisterly ties with said corps defending the north of the Seoul area and the western front. Since then, those from Hyosung have paid a visit to said corps every year, delivering solatium and providing a reading café as well as sports items and laundry machines for the troops.Meanwhile, Hyosung employees engaged in voluntary activities of cleaning the graveyards of the Seoul National Cemetery on May 25 ahead of June as the Memorial Month. This month, Hyosung, along with the Seoul Nambu Branch of the Ministry of Patriots and Veterans Affairs, plans to deliver “Daily Necessities of Love” to the bereaved families of veterans living in poverty.
