Hyosung Chemical

Chairman Hyun-Joon Cho to construct the world’s largest liquid hydrogen plant

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.

Hyosung Social Work Volunteers resume activities for children with disabilities

Hyosung Social Work Volunteers engaged in the work of taking care of children with disabilities of a municipally run child care center named Janggunbong at a kids’ café in Bongcheon-dong, Seoul. Said volunteers resumed their activities after two years of absence due to COVID-19, taking care of children including toddlers and infants engaging in ball pool, magnet experiments, and climbing. The team of Hyosung’s volunteers started its activities in May 2013, lending support for children at the municipally run Janggunbong Child Care Center by paying a visit there at least once a month. They had to stop their activities in 2020 and 2021 due to COVID-19. Instead, they launched Theme Day, which included a program carried out monthly within the facility for children including igloo, bumper car, dinosaur play, etc. They strived to build affinity among the children, disabled and non-disabled alike. Meanwhile, on September 23, Hyosung held a fall trip wherein family members of children with disabilities spent time with those of employees. Hyosung also engages in activities of sharing with the disabled including providing support for the production of barrier-free films for the visually/hearing-impaired.

Hyosung employees take a fall season trip with the families of children with disabilities

Hyosung employees, together with those from the Purme Foundation, took a fall season trip to places in Gyeonggi-do, being accompanied by the families of young people with disabilities on a three-day schedule from Sept. 23. The said event is part of the programs for rehabilitation treatment of children/young people with disabilities provided jointly by Hyosung and the Purme Foundation. The event held in the fall of 2022 was participated by a total of 51 people among ten families of Hyosung employees and nine families of children/ young people with disabilities. The group (each team consisting of the family of an employee and the family of a person with disabilities) had a good time for two nights & three days. On day 1 (Sept. 23), they saw the sight of a bamboo forest and the place where the popular drama Autumn in my heart was shot on Namiseom Island in Gapyeong. They also had a recreation time to encourage dialogues and communication between participants. On day 2, they paid a visit to a village in Yangpyeong and had a hands-on experience with making sundubu (soft tofu) and injeolmi, and catching trout in the stream. On Day 3, they took part in the event of making tomato gochujang (red pepper paste) and feeding animals, and strolled around inside the Yulbom Botanical Garden in Gwangju.Commenting on the trip, the mother of a disabled child said, “Due to my child’s disability status, we always found it not easy to take a trip with the whole family. This time, we could have a good time and experience a lot of things this time thanks to the well-arranged daily schedule. My child said that he would like to take another trip like this.” A Hyosung employee who took the trip said, “We could teach our kid how to get along with fellow friends with disabilities. We talked to each other a lot and did many activities that will be cherished as a fond memory.”Hyosung, together with the Purme Foundation, has provided support funds for medical rehabilitation of children with disabilities since 2013, along with the support for mental health care and education for siblings of children with disabilities, who are prone to feel alienated due to the need and efforts to take care of their disabled siblings. Last July, the Group arranged for a trip for 15 able-bodied siblings of children with disabilities.

CVC Hyosung Ventures Now Officially Launched

Hyosung Ventures, which is Hyosung’s first Corporate Venture Capital (CVC), has officially launched and is established with Hyosung Corporation’s investment of KRW 10 billion in paid-in capital. On Sept. 23, the Company said that it has completed the process of getting it registered as a new technology project financial business.Hyosung Ventures plans to enable the Group’s source technologies for core materials to gain traction independently without relying on imported technologies through investments in startups specializing in materials, parts, and equipment, which can maximize the Group’s core businesses and synergistic effects. The Company also plans to make bold attempts at new business areas like ICT and data aligned with the era of digital exchange (DX) to contribute to establishing an ecosystem, growing in partnership with the businesses that it invests in, while exploring and developing businesses with new technologies in a variety of fields.Hyosung Chairman Cho Hyun-joon has highlighted the importance of agile management amid the rapid-paced traction of DX, commenting that, “We should embrace and leverage data-centered new technologies and trends rapidly, flexibly, and efficiently.”The mantle of Hyosung Ventures’ first president has been assumed by Mr. Kim Cheol-ho, who was a former vice president at Hyosung Corporation’s Strategy Division. He has accumulated relevant experience with an accomplished career in investment banking, etc. at Iljin Investment Partners, STIC Investments, Deutsch Bank, etc.Hyosung Ventures will engage in consultations with relevant departments and affiliates concerning the raising of paid-in capital with a fast turnaround time.

Hyosung Employees Clean Graveyards in Seoul National Cemetery during Armed Forces Day

On Sept. 20, Hyosung employees paid homage to those laid to rest and enshrined at the Seoul National Cemetery in Dongjak-gu, cleaned the tomb sites, and placed flowers there. The said activities were carried out in connection with the 74th Armed Forces Day (Oct. 1). The employees tallied over 20 people from major affiliates of the Hyosung Group, such as Hyosung Corporation, Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, Hyosung Chemical, etc. Hyosung has formed a partnership with the cemetery site and has been participating in such activities twice a year since 2014. Hyosung has provided support for a program geared to provide an improved residential environment to war veterans since 2012 through social contribution activities, as well as provide daily necessities to the elderly of national merit through the Nambu Branch of the Ministry of Patriots and Veterans Affairs (MPVA) since 2017.

Hyosung Employees Participate in Blood Drive for Children Suffering from Leukemia and Childhood Canc

On Sept. 7, Hyosung employees took part in a blood drive sponsored by the Korean Red Cross at the Hyosung headquarters building in Gongdeok-dong, Seoul. The blood donated by Hyosung employees will be sent to the Korean Association for Children with Leukemia and Cancer to be used for children suffering from leukemia and childhood cancer.Over 50 Hyosung employees took part in the blood drive, which was held after a three-year hiatus following the easing of social distancing due to COVID-19 gaining ground. An employee taking part in the event said, “I’ve wanted to donate my blood, but found it difficult to go to a blood bank to donate. Today, I’m glad I was able to donate blood as I hoped to.” The blood drive at Hyosung was first held in 2008 with the employees’ voluntary participation. It is being held periodically at the head office in Seoul in addition to the Group’s business locations in Ulsan, Gumi, Yongyeon, and Changwon. Besides blood drives such as this, Hyosung is actively engaging in social activities through a spirit of sharing with neighbors in the local community, such as donations of sacks of rice, daily necessities, and kimchi.

Hyosung Vice Chair Cho Hyun-sang: “Let’s be courageous enough to work for others.”

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.