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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 has launched the ESG Management Committee, setting into motion efforts to establish a sustainable management system that would help make the group a 100-year company □ Transparent Management Committee under the Board of Directors reorganized into ESG Management CommitteeHyosung Corporation, holding company of the Hyosung Group, announced that it held a board meeting on April 29 to reorganize the Transparent Management Committee under the Board of Directors that had dealt with improvement of governance into the ESG Management Committee to strengthen ESG management in the fields of environment, society and governance. The establishment of the ESG Management Committee is aimed at proactively responding to demands from customers, society, and shareholders to ensure environmental protection and social safety nets.The ESG Management Committee will be responsible for ESG-related policy, risk strategies for ESG policy, and investment and activities on the environment, safety, and climate change, as well as deliberation of transactions between specially related persons and decisions of management matters to protect shareholders' rights which had been dealt with by the Transparent Management Committee.□ At least two-thirds of outside directors sit in the committee which will decide key ESG management-related issuesThe ESG Management Committee consists of five members -- CEO Kim Kyu-young and four outside directors (Chung Sang-myeung , Kim Myung-ja, Kwon O-gon, and Chung Dong-chae). Considering the importance of ESG, one outside director was added to the Transparent Management Committee which had had four members. Former Prosecutor General Chung Sang-myeung, outside director who headed the Transparent Management Committee, will continue to chair the new committee. In addition to the holding company, major affiliates such as Hyosung TNC, Hyosung Advanced Materials, Hyosung Heavy Industries, and Hyosung Chemical also plan to set up an ESG Management Committee under their respective CEOs in the first half of the year.Chairman Cho Hyun-joon said, "ESG management is an identity that Hyosung must have in order to make a leap toward becoming a premium brand in the global market. He expressed hope that "Hyosung will grow into a '100-year company’ loved and trusted by shareholders and society by protecting the environment and enhancing righteous and transparent management, and seeking growth together with partner companies."□ Hyosung leads ESG by establishing Transparent Management Committee and strengthening eco-friendly businessesHyosung Group split into a holding company and four business units in 2018 in order to improve its governance structure through enhancement of transparent management and establishment of an independent management system. The transition to the holding company system was completed at the end of last year.In 2018, Chairman Cho broke the practice of the CEO serving as chair of the board of directors and stepped down as chair of the board, paving the way for an outside director to serve as chairperson. He also established the Transparent Management Committee and strengthened the independence of outside directors by having an outside director chair the outside directors recommendation committee.Hyosung has been expanding eco-friendly energy businesses such as fiber recycling, hydrogen, solar, and ESS, and strengthening eco-friendly management by making efforts to reduce carbon dioxide emissions.
Hyosung is focusing its social contribution programs on making a barrier-free society, including support for rehabilitation of disabled artists and children.On April 22, Hyosung delivered donations to resident artists at the Seoul Art Space Jamsil of the Seoul Foundation for Arts and Culture. The Studio, which Hyosung has been sponsoring since 2018, is the only visual arts work space in the country for disabled artists. Hyosung's donations are used to purchase materials used by 12 disabled artists selected through public contest each year, exhibit their works, and make an archive.On the occasion of the fourth year of Hyosung’s sponsorship this year, the "Artist of the Year Together with Hyosung Award" was selected by citizens and Hyosung executives and employees. Han Seung-min, 27, who suffers from second-level autistic disorder, was named this year's Artist of the Year. An artist of Western painting, Han is working on translating his everyday experiences into images, and he is also participating in various art exhibitions and art fairs at home and abroad. The young artist possesses high artistic skills so his work is in collection at the Government Art Bank of the National Museum of Modern and Contemporary Art.An official from the Seoul Art Space Jamsil said, "The prolonged COVID-19 pandemic shrank cultural and artistic activities and caused concerns in the arts circle. I am happy that the resident artists here can lead a stable arts life thanks to the help of Hyosung."In December last year, Hyosung was recognized for its collaboration with the Seoul Art Space Jamsil, as it was selected as the "2020 Excellent Private-Public Cooperation Agency" by the Seoul Metropolitan Government and received the award from the Seoul mayor.In addition, Hyosung delivered 115 million won to the Purme Foundation, which supports rehabilitation and self-reliance of disabled people, for "medical rehabilitation and family support projects for disabled children." The project, which marks its 9th anniversary this year, is designed to provide rehabilitation treatment for disabled children and adolescents from low-income families, education and psychotherapy for non-disabled siblings, family trips accompanied by the families of Hyosung executives and employees, and little concerts for invited families.
Hyosung is supporting economic independence of 100 single mothers in Thang Binh District in Vietnam’s central province of Quang Nam.Hyosung said on March 18 that it held a ceremony to start the "Social Contribution Project to Support Vietnamese Single Mothers’ Self-reliance" in the conference room of the People's Committee of Thang Binh, where the Company’s Quang Nam unit is located. Hyosung, which works with the international relief organization ‘Food for the Hungry’ for the program, is contributing 100 million won to support economic Independence of single mothers in Vietnam.The project will benefit about 100 single mothers in the lowest- and second-lowest-income families in the Thang Binh District. The program, which will include education and facility support for poultry and pig farming, and delivery of livestock medical supplies, is expected to help the single mothers to secure sustainable income sources and develop self-reliance capacity.Hyosung prepared the social contribution project as a member of the local community. It is designed to help Hyosung play a proper role as a healthy member of the community by supporting the economic independence of low-income, single-mother families in the community. Hyosung has been actively undertaking social contribution programs in Vietnam, its largest overseas production base. As part of the programs, Hyosung has been dispatching overseas medical volunteer group "Misowonjeongdae" (smile expedition) to Dong Nai Province, near Ho Chi Minh City where its Vietnamese corporation is located.
Hyosung Group has been participating in social contribution programs on the occasion of Seollal which are tailored for the underprivileged who are undergoing a hard time due to the COVID-19 pandemic. On Feb. 2, Hyosung donated 10 million won to the "2021 Tteokguk of Love Sharing" event organized by the Friends of Love charity. The "Tteokguk of Love" kits, prepared with donations from Hyosung and other donors, were to be delivered to families where children live only with grandparents, where there is a disabled member, where children live without parents or grandparents and where an elderly person lives alone. Hyosung has been supporting the “Sharing Tteokguk of Love” for 14 years since 2008.On Feb. 4, Hyosung held a ceremony for "Sharing Daily Necessities of Love" at the Ahyeon-dong Community Center in Mapo-gu, where the group's headquarters is located. Hyosung delivered tuna and ham sets to 400 vulnerable households in Ahyeon-dong.Under the vision of its social contribution programs -- "We Will Be Together by Sharing," Hyosung is carrying out diverse programs to help the local underprivileged people. It is providing regularly "Rice of Love" and "Kimjang Kimchi of Love" for the vulnerable in Mapo-gu. It is also supporting education of young students by donating fund to the Mapo Scholarship Foundation which supports youths in the underprivileged families.
Hyosung is engaging in a year-end charity activity for the Mapo-gu residents as a contribution to the community, which is suffering difficulties due to COVID-19. Hyosung held yet another "Sharing Essentials with Neighbor" event on December 29 at the community service center of Ahyeon-dong of Mapo-gu where the headquarters of the group are located. The company donated gift sets of canned tuna and ham to 200 disadvantaged households in Ahyeon-dong. Since 2015, Hyosung has been holding the "Sharing Essentials with Neighbor" event 4 times a year for the residents of Mapo-gu, and a total of 1,800 families have benefitted from the event for 6 years now.Also on the 18th and in time for Christmas, the company produced and delivered disinfection kits for the disabled youth and their families with the support of the Purme Foundation, which is also sponsored by the company. The kits, consisting of KF 94 face mask, health supplementary foods, rice, and hygiene goods so that the youth and their families can protect themselves in the COVID-19 era, were delivered in a contactless manner."This year has been massively difficult for many people due to COVID-19, and we believe these are the very times when a company should fulfill its social responsibility for the community. I'm sorry that this event had to be "contactless" to prevent COVID-19, but we do hope that our sincerity will be felt by the Mapo-gu people," a Hyosung representative said.
Hyosung donated a 1 billion won love-thy-neighbor fund to the Community Chest of Korea/The Fruit of Love Foundation in Jung-gu, Seoul on December 7.Donated jointly by Hyosung Corporation, Hyosung T&C, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung Chemical, the fund will be spent for the provision of support for women from less-privileged households trying to land jobs and for those striving to strengthen their self-reliance. “All of us had a difficult time in 2020 due to COVID-19. We hope that the little something we donate makes our less-privileged neighbors feel warm and have courage to improve their lives in the New Year,” Hyosung Chairman Cho Hyun-joon said, commenting on the matter. Meanwhile, Hyosung engages in a variety of social contribution activities under the slogan “We’ll share what we have with you.” In February this year, the Group donated 500 million won, along with medical supplies, as part of the campaign to cope with the situation caused by the pandemic through joint efforts. In August, the Group donated 300 million won to flood victims. The Group also provided financial support for the creative activities of the artists working at Jamsil Creation Studio, a place of creative works for disabled artists specializing in visual arts. Recently, the Group provided support for the production of online ecological education contents by the foundation People for Earth as part of social contribution efforts in environment-friendly sectors.