Various stories of activities brought to you by Hyosung Chemical
Hyosung Chairman Hyun-Joon Cho has begun to activate the hydrogen economy by preparing to construct the world’s largest liquid hydrogen factory following a large-scale investment in carbon fiber last year. Hyosung joined hands with the Linde Group, a global chemical company specializing in industrial gas, to establish a value chain encompassing the production and transportation of liquid hydrogen and installation and operation of charging stations by investing KRW 300 billion in all by 2022. For this purpose, an MOU was signed by Hyosung Chairman Hyun-Joon Cho and Linde Korea Chairman Baek-Seok Seong on April 28 at the head office of Hyosung in Mapo, Seoul.□ To expand charging infrastructure by constructing a liquid hydrogen factory with annual production capacity of 13,000 tons in Yongyeon by 2022 As a start, the two companies will build a liquid hydrogen factory on a 30,000㎡ (about 10,000 pyeong)-plus site in the premises of the Ulsan Yongyeon factory of the Hyosung Group by investing KRW 150 billion. The factory will be the largest in the world as a single plant with annual production capacity of 13,000 tons (enough to fuel 100,000 passenger cars). A joint venture will be established by the end of this year to begin construction of the factory during the first quarter of the following year and complete the factory in 2022.The new factory will produce liquid hydrogen by applying the hydrogen liquefaction technology and equipment of the Linde Group to the byproduct hydrogen produced in the Yongyeon factory of Hyosung Chemical. The Linde Group has the best production technology in liquefying high-pressure hydrogen gas.The produced liquid hydrogen can be used not only for cars but also in various mobility areas including drone, vessel, and forklift. As such, it can contribute to the development of related industries.Once the factory is completed, the two companies will invest an additional KRW 150 billion to establish liquid hydrogen charging infrastructure. For the supply of liquid hydrogen, the two companies agreed to develop a cooperative partnership by expanding hydrogen stations to more than 120 (50 new stations, increasing the charging capacity of 70 stations) in major bases in the nation.Hyosung Heavy Industries advanced into the CNG charging system business in 2000, expanding hydrogen charging stations since 2008. Currently, the company has built 15 hydrogen stations nationwide, accounting for 40% of the market share as the No. 1 in the nation.According to Chairman Baek-Seok Seong of Linde Korea, the Linde Group has produced liquid hydrogen in the US and Europe for 30 years and developed various applications including liquid hydrogen station in the mobility area. “We look forward to a significant synergy effect by combining the advanced technology of Linde with Hyosung’s experience accumulated for a long time in Korea,” he said.□ Chairman Hyun-Joon Cho: “Our investment will play a huge role in the development of the liquid hydrogen business and activation of the hydrogen industry.”On this day, Chairman Hyun-Joon Cho said that hydrogen has unlimited potential as an environment-friendly energy that can change the existing economic structure centering on carbon. The core of the liquid hydrogen business being implemented by Hyosung is enabling the storage and transport of hydrogen in an efficient, safe way. “Our investment will play a huge role in the development of the liquid hydrogen business and activation of the hydrogen industry,” he added.□ Expected to play the role of locomotive in realizing the government’s “activation of hydrogen economy” The MOU has great significance since it will make Hyosung have a solid foundation for leading the activation of the hydrogen economy in the mobility area. It has something in common with the government’s “roadmap for the activation of hydrogen economy” announced in January when the government said it will propagate 6.2 million cars by 2040 and prepare 1,200 hydrogen stations.In August last year, Hyosung announced its plan to invest in carbon fiber for the activation of hydrogen economy in the presence of President Moon Jae-in in the Carbon Fiber factory in Jeonju. At that time, Chairman Hyun-Joon Cho said during the agreement signing ceremony that Hyosung will invest approximately 1 trillion won in Jeonju, Jeollabuk-do Province by 2028 and produce 24,000 tons of carbon fiber annually.Dubbed the “dream hi-tech material,” carbon fiber is 10 times stronger than iron while its weight is only one-fourth of iron. Carbon fiber is the core material of the fuel tank of hydrogen cars. Hyosung succeeded in developing carbon fiber in 2011 for the first time in Korea using its own technology, and it is currently putting spurs to the development and supply of carbon fiber for hydrogen fuel tank.□ Easy storage and transportation of liquid hydrogen to increase the operation efficiency of hydrogen stations remarkablyIt used to be pointed out that the Korean market is not very attractive due to the high cost of storage and transportation of hydrogen gas.Hydrogen is liquefied at minus 253 degrees, and liquid hydrogen can be stored and transported easily as its volume is only 1/800 of hydrogen gas. A tank lorry can transport up to 3,500kg of liquid hydrogen, which is 14 times the 250kg hydrogen gas. In addition, the low-pressure liquid hydrogen is safer than the high-pressure hydrogen gas. The operation efficiency of the charging station is also expected to be improved significantly. The time spent for charging a passenger car (5kg) will be shortened by 4 times from 12 minutes for hydrogen gas to 3 minutes for liquid hydrogen. Moreover, the reduced charging time will contribute to the expansion of hydrogen buses and trucks that need much hydrogen fuel (25kg).As liquid hydrogen can be stored in a space smaller than the storage facility for hydrogen gas, it is possible to build a charging station on just 30% of the land of a hydrogen gas storage facility. As a result, the storage facility for liquid hydrogen can be built in the downtown area; thus increasing the access of hydrogen-fueled cars.The business world believes that the bold investment of Hyosung in liquid hydrogen will lead the activation of the hydrogen economy amid the difficult economic situation caused by the coronavirus pandemic.Hyosung Heavy Industries has accumulated the technology and know-how in the area of gas charging for over 20 years after it advanced into the CNG charging system business in 2000. As the Linde Group has unparalleled technology in the areas of production, transportation, and charging of hydrogen, the two companies are expected to have synergy through cooperation.
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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.
Hyosung provided the Mapo Scholarship Foundation with 20 million won in scholarship fund for youths from less privileged households in Mapo-gu, Seoul on May 17.Hyosung has provided a total of 160 million won in scholarship fund for youths in Mapo-gu since 2015. The support fund will be distributed to students with good school records and talents in entertainment/sports selected by said foundation. Hyosung also engages in social contribution activities under the motto “We will share what we have,” including the following: support provided to the Purme Foundation’s program designed to help disabled children going through rehabilitation programs; and presentation of a truck for carrying goods to be donated to needy people to the Eunpyeong Branch of Goodwill Store in Seoul.
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.
Members of Hyosung Advanced Materials and Hyosung Chemical took part in the ceremony for taking an oath for anti-corruption, which was held on March 25 as part of the BIS Summit (Business Integrity Society Summit) 2022. They renewed their resolve to do their best to foster an anti-corruption environment and establish a fair society. ″We will do what we can to build a corruption-free society through ethical management and enhance our corporate competitiveness based on ESG management,″ said CEO Lee Kun-jong of Hyosung Advanced Materials and Hyosung Chemical. The two Hyosung affiliates have consistently run programs for the voluntary observance of fair transaction rules. Their top managers have set an example for employees to follow in the commitment to ethical management including the CEO′s declaration of voluntary observance of fair transaction rules and taking of an oath for anti-corruption. They have also come up with a code of ethics as well as guidelines for putting the code into practice. In addition, they have held sessions for the education of employees concerning said matters, while updating their manual for the voluntary observance of fair transaction rules periodically for employees and making it a rule to have the results of monitoring of the relevant activities sent to the Board of Directors periodically. BIS is a global anti-corruption project launched in 2019 jointly by the UN Global Compact (UNGC) Korea and the Korea Sustainability Investing Forum (KoSIF). It has three objectives: ▲fostering an anti-corruption environment through improvement of laws and systems; ▲building businesses′ capability for compliance-based, ethical management; and ▲ making joint effort for the establishment of an anti-corruption corporate culture. The UNGC is a body that recommends that businesses observe the ten principles in the sectors of human rights, labor, environment, and anti-corruption as UN′s core values and comes up with realistic ways of coping with them.
