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 turned over 20 million won in support funds for the production of barrier-free films at the 11th Seoul Barrier-Free Film Festival opening ceremony.Celebrating the 5th year of sponsorship by Hyosung this year, the project reproduces movies to enable the visual- or hearing-impaired to enjoy them without restrictions. With the sponsorship of Hyosung, nine barrier-free versions of steady-selling films, including Billy Elliot and Late Night Restaurant 2, have been produced so far. Moreover, as part of social contribution activities, Hyosung′s employees directly participated in dubbing the movie Dream Builder. They are changing the perception of barrier-free films by also donating their talents for the recording of audio intros for the movies Dream Builder and Moving on.″I have been reading a lot of books to my four-year-old child instead of going out due to the COVID-19 pandemic and accepted the opportunity for dubbing. I am so happy to be able to understand barrier-free movies better,″ said a Hyosung employee who participated in the dubbing of Dream Builder. Hyosung is carrying out various sponsorship activities to create a society where people with disabilities can enjoy culture and art without restrictions. It has sponsored the Jamsil Creative Studio of the Seoul Foundation for Arts and Culture to support the production and exhibition of 12 artists with disabilities and sponsored the Onnuri Sarang Chamber Orchestra to help in the music activities of students with developmental disabilities.
Hyosung announced on November 4 that it had donated 30 million won to the Mapo-gu Social Welfare Council to support low-income families in Mapo-gu, Seoul.Hyosung has been supporting the vulnerable groups in the Mapo region through the Mapo-gu Social Welfare Council since 2013. The funds are used for emergency fiscal support, such as living expenses, medical expenses, and housing costs.The delivery ceremony held at the Mapo Welfare Center was attended by Representative Noh Woong-rae (Mapo-gu Gap District), Mapo-gu Social Welfare Council President Kim Dae-yeol, Choi Young-beom, and Hyosung Communication Director (Vice President) Choi Young-beom.Hyosung is also carrying out sharing activities with its neighbors in local communities near its domestic business sites, such as Mapo-gu, Seoul. In May, the company awarded scholarships to middle and high school students from vulnerable families in Mapo-gu through the Mapo Human Development and Growth Foundation. Moreover, it has been sponsoring the Warm Winter fundraising event for low-income families in Mapo-gu since 2010, and it has continued activities such as delivering Rice of Love and Kimchi.
Hyosung Group donated on 14th the daily necessities of love to patriots and veterans on Hangawi, the Korean Thanksgiving Day. Hyosung contributed 200 sets of tuna cans and hams for the veterans and patriots′ families to the Seoul Southern Regional Office of the Ministry of Veterans and Patriots Affairs. The sharing of the daily necessities of love on this occasion is delivered to the meritorious persons registered in the Seoul Southern Regional Office and the recipients of domiciliary care service. Hyosung launched the sharing of Hyosung′s donation of the daily necessities of love in 2015 and has delivered the donation to the vulnerable social group and the veterans and patriots four times a year. A Hyosung official said, ″in celebration of the Chuseok, the national holiday, we are hosting an event of the ′sharing of the daily necessities of love′ to express our feelings of gratitude to the veterans and patriots who dedicated their lives and sacrificed themselves to serve their country″. Meanwhile, last June, Hyosung sponsored the washing cafe and delivered KRW 10 million in solatium and 20 dehumidifiers to Gwanggaeto, which is the army unit in the sisterhood relationship with Hyosung, for the welfare of the officers and men of the armed forces.
Hyosung Group Chairman Cho Hyun-joon sets out to take over the U.S. market, the largest global market in preparation for the post-coronavirus era in earnest. Hyosung said on 13th Chairman Cho recently made successive visits to the ultra-high voltage transformer plant of Hyosung Heavy Industries in Memphis, Tennessee and the US corporation of Hyosung TNS in Dallas, Texas.The visits on this occasion were made as part of management by wandering around for the flagship businesses′ invasion of the U.S. market. Such move is made by the strategic judgment that it is imperative to gain recognition of technology and quality in the U.S., the key market, and penetrate the U.S. market ahead of the competitors in an attempt to solidify the world′s no. 1 position in the global market in the wake of the COVID-19 pandemic and gain a momentum to expand the new markets. The Biden administration has recently unveiled its plan to invest about 1.2 trillion dollars for the improvement of infrastructure such as electrical grids and new renewable energy, etc. A rapid growth is expected around the high-tech industrial fields such as SOC project, energy and automobile. In response, Chairman Cho emphasized, ″the U.S. is the core of the global market which is rapidly changing in the post-coronavirus era″, and ″it is imperative to increase the dominant power in the U.S. market based on the meticulous localization strategies and customer-oriented preemptive action″. □ Chairman Cho, Discussing Mutual Cooperative Plan with the Tennessee Senator Bill Hagerty Early September, Chairman Cho made a visit to the ultra-high voltage transformer plant in Memphis, Tennessee, which is the first U.S. production base in the heavy industry field and checked the trends and prospect of the U.S. market, and the future strategies, etc. Chairman Cho also met with Tennessee Senator Bill Hagerty to ask for the support and cooperation in performing businesses in the U.S., toured the production site in Memphis together Senator Bill Hagerty worked as an entrepreneur for a long time and mobilized investments in Tennessee from global companies while working in the department of the development of economy and local community of Tennessee′s state government during the period from 2011 to 2014. He served as an ambassador to Japan during the Trump administration and works as the Tennessee Senator starting from January this year. On this occasion, Chairman Cho expressed his appreciation for the support of the Tennessee State and said, ″I will make efforts to nurture the experts of heavy industry technology in the local community, and strengthen the partnership with electrical power companies, thereby contributing to the achievement of a win-win situation with the local communities in Tennessee and the improvement of the infrastructure in the U.S. electrical power market″.Senator Bill Hagerty responded that he will spare no efforts for the diversified and full support to grow the Memphis plant and expand the business at the federal government level. Chairman Cho proposed the business cooperation with the Tennessee Electric Power Board to Senator Hagerty and they discussed the plan to operate the industry-academia liaison program with major universities in Tennessee State to nurture technical manpower in the heavy electrical field. Chairman Cho also said he will provide support for the establishment of the part supply system using local companies. The Memphis plant is pushing for the extension of installations by the end of the year to increase production. Upon completion of the extension, the Memphis plant will have the production capacity of 60 ultra-high voltage transformers a year. It is the two-fold increase compared with an initial goal and at least 100 million dollars is expected in sales next year. Hyosung plans to utilize the Memphis plant as a bona fide foothold for the U.S. market in the heavy industry field. In addition, Hyosung will respond to the future demand for the replacement of electricity infrastructure in the U.S. and start in earnest to make inroads into the new renewable energy markets such as Energy Storage System (ESS) and STATCOM (Static Synchronous Compensator). □ Making a Visit to the ATM Showroom of Hyosung TNS and Demanding Innovation Along with Digital Banking Chairman Cho made a visit to Nautilus Hyosung America (NHA), which is the U.S. corporation of Hyosung TNS in Dallas, Texas on 10th (local time). He inspected the NHA showroom and products and sought for the plans to target the markets such as the future marketing strategies. After entering the U.S. market in the mid 2000′s, Hyosung TNS has occupied the market share of 73% in the small ATM market with a focus on the customer-oriented marketing, taking the first place in sales. ATM products are supplied in large numbers to major banks, capitalizing on the differentiated functions such as recycler. Chairman Cho met with financial and IT experts in the U.S. to discuss the rapidly changing market trends. Meanwhile he demanded the U.S. corporation of Hyosung TNS should set out on the rigorous innovation and technological development to survive in the market, while keeping abreast with the U.S. financial and settlement trends going digital at an accelerating speed. Hyosung TNS plans to strengthen the cooperation with the U.S. financial institutions to embark on the development of software and platform such as kiosk for cryptocurrency transactions. □ Focus Efforts on Automotive Parts and Materials to Embrace the Era of Electric Cars and Hydrogen Powered Cars Meanwhile, Hyosung reinforces its efforts to target the U.S. automobile market which has clearly entered the upward trend in the post-COVID-19 era. The US major automakers declared that they will expand the share of electric cars up to 50% until 2030 and the markets for automotive parts and materials are expected to grow rapidly.Hyosung focuses its efforts on the development and expansion of supply of tire cord for electric cars and hydrogen powered cars, while planning to spur the development of advanced materials such as aramid to be used in tire cord for electric cars, and automotive materials such as carpets, etc. ※ Reference: Trends of Hyosung′s U.S. Businesses- After initially entering the U.S. market in the 1980′s, Hyosung has so far invested about 3 billion dollars and currently runs 6 corporations including three manufacturing corporations and three sales corporations. Last year, about 1.2 billion dollars was recorded in sales and at least 1.6 billion dollars in sales is expected this year. About 1,400 employees are hired. - Manufacturing corporations include the ultra-high voltage transformer plant in Memphis, Tennessee, the tire cord plant in Decatur, Alabama, and the airbag fiber plant in South Hill, Virginia, while the sales corporations sell the fiber products, tire cord, carbon fiber, ATM products, etc.
Hyosung said on August 25 that it will be donating 70 million won to the Jongno Women's Human Resources Development Center in Jongno-gu, Seoul, to support employment promotion programs for vulnerable women who have difficulty finding jobs again, including career-interrupted women and middle-aged women.Hyosung has been assisting training programs for social welfare workers, child care teachers, and ERP logistics office managers at the Jongno Women's Human Resources Development Center every year since 2013. About 240 women have landed jobs through the programs supported by Hyosung.This year, about 30 people will participate in training programs for child care teachers and care workers for three months from August. After completion of the programs, Hyosung and the Center will fully support their job hunting by providing them regular job counseling, job information, and arrangement of jobs. A Hyosung official said, "I hope our donation could be of whatever little help to those who participate in the job promotion program for the vulnerable women who have difficulty finding reemployment all the more because of the COVID-19 pandemic."Under the slogan of a ‘company helping beneficiaries develop their future on their own by providing education and sharing,’ Hyosung has been operating various social programs to assist job creation and social life for the vulnerable, including support for disabled artists' activities and exhibitions, and improvement of facilities at workplaces for the heavily disabled.
Hyosung is sponsoring the non-face-to-face support with AI caring robot project for elderly veterans' families through the Southern Seoul Veterans Affairs Office. On May 31, Hyosung delivered a donation of 40 million won to the Southern Seoul Veterans Affairs Office. This donation will be used for non-face-to-face customized care services for people of national merit and veterans' families. The program was created to support elderly veterans living alone who have limited face-to-face activities due to COVID-19.The AI caring robot will be delivered to veterans registered with the Southern Seoul Veterans Affairs Office. Deundeun and Bohun, the AI robots, will help the elderly living alone and veterans’ families with 24-hour life management, meals, medications, and reminders for hospital reservations. Moreover, they are equipped with safety management functions that can respond to an emergency with motion sensors considering the age of the people they are supporting.Hyosung has been carrying out patriotic and social contribution programs, such as “Exploring the historical treasures” and “Delivery of living necessities” for veterans and people of national merit for four years since 2017. On May 4, the company provided non-face-to-face oral health education, customized preventive healthcare education, and support for dental treatment expenses for the children with developmental disabilities at Purme Foundation’s Nexon Children’s Rehabilitation Hospital as part of its social contribution activities for neighbors suffering from the COVID-19 pandemic.