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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 and Jamshil Creative Studio of the Seoul Foundation for Arts and Culture selected Hong Se-jin as Artist of the Year with Hyosung in 2021. The Artist of the Year is a program run by the Seoul Foundation for Arts to select one of the resident artists of Jamsil Creative Studio who has demonstrated outstanding work through a public contest and award a 5 million won prize to the winner. Hong′s painting visualizes abstract elements such as lines and shapes of space and artificial objects to capture the ″unfamiliarity that is step away from sanity.″ The jury gave a high score, noting that ″the visual language clearly reveals the artist′s world of work, and the work is highly polished.″ Hyosung has supported the program since 2018 to spread the value of disabled artists′ works and help disabled artists continue their barrier-free work activities. It has partnered with Jamsil Creative Studio, a creative residency for disabled artists of the Seoul Foundation for Arts and Culture, and provided a 100 million won fund each year to Good Morning Studio, a program to support resident artists. Hyosung also visited the Southern Seoul Regional Office of Patriots and Veterans Affairs on December 27 and donated bedding sets to 125 low-income patriots and veterans. This donation was particularly meaningful as they were prepared with the 10
On December 22nd, Hyosung selected vice president Kim Chi-Hyung of Hyosung Vietnam as the recipient of the ′2021 Proud Hyosung-er of the Year Award.′VP KIM was recognized for his contributions to the stable operation of factories producing the major products of the Hyosung Vietnam and Hyosung Dongnai such as spandex and tire cords through accurate analysis of local situations and prompt response to them as the head of Hyosung′s largest production base worldwide in the midst of the COVID-19 crisis. In response to the spread of COVID-19 in 2021, the Vietnamese government took ′lockdown′ measures and sealed off some regions or industrial complexes altogether for a certain period of time. Global companies running factories in Vietnam were faced with an unprecedented crisis in which local factory operations should immediately stop unless their factory workers never left their factory premises. VP Kim took the lead in preemptively establishing and implementing the in-house lodging and dining system, enabling the factories of Hyosung Vietnam and Hyosung Dongnai to operate normally without any setback. As a result, Hyosung has been able to supply its products to global customers without a hitch in the midst of the COVID-19 pandemic. Meanwhile, Hyosung chose three suppliers – COTS Technology, Korea EPO, and Duckshin Engineering – as winners of the ′Special Proud Hyosung-er of the Year Award.′ The suppliers have continuously joined forces with Hyosung to improve its overall quality assurance performance and export competitiveness through their unique contributions including the development of the HVDC controller, the diversification of supply lines for export-oriented textile packaging materials, and the achievement of zero occupational accident rate, respectively.
Hyosung continued its CSR activities at year end.On December 16, Hyosung donated 400 sets of ′Daily Necessities of Love′ for the underprivileged in Ahyeon-dong, Mapo-gu, Seoul. Since 2015, Hyosung has donated daily necessities including tuna and ham sets to the Community Center in Ahyeon-dong, Mapo-gu, where its headquarters is located, twice a year. Vice Chairman Cho Hyun-Sang, head of the Hyosung Sharing Volunteer Group, said, ″We hope these will be of little help to our neighbors struggling with COVID-19.″On December 14, the Hyosung Sharing Volunteer Group donated KRW 11 million to the Janggunbong Public Childcare Center located in Gwanak-gu, Seoul. The childcare center is planning to use the donated amount for its children′s cultural activities and Christmas party as well as the upgrade of its facilities. Hyosung is practicing sharing for the local community under its social contribution slogan ″We will stand by you by sharing.″ Recently, Hyosung has delivered 10 tons of ′Rice of Love′ and 1,500 heads of ′Kimchi of Love′ to the underprivileged in Mapo-gu while donating KRW 30 million to the Mapo-gu Social Welfare Council to support low-income families.
Hyosung Group delivered 1 billion won in donations for needy neighbors to the Community Chest of Korea on December 7. The donations raised on the occasion of the year-end by five companies -- Hyosung Co., Hyosung TNC., Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung Chemical -- will be used to support Korean War veterans′ housing, employment of women whose careers were interrupted, and self-reliance and daily livelihood of underprivileged people. Hyosung Chairman Cho Hyun-jun said, "We hope that warmth will be delivered so that our neighbors suffering from the COVID-19 crisis can have hope." Under the social contribution slogan "We will be together with sharing," Hyosung has been actively carrying out social contribution programs and sustainable management, focusing on three themes: support for the vulnerable, support for culture and arts, and reward for veterans and patriots. Recently, Hyosung was designated as an "Excellent Enterprise for Social Contribution to Cultural Heritage" by the Cultural Heritage Administration for contributing to preservation of cultural properties by supporting the restoration work for Daejojeon Hall and Huijeongdang at Changdeokgung Palace. It also became the single company to receive the ″Culture for Rewarding Veterans and Patriots Award″ from the Ministry of Veterans and Patriots Affairs for supporting war veterans and families.
Hyosung received the ′22nd Rewarding Veterans and Patriots Culture Award′ from the Ministry of Patriots and Veterans Affairs on December 3. It was the only company that received the award. Every year, the Ministry of Patriots and Veterans Affairs selects, on the basis of public recommendations, five award recipients, individuals or organizations, who have contributed to the spread of culture of rewarding veterans and patriots. The Award is given to individuals or organizations that honor and engage in projects to revere the spirit of those who made sacrifices or contributed to the Republic of Korea, including independence fighters, war veterans, pro-democracy activists, and U.N. veterans. Hyosung has supported housing renovation for veterans along with the Army Headquarters since 2012. Hyosung has also provided "daily necessities of love" to needy families of veterans and patriots since 2015, supported elderly family members by providing AI care robots for family members living alone. It also engaged in customized social contribution programs, including installation of facilities like book cafes and laundry cafes in military units for six years from 2016.
Hyosung continues its warm touch for neighbors in Mapo-gu at the end of the year.Hyosung donated 40 million won to the 2022 Fundraising for Warm Winter held by Mapo-gu on December 1. Hyosung′s donations are used for emergency living expenses, medical expenses, housing expenses, and education expenses for the underprivileged in Mapo-gu, where the head office is located. Hyosung has been delivering donations to local communities since 2010. It plans to deliver Kimchi with Love for the Winter to the vulnerable groups in Mapo-gu on December 7. The kimchi sponsored by Hyosung will be delivered to 1,500 households, including the elderly living alone and in low-income families in Mapo-gu through resident centers. On November 25, Hyosung sponsored 10 tons of Rice with Love for the underprivileged in Mapo-gu. Moreover, the company plans to deliver 400 sets of Daily Necessities with Love to the Ahyeon-dong community center, Mapo-gu on December 15.
