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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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.
On December 7, Hyosung employees at the HQ in Mapo-gu, Seoul took part in the blood donation campaign as part of its year-end activities. Hyosung employees have engaged in such activity since 2008 for 15 years. Note that this is the second event carried out by them in the year alone in an effort to help those suffering from the shortage of donated blood due to COVID-19. The employees taking part in the blood donation were given souvenirs provided by the Korean Red Cross, pizza gifticon, and special presents provided by the Company. “It feels nice to see many employees taking part in such a meaningful activity. I believe that such philanthropic mind will be passed on to many people,” Hyosung Chairman CHO Hyun-Joon said.Hyosung carries out such activities including supply of daily necessities and rice under the slogan “We share in your suffering.”
Hyosung Chairman CHO Hyun-Joon met Vietnamese President Nguyễn Xuân Phúc again after an interval of four years and disclosed his plan to make a large-scale investment in Vietnam’s future-oriented industrial sectors. □ Mr. CHO Hyun-Joon’s third encounter with President Phúc…bilateral cooperative relationship reconfirmed On December 6, Hyosung Chairman CHO Hyun-Joon met with Vietnamese President Nguyễn Xuân Phúc, who was visiting Korea on the occasion of the 30th anniversary of establishment of diplomatic relations between the two countries. At the meeting held at Lotte Hotel Seoul, the two discussed ways to strengthen business cooperation, with Mr. CHO promising to make continued investment in Vietnam. The two met in 2016 and 2018 when Mr. Phúc was Vietnam’s prime minister, and they have maintained a close relationship since then. Others taking part in said meeting included Vice Chair CHO Hyun-sang, Hyosung TNS President SON Hyunsik, and Hyosung TNC President Kim Chi-Hyung from Hyosung and Minister of Planning and Investment Nguyen Chi Dung, Minister of Industry and Trade Nguyen Hong Dien, and Foreign Minister Bui Thanh Son of the Vietnamese government.□ Hyosung has invested a total of 3.5 billion dollars since 2007, becoming the third largest foreign investor. “Hyosung could grow in Vietnam amid the global pandemic and recession thanks to the Vietnamese government’s effort to foster favorable conditions for foreign investors. We’ll continue to strive to increase investment in the country and strengthen bilateral cooperation, while developing the country as our forward base in eco-friendly and smart business sectors,” Hyosung Chairman CHO Hyun-Joon said at the meeting.For his part, President Phúc expressed deep gratitude for the efforts made by Hyosung for continued investment and job creation in his country and vowed to provide support for Hyosung’s additional investment in eco-friendly/bio/advanced materials/new technology sectors including establishment of the relevant infrastructure and improvement of tax-related matters.Hyosung has established six production corporations in Vietnam , investing a total of 3.5 billion dollars since 2007 and expanding its presence there in keeping with the country’s economic growth. At present, Hyosung is the third largest foreign investor in Vietnam.The number of local employees hired by Hyosung in Vietnam comes to about 10,000, playing a significant role in job creation. Sales of Hyosung’s local corporations in Vietnam are forecast to reach approximately 3.4 billion dollars.
On December 1, Hyosung delivered “Kimchi of love” for winter to the Mapo-Gu Office for provision to less privileged locals. Each piece of Hyosung’s gift includes some of the kimchi weighing 10 kg to be delivered to a total of 1,500 households. Hyosung has engaged in this year-end love-thy-neighbor activity for the past 16 years.Hyosung makes it a rule to purchase said kimchi from the Senior Club in Jung-gu, Ulsan, which strives to provide jobs to seniors, as an indirect support for what the club does. Every year, Hyosung carries out social contribution activities for locals in Mapo-gu, Seoul including supply of daily necessities and rice. In November, it joined in the fund raising campaign designed to help less privileged locals in Mapo-gu, Seoul spend the winter more comfortably.
On November 15, Hyosung provided love-thy-neighbor fund amounting to 40 million won to the Mapo-Gu Office to be spent in connection with the office’s program designed to help less privileged people spend the winter more comfortably. Hyosung has become the first donor for said program. The Hyosung-provided fund is to be spent for living/medical expenses for those in Mapo-gu, where Hyosung’s HQ is located. Hyosung has engaged in this year-end love-thy-neighbor activity since 2010. In addition, Hyosung is set to deliver “Rice of love” to 500 less privileged locals on November 23. Hyosung has provided 20 kg of rice to a total of 1,000 less privileged households twice a year since 2006. Hyosung carries out such activities under the slogan “We share in your suffering.” Hyosung Chairman CHO Hyun-Joon has emphasized the importance of carrying out activities of sharing in the suffering experienced by less privileged people.
On November 9, Hyosung presented a 20 million won support fund to the Korean Barrier-Free Films Committee during the opening ceremony of the 12th Seoul Barrier-free Film Festival at the Korean Film Archive held at the Korean Film Archive in Mapo-gu, Seoul. A barrier-free film is one version of a movie made for those who cannot enjoy the visual and auditorial elements. It includes audio descriptions and subtitles. The tie-up between Hyosung and said committee goes back to 2017, with Hyosung providing financial support for the production of a barrier-free version of the film Billy Elliot as part of its programs supporting social enterprises. Since then, Hyosung has provided financial support for the production of two barrier-free films a year such as the animations Astro Gardener and Us made this year. Hyosung employees went so far as to take part in dubbing and audio intro recording of the animation Astro Gardener. “I related with the constructive suggestion that all barriers be removed for all to enjoy cultures together, so I wished to take part without fail,” one of the employees said. Hyosung also carries out various social contribution activities to help build a society where the handicapped may live without being blocked by barriers, such as support for the Onnuri Sarang Chamber Orchestra composed of students with developmental disabilities and outside activities carried out by children of the Jangunbong Child Care Center.