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’s Anyang Factory in Dongan-gu, Anyang-si plans to open its Azalea Hill and playground to locals during the one-day Azalea Festival, which has been suspended over the past three years. Hyosung said that it will hold the 41st Hyosung Azalea Festival and have its grounds (location: 74 Simin-daero, Dongan-gu, Anyang-si) opened to locals from 10:00 AM through 5:00 PM on April 1 (Sat.) for the festival.The 2.4-acre area on the hill behind the factory is colored pink at this time of the year with the blooming of azaleas. During the festival, the Company holds special events such as caricature art, magic balloon, pungmulpae (a percussion band composed of villagers) performance, etc. in addition to foods like kimchi pancake, tteokbokki, and sundae (Korean sausage). GoodWill Store, a foundation receiving financial support from the Company, opens a one-day market designed to provide job opportunities to the disabled. Hyosung Azalea Festival was first held as an annual mini party attended by families and people close to the factory’s employees of Tongyang Nylon, which was eventually taken over by Hyosung. Locals also came to be invited from the latter part of the 1970, but the festival was stopped over the past three years due to COVID-19.
Hyosung Chairman CHO Hyun-joon plans to involve himself directly in having domestic textile subcontractors build their ESG management capability in connection with the need to enhance their global competitiveness.□ Hyosung TNC to carry out programs designed to help subcontractors enhance their ESG capability to upgrade their overall global competitiveness.On March 16, Hyosung TNC said that it would push forward with a program designed to provide support to subcontractors in △ education and consulting for strengthening their ESG capability and △ eco-friendly certification expenses.Said program is based on the realization that the global competitiveness of subcontractors needs to be enhanced amid the ever-increasing importance of their ESG management with the Supply Chain Due Diligence Act coming into force worldwide including the EU, starting next year.Under the Act, the relevant businesses should undergo periodic due diligence concerning ESG factors such as environment, labor, human rights, governance structure, etc. related to their entire supply chain, and publish and remedy issues about workers’ human rights, environmental pollution, etc. found in the due diligence process.For this, Hyosung TNC, with the help of a professional ESG consulting business, will provide sessions for the following to 11 subcontractors’ employees on a total of 4 occasions between March and June: △ ESG education in general, △ ESG-related diagnosis and guidance, and △ improvement.Hyosung TNC intends to help subcontractors build their sustainable management capability based on the result of diagnosis of their ESG status, considering the difficulty they face in ESG regulations.□ Also providing support for eco-friendly certifications such as GRS and Eco-Product Mark, the first ever attempt by a local textile businessIn addition, Hyosung TNC will provide support in the area of issuance of eco-friendly certifications for subcontractors, the first ever attempt by a local textile business. Acquiring global eco-friendly certifications is expected to help subcontractors enhance their ESG competitiveness including being in a better position to cope with ESG regulations.The Company plans to provide support by paying expenses for △GRS △SGS Eco Product Mark certifications to the 21 subcontractors making fabrics with Regen, the Company’s leading recycled polyester fabric, and Creora Bio-based as the world’s first bio fabric made with corn extracts.The Eco Product Mark certifies that the relevant products have been made △ in an eco-friendly way through ESG management using △ eco-friendly raw materials and are thus △ not harmful to people. Regen, which is a recycled polyester fabric developed by Hyosung TNC in 2008, became the first fabric in the world to acquire global recycled standard certification GRS in 2009. As for Creora Bio-based, it acquired the Eco Product Mark from SGS (Société Générale de Surveillance), a Geneva-based institution for world-class inspection, test, and certification, in June 2022.“ESG is becoming businesses’ criterion for value for present and future. We will set global trends for eco-friendly fabrics by helping subcontractors build their ESG management capability,” Hyosung Chairman CHO Hyun-joon said.
Hyosung is set to donate 300 million won for firemen who died on duty, their bereaved families, and promotion of firemen’s welfare. On March 14, Hyosung, Korea Chamber of Commerce and Industry (KCCI), and Hyundai Motor Group held the first “Sharing for All” Project event at Bukbu Fire Station, Ulsan. The event was held with the following people in attendance: Hyosung Chairman CHO Hyun-joon, KCCI Chairman CHEY Tae-won, Hyundai Motor Group Chairman CHUNG Eui-sun, National Fire Agency Acting Administrator NAM Hwa-yeong, Ulsan Vice Mayor for Economy AHN Hyo-dae, etc. Hyosung’s donation will be spent on scholarship for the bereaved children of firemen who died in the line of duty, healing camp for bereaved families, promotion of firemen’s welfare such as improvement of firemen’s working conditions, etc. Hyundai Motor Group donated eight buses that will be used for firemen’s rest and recovery. “The Hyosung Group was reborn as a world-class business specializing in materials, having started from its factory in Ulsan. We are deeply grateful to the firemen working hard for a safe environment,” Chairman CHO Hyun-joon said. He added, “It’s sad that recently there have been cases in which the precious lives of firemen have been lost. Safety should be regarded as the most important value and the people working hard to protect the safety of people deserve our respect and gratitude.” Finally, he vowed to strive to see how firemen’s welfare could be promoted and work with others to cope with social issues seriously as a businessman. KCCI’s Entrepreneurship Round Table (ERT) was launched last year by business leaders to encourage each other to join in the effort to cope with social issues and fulfill their role as members of the community. Seven hundred-plus business leaders have joined. Started with Hyosung and Hyundai Motor Group playing a leading role, the “Sharing for All” Project is participated in by ERT member businesses for social contribution activities. The first of said project is being carried out to provide financial support for hardworking firemen. ERT member businesses including Hyosung and Hyundai Motor Group donated about 5.5 billion won for the project. Hyosung is carrying out social contribution programs based on the three themes of support for less privileged people, culture/arts, and war veterans under the vision of “We will be with you through the spirit of sharing.” The company does what it can to provide financial support for the rehabilitation of handicapped children, education of those who have a handicapped sibling, handicapped artists, houses for war veterans, etc.Hyosung also donated funds for victims of torrential rain in the Central Area in August 2022, victims of forest fire in Gangwon-do in March 2022, effort to overcome COVID-10 in 2020, etc.
Hyosung said on February 13 that it will donate $100,000 for the rehabilitation of earthquake-hit areas in Türkiye. Said donation will be delivered to the Disaster and Emergency Management Authority of Türkiye through the company’s local corporation, to be spent on rehabilitation and support for people affected by the recent disaster. “I would like to express my deepest condolence and words of consolation to Türkiye people suffering from the abrupt disaster. I hope our donated funds will be spent usefully and they will get over the current difficulty very soon,” Hyosung Chairman CHO Hyun-Joon said. Hyosung runs a spandex factory in Türkiye. The factory is located in the Cerkezkoy Industrial Complex more than 1,000 km away from the areas affected by the earthquake and suffered no direct loss but decided to donate to help Türkiye rehabilitate from the earthquake damage.The company’s local corporation in Türkiye also donated funds for victims of the flood in Kastamonu in August 2021, forest fire in Marmaris in July 2021, and earthquake in Elazig in January 2020.
Hyosung TNS said on January 17 that it was launching NFTtown, a portal service specializing in NFT. At NFTtown, you can see all information including NFT-related news and the status of NFT transactions at a glance. The service provides sections like a gallery (for NFT-related works), a library (for the retrieval of information on NFT producers), and a school (providing NFT-related learning contents) under the premise that users pay visits to “town” for easier access to NFT, which is deemed difficult to deal with. The section NFT Today provides latest news. The service is currently provided through Open Beta at nfttown.io but is to be launched formally in February.Hyosung TNS plans to expand its scope of business based on NFTtown from the existing service centered on ATM to digital asset service including NFT.Specifically, the Company plans to introduce Web3 wallet service that enables using mobile apps exclusively for NFTtown and engage in digital asset transactions after launching NFTtown formally. “We’ll enhance customers’ accessibility to and use of NFT by linking our financial IT operation knowhow to NFTtown. We’ll do what we can to lead others in the invigoration of the NFT market,” Hyosung TNS President SOHN Hyunsik said.Hyosung TNS is striving to establish business alliance with other services for the invigoration of NFTtown including a partnership arrangement made with businesses specializing in block chain Web3.0 and NFT project teams last December.
Hyosung Vice Chair CHO Hyun-sang attended the World Economic Forum session, met with other global business leaders, and vowed to pour efforts into the holding of the 2030 Busan EXPO.Mr. CHO Hyun-sang attended said session after a three-year absence following the one held in 2020. The 53rd session started with a four-night/five-day schedule on January 16 local time. He plans to discuss ways of mutual collaboration with other global business leaders and carry out activities designed to designate Busan as the site of the next expo during the forum.Mr. CHO Hyun-sang plans to work for the “Busan Project” using his Young Global Leader (YGL) network at the Night of Korea event held on January 18 and hosted by the Korea Chamber of Commerce and Industry (KCCI). He had been a YGL at the Davos Forum held in 2007. He plans to meet with many influential global leaders including ex-YGL members and those from the press, cultural circles, and multinationals to ask for their support for Korea’s bid to host the next expo at Busan.Moreover, he plans to discuss ways of business cooperation with CEOs of global businesses. He will also look for an opportunity to discuss Hyosung’s prospects as a global business specializing in the relevant materials at the forum where attendees are expected to discuss matters concerning climate change and carbon reduction. Mr. CHO Hyun-sang has been attending the Davos Forum since 2006, maintaining close links with the other regular attendees. He was selected as YGL at the forum held in 2007. In 2010, he was listed as the only Korean member of the YGL G20 Initiative. At present, he engages in a variety of activities as a leading next-generation business executive and serves as director of Business at OECD (BIAC).
