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 is engaging in a year-end charity activity for the Mapo-gu residents as a contribution to the community, which is suffering difficulties due to COVID-19. Hyosung held yet another "Sharing Essentials with Neighbor" event on December 29 at the community service center of Ahyeon-dong of Mapo-gu where the headquarters of the group are located. The company donated gift sets of canned tuna and ham to 200 disadvantaged households in Ahyeon-dong. Since 2015, Hyosung has been holding the "Sharing Essentials with Neighbor" event 4 times a year for the residents of Mapo-gu, and a total of 1,800 families have benefitted from the event for 6 years now.Also on the 18th and in time for Christmas, the company produced and delivered disinfection kits for the disabled youth and their families with the support of the Purme Foundation, which is also sponsored by the company. The kits, consisting of KF 94 face mask, health supplementary foods, rice, and hygiene goods so that the youth and their families can protect themselves in the COVID-19 era, were delivered in a contactless manner."This year has been massively difficult for many people due to COVID-19, and we believe these are the very times when a company should fulfill its social responsibility for the community. I'm sorry that this event had to be "contactless" to prevent COVID-19, but we do hope that our sincerity will be felt by the Mapo-gu people," a Hyosung representative said.
Hyosung donated a 1 billion won love-thy-neighbor fund to the Community Chest of Korea/The Fruit of Love Foundation in Jung-gu, Seoul on December 7.Donated jointly by Hyosung Corporation, Hyosung T&C, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung Chemical, the fund will be spent for the provision of support for women from less-privileged households trying to land jobs and for those striving to strengthen their self-reliance. “All of us had a difficult time in 2020 due to COVID-19. We hope that the little something we donate makes our less-privileged neighbors feel warm and have courage to improve their lives in the New Year,” Hyosung Chairman Cho Hyun-joon said, commenting on the matter. Meanwhile, Hyosung engages in a variety of social contribution activities under the slogan “We’ll share what we have with you.” In February this year, the Group donated 500 million won, along with medical supplies, as part of the campaign to cope with the situation caused by the pandemic through joint efforts. In August, the Group donated 300 million won to flood victims. The Group also provided financial support for the creative activities of the artists working at Jamsil Creation Studio, a place of creative works for disabled artists specializing in visual arts. Recently, the Group provided support for the production of online ecological education contents by the foundation People for Earth as part of social contribution efforts in environment-friendly sectors.
Hyosung donated 40 million won to the “2021 Warm Winter Contactless Fundraiser” hosted by the Mapo-gu Office on November 19. It was a donation for the underprivileged in Mapo-gu District, home to the headquarters of the Hyosung Group, as part of its efforts to fulfill its corporate social responsibilities to the local community. The donation is intended to help the disadvantaged in the district with their emergency living expenses, medical expenses, housing expenses, or education expenses. The “2021 Warm Winter Contactless Fundraiser” was broadcast live on the “my MAPO Mapo-gu” YouTube account. The annual event had been held offline for nine years before it was offered online this year due to the COVID-19 pandemic. “If you go alone, you can go fast; but if you go together, you can go far. Hyosung will always seek to grow together with its neighbors,” Hyosung Chairman Cho Hyun-joon said. Meanwhile, Hyosung is hosting the “Share Rice of Love” event and the “Share Kimchi with Neighbors” event on November 24 for low-income residents in Mapo-gu District in a contactless way. Every year since 2006, Hyosung employees have volunteered to deliver rice and kimchi to the needy personally. This year, the event is held in a non-face-to-face way due to the pandemic.
Hyosung was certified anew on 28th as an exemplary entity in ‘the provision of support for culture/arts at a ceremony’ hosted by the Ministry of Culture, Sports, and Tourism (MCST).This year marks the sixth anniversary of said certification following the enactment of the Act on the Revitalization of Support for Culture and Arts in January 2014. The certification is hosted by MCST and sponsored by the Arts Council Korea (ARTCO). ARTCO selects such exemplary entities through the evaluation of diversity, continuity, and operating system of mecenat (patronage) movement carried out by businesses. The certification is valid for three years. This year, 13 businesses including Hyosung were recertified.Hyosung has provided positive support for the culture/art sectors as part of its diverse social contribution activities, including its support for ‘Yoyoma & Silk Road Ensemble’ led by world-famous cellist Yoyoma, Onnuri Love Chambers -- an orchestra composed of young people with development disability -- and ‘Jamsil Creation Studio’ for disabled artists specializing in visual arts.“We wish to build a society where more people can access culture/arts more easily and share the joy of enjoying them with each other through continued support for them,” Hyosung Chairman Cho Hyun-joon said.
Jamsil Creation Studio, which receives financial support from Hyosung, is holding an exhibition “The Value Linked Together” at the Seoul History Museum at Seosomun Historical Park from Oct. 16 until Nov. 4. The said event will display the works created by artists working at Seoul Foundation for Arts and Culture and as part of a mentoring program for disabled children. Hyosung has provided financial support for creative activities of the artists working at Jamsil Creation Studio run by the Seoul Foundation for Arts and Culture and exhibition of their works over the past three years as part of the mecenat (patronage) movement. The Group has provided a total of KRW 200 millon (including 100 million won this year) to them. The number of the artists receiving the support comes to about thirty. Jamsil Creation Studio is a place of creative works for disabled artists specializing in visual arts. It is the only one of its kind in the country. Each year, it selects 12 disabled artists who need a space for making their creative works through open competition. It has identified a total of 130-plus artists. Hyosung official said, “We will continue to strive to foster environment for talented disabled artists. We hope what little help provided by us can energize the culture/art circles, which are having a hard time due to COVID-19.
HYOSUNG President Cho Hyun-sang said on October 8 that he has taken part in the ‘Flower Bucket Challenge’, a relay campaign designed to help horticultural households experiencing hardship due to COVID-19. Mr. Cho Hyun-sang took the relay baton from CEO Lee Tae-sung of Seah Holdings, purchased air-purifying plant pots from a horticultural farm in Seoul, and presented them together with KF-94 face masks for COVID-19 to 100-plus office-cleaning and facility management employees and security guards at the corporate buildings in Mapo/Banpo, Seoul."I’m glad to take part in the ‘do-good’ campaign designed to provide support for horticultural households currently experiencing hardship due to COVID-19. I hope what little support provided by us can go a long way in bringing happiness to these people who are working hard for the Company. I always appreciate these employees who are doing their best to protect the Company and other employees from the pandemic,” the HYOSUNG President said. He vowed to do what he could together with the employees to overcome the current difficult situation soon. Mr. Cho Hyun-sang, who heads the HYOSUNG Volunteer Service Corps, has engaged in a variety of social contribution activities. As an acquaintance of world-famous cellist Yo-Yo Ma, he has arranged a ‘Yo-Yo Ma & Silk Road Ensemble Teaching Class’ to be held in the country since 2009 to provide members of ‘Onnuri Love Chambers’, an orchestra composed of young people with development disability, with an opportunity to learn from Mr. Yo-Yo Ma. He, along with HYOSUNG employees, has also taken part in Good Samaritan activities for less-privileged people every year including such activities for ‘Young Nak Aenea's Home’ in Seoul. Meanwhile, he will be the first runner of the in-house relay campaign Thank you! Cheer Up! to be launched this month. The campaign seeks to express gratitude to team leaders of the Group’s affiliates for striving amid the unfavorable business situation.Mr. Cho Hyun-sang has handed over the relay baton of the Flower Bucket Challenge to Hyundai Motor Vice Chairman Chung Eui-sun, President Park Ji-hun of LEEHAN, and President Kim Dong-kwan of Hanwha Solutions.
