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 Vice Chair Cho Hyun-sang received an honorary diploma from Yonsei University at a ceremony held on August 26 at the school, 32 years after his admission to the school. He also delivered a message of congratulations and encouragement to the 3,058 students graduating that day.He emphasized three points to the graduating students: “Do your best at every moment with a dream and a vision”; “Enjoy challenges and failures to your hearts’ content”; and “Build experience and have earnestness, be courageous enough to work for others.”In 1991, he started studying at Brown University, Rhode Island, New York as an exchange student while attending Yonsei University’s Department of Education. Looking back at those days, he noted how he spent those days carrying out activities earnestly as a member of an Acapella group, a reporter for the school newspaper, and an athlete of the school’s American football team while studying hard, always with a thirst for challenge. He recalled that, after graduation, he joined global consulting firm Bain & Company, working 100 hours a week. He said that such period of hard work was a valuable experience that would serve as the groundwork for his future career at the Hyosung Group. Later, he joined Hyosung in 1998 when the financial crisis hit the country. He told the graduating students that challenge is what only young people can do, that they need to be brave enough to stand up again despite failures, and that they should be pertinacious enough to accomplish what they planned no matter what. He also stressed that all of the graduating students should have a sense of mission for building a new life for them and for others with a grand hope, and that they need to be courageous enough to work for others using their experience and earnestness. Serving as the head of Hyosung Social Work Volunteers since 2015, he has stressed the importance of sharing warm and healthy values with others. Hyosung Social Work Volunteers engage in a variety of humanitarian activities including the Young Nak Aenea Center, a facility for those suffering from developmental disorders, and Onnuri Love Chamber, which is an orchestra composed of those with developmental disability.In presenting the honorary diploma to Mr. Cho Hyun-sang, Yonsei University said that the event was in recognition of his efforts in ▲playing a leading role in the company’s growth based on creativity, innovation, and challenge, putting Yonsei’s vision into practice, and ▲social contribution activities in the fields of culture and sports and less privileged neighbors.
Hyosung donated 300 million won on August 16 to the Korean Red Cross for flood victims in the Central Area. The donation was put together by Hyosung Corporation as the holding company of the Group, Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung chemicals. Hyosung asked the Korean Red Cross to spend the money for flood victims in Seoul, Gyeonggi-do, Gangwon-do, and Chungcheong-do and for the rehabilitation of the affected areas. Commenting on the matter, Hyosung Chairman Cho Hyun-joon expressed hope that the donation could give some consolation to the flood victims. Hyosung donated another 300 million won for victims of the fire that occurred in Gangwon-do last March. In 2020, it donated 500 million won in support of efforts to overcome COVID-19.
On July 19, Hyosung donated KRW 100 million to be used for a program of providing new homes to war veterans during a paid visit to the ROK Army Headquarters in Gyeryong-si, Chungnam. This program is meant to express gratitude to Korean War and Vietnam War veterans for their sacrifice for and devotion to the country. For this program, in which the ROK Army Headquarters plays a leading role, Hyosung builds new homes or repairs old homes for war veterans experiencing financial difficulty with the involvement of the private sector and the government agencies. They also support the housing rents to those eligible to be basic livelihood security recipients for up to two years among those of national merit.Hyosung has provided financial support for this program since 2012. Their donation, along with those from other businesses, will be spent on improvement of the living environment of a total of 12 veterans and finding rental houses for more than 100 veterans. In 2021, donations like this were spent on improvement of residences for a total of 16 Korean War veterans and finding rental homes for 98 war veterans. Hyosung pursues in earnest social contribution activities based on three themes of support for the underprivileged, culture & arts, and war veterans of national merit under the slogan “We will be with you through the spirit of sharing.” Last June, Memorial Day-Month, Hyosung employees paid a visit to the 1st Corps, the ROK Army, and delivered solatium while they engaged in voluntary activities for cleaning the graveyards of the Seoul National Cemetery.
On July 18, Hyosung distributed five-hundred 20kg sacks of rice to those in need in Mapo-gu, Seoul.The sacks of rice distributed as part of Hyosung’s ‘Rice of love’ campaign will be delivered to a total of 500 households with the support of the Mapo-Gu Office. This is part of the charitable campaigns carried out by Hyosung twice a year for the past 17 years since 2006 for those in need in Mapo-gu, Seoul.Hyosung has purchased the sacks of rice from the Gunbuk Agricultural Cooperative in Haman-gun, Gyeongnam, which is Hyosung’s affiliated village. It could be said that Hyosung kills two birds with one stone by helping farmers sell their harvested rice and distributing good-quality rice to residents of Mapo-gu. Hyosung strives to provide support for the underprivileged class under the slogan “We will be with you through the spirit of sharing.” Last June, Hyosung provided support funds to the Eden Welfare Foundation, a social enterprise striving to find jobs for those with disabilities, and daily necessities and concert tickets to senior citizens of national merit through the Nambu Branch of the Ministry of Patriots and Veterans Affairs.
Hyosung donated KRW 20 million to the Eden Welfare Foundation, a social enterprise in Paju, Gyeonggi-do dedicated to job creation for those with disabilities, to contribute to improving its facilities. The funds will be used to replace the production equipment as part of the occupational rehabilitation facilities for the disabled members of the Eden Welfare Foundation and to improve the outdated work environment. It is expected to help create jobs for those with disabilities and keep them employed, as well as reduce the risk of safety accidents with the replacement of outdated production facilities. In addition, Hyosung plans to donate around 1,200 units of old electronic devices to the foundation to support its ComBridge (Computer + Bridge) Project, which aims to collect discarded electronic devices including computers, laptops, printers, and scanners to take apart for recycling and to hire eligible beneficiaries for the jobs created in the process. So far, Hyosung has donated around 8,300 units of electronic devices in disuse. Hyosung has also donated around KRW 240 million in total to the foundation for 9 years since 2014. A total of 133 people with disabilities currently work at the foundation, making standard plastic garbage bags and advertising materials. Under the social contribution vision “Sharing for co-prosperity”, Hyosung is making concerted efforts to help those with disabilities live an independent life. As part of this, we have been working together with the Purme Foundation to help children with disabilities in rehabilitation and children with developmental disorders receive dental treatment and care.
Hyosung personnel paid a visit to 1st Corps (Gwangaeto Corps) of the ROK Army on June 8 and delivered solatium worth 44 million won.Said solatium will be spent for the troops’ welfare. Back in 2010, Hyosung forged sisterly ties with said corps defending the north of the Seoul area and the western front. Since then, those from Hyosung have paid a visit to said corps every year, delivering solatium and providing a reading café as well as sports items and laundry machines for the troops.Meanwhile, Hyosung employees engaged in voluntary activities of cleaning the graveyards of the Seoul National Cemetery on May 25 ahead of June as the Memorial Month. This month, Hyosung, along with the Seoul Nambu Branch of the Ministry of Patriots and Veterans Affairs, plans to deliver “Daily Necessities of Love” to the bereaved families of veterans living in poverty.