‘H2 MEET 2022’ Offers a Glimpse Into the Future of Hydrogen
Did you know that Korea was the first country to commercialize hydrogen trucks? The H2 MEET 2022, the largest hydrogen exhibition in Korea, was held in Ilsan from 31 Aug – 3 Sept. The exhibition drew international attention with a wide range of participation spanning multinational companies and governments. The global hydrogen leader Hyosung was one of them, which ran a booth under the slogan of ‘Creating Togetherness through New Energy Infrastructure’ to introduce its extensive hydrogen solutions: Here are some of the highlights from the H2 MEET 2022. ‘Touch’ the screen for an answer Hyosung’s booth showcased various user-interactive activities. For example, at the center of its booth, there were four gigantic cubes, each showing the process of production, storage, distribution, and R&D. Also, at the center, the display screen can be activated to introduce the area in question. Park Il-jun, Korea’s 2nd Vice Minister for Trade, Industry, and Energy paid a visit to Hyosung’s booth during the exhibition to be briefed on where Hyosung was in its efforts to facilitate the hydrogen ecosystem. Visitors were also able to get a quick introduction to Hyosung’s hydrogen business portfolio ranging from liquid hydrogen, charging stations, blue and green hydrogen and distribution by simply touching the screens at the booth. Visitors particularly loved this experience where they can get a quick and easy-to-understand introduction to Hyosung’s hydrogen value-chain. Liquid hydrogen brings a green future closer Liquid hydrogen was the buzz word this year on the Hyosung’s exhibition booth. Liquid hydrogen is known as an essential resource expected to overcome gaseous hydrogen to bring hydrogen commercialization earlier than expected. By joining hands with the global gas name Linde, Hyosung has established two joint ventures, Hyosung Hydrogen and Linde Hydrogen, to build hydrogen value chain. Its liquid hydrogen plant in Ulsan which is scheduled to kick off in operation in May 2023 is set to expand annual capacity up to 39,000 tons. Compared to its gaseous counterpart, liquid hydrogen can store more volume of hydrogen and also doesn’t need to be kept under high-pressure. Thus commercialization of liquid hydrogen means a wider application in mobility and industries and less carbon emissions. Visitors were also able to learn about areas of application once commercialization is achieved. For instance, shorter charging time for hydrogen vehicles and high-power density can be achieved for UAM (Urban Air Mobility), drones, trams, trucks, forklifts, excavators and vessels. Hydrogen can be also applied to power generation and steel industry. Electricity once produced can be stored in the form of liquid hydrogen and fuel cell power plants and generators can be placed in wherever they need to be, ensuring high energy efficiency. If hydrogen is applied to steel making process, steel industry will be able to meet their net-zero aims. Mr Jung Sang-yul, senior director from Hyosung Heavy Industries, who has been leading the company hydrogen business said, “Hydrogen will be applied first to commercial vehicles. In order to usher in a green fuel era with zero carbon emissions, we need to change our way of thinking to put environment first to everything else.” From A to Z: Hyosung’s hydrogen portfolio To facilitate a fast transition to a hydrogen society, Hyosung has been focusing on distribution and charging infrastructure additionally to production when it comes to hydrogen. Alongside its plan to kick off the Ulsan liquid hydrogen plant, Hyosung aims to build a 30-strong charging station network across the country. It is also planning to build a supply network to link charging stations across Korea. At the exhibition booth, visitors were also able to touch and feel Hyosung TNC’s nylon liner materials and Hyosung Advance Materials’ carbon fiber. The two are essential elements for hydrogen containers and tanks. Mr Eun Kang-jun, director from Hyosung TNC, said “Nylon liner materials can hold off gaseous hydrogen, are extremely light in weight and offer high temperature tolerance. It is actually the first material Korea has seen to satisfy the strictest specification requirements.” Mr Ban Jung-tae, assistant director from Hyosung Advanced Materials was quoted as saying, “Our TANSOME® is called the ‘material of dream’ for its tensile strength. It has particularly enjoyed strong demand from high pressure container market. For a net-zero earth built on hydrogen Hyosung Group has focused on two of the four pillars of the ESG reporting criteria (circular economy, net-zero, new energy infrastructure, and harmful elements/resource saving): Net-zero and new energy infrastructure. It has spared no efforts in investment in hydrogen ecosystem for the sake of a net-zero future. On top of the liquid hydrogen plant and charging stations currently under construction, the company has been taking the lead in renewable technology development for green and blue hydrogen. What it offered at the H2 MEET 2022 was just a beginning. You can look forward to seeing how Hyosung will shape and lead a hydrogen ecosystem in the coming years.
2022-10-27
Did You Know the World’s First Hydrogen Law Was Introduced in Korea?
Everything you need to know about hydrogen, as seen through Hyosung’s hydrogen business Did you know that the Republic of Korea was the first country to legislate a hydrogen law in the world? Yes, the Korean government promulgated the Hydrogen Economy Promotion and Hydrogen Safety Management Act or the “Hydrogen Act.” Yet Korea is not alone. The world is spotlighting hydrogen energy; an energy source recently sought after the most in the world. The U.S. Department of Energy has also announced the Hydrogen Program Plan, while U.S. President Biden promised a $9.5 billion fund to cut clean hydrogen costs and facilitate commercialization. The EU also has revealed the EU Hydrogen Strategy and launched the European Clean Hydrogen Alliance (or ECHA) as part of its efforts to transition to the hydrogen economy. China aims to meet a target of 1 million hydrogen vehicles by 2030. What is it about hydrogen that makes it so much in demand? More energy efficiency, lower greenhouse gas emission The answer lies in its eco-friendly and economic characteristics. With the growing call for doing away with fossil fuel usage to save our ailing earth from greenhouse gas, demand for electricity as an alternative to fossil fuels soared. Electricity can be generated by clean energy sources such as solar and wind power. However, they require huge installation space and are susceptible to climate conditions. That is where hydrogen comes in. Unlike underground resources, hydrogen can be artificially produced with technology. It is the most abundant element in the universe, accounting for about 75 percent of its mass. It is a clean energy source that makes water when mixed with oxygen. It has the highest energy density of all known substances, promising excellent energy efficiency. One might wonder. How come it takes so long for humanity to start utilizing it despite all the merits it offers? Re-emerging as a promising energy resource Humanity has long known about the possibility of hydrogen as an energy resource. When Apollo 11 made the first landing on the moon, it housed three hydrogen fuel cells. Hydrogen emerged as a promising energy resource in 1973 when the oil crisis hit the world. With the shale oil boom, however, hydrogen was put on the back burner. While humanity was preoccupied with the low-price and fast development of energy resources without considering environmental consequences, the earth’s ecosystem has been collapsing rapidly. It has come to the point where the development of alternative energy resources for the sake of the environment and humanity can no longer be put on the back burner. Thus, hydrogen is rapidly gaining ground. Now efforts are being put forth to find ways to use hydrogen in a more efficient and eco-friendly manner before the world transitions into a hydrogen economy. Hyosung’s hydrogen business will provide the most idealistic way of utilizing the promising energy resource that could be a definitive answer to humanity’s present and future. Hyosung is committed to hydrogen The biggest stumbling block to the commercialization of hydrogen is the lack of charging infrastructure. No matter how efficient and eco-friendly it is, not many people will be ready to opt for the energy resource. In other words, they are going through a great deal of inconvenience due to the lack of supporting infrastructure, such as charging stations. As such, Hyosung has been taking the lead in establishing a charging station network nationwide to facilitate our national paradigm shift into hydrogen. Starting from CNG and LCNG charging facility businesses in 2000, Hyosung has built its gas compression and charging technology and experiences over the past two decades. Building on this, Hyosung introduced the nation’s first hydrogen charging station in 2009; it is a leading supplier of hydrogen charging stations in Korea, with 25 operating in major cities and 16 in the pipeline. When it comes to nylon liner resins and carbon fibers, the essential materials for hydrogen storage containers, Hyosung is the main supplier. Storage of hydrogen requires high-pressure and ultra-light containers. Hyosung TNC has developed and supplied Nylon liner resin for the first time in Korea. Hyosung Advanced Material’s proprietary carbon fibers, the fourth of their kind in the world weigh a mere 1/4 of that of heavy steel and 10 times the strength, suitable for hydrogen storage containers. Carbon fibers are also used for tanks for hydrogen vessels. Hyosung is to invest KRW1 trillion by 2028 to build an annual capacity of 24,000 tons to meet the growing demand for hydrogen cars. The future of hydrogen will run alongside Hyosung’s hydrogen business As with anything in life, there is always room for improvement. Hydrogen is no exception. It is a gas. When it is in gas form, its volume is huge, and it has to be stored at high pressure for efficiency’s sake. To store the high-pressure hydrogen gas stably, specially designed containers are required. Should the volume and weight of the gas increase, transportation costs and establishing charging stations would inevitably become challenging. However, when it is cooled down to minus 253 degrees, it becomes liquid, called liquid hydrogen. Its volume is 1/800 that of gaseous hydrogen, which in turn requires less landmass for charging stations and lower costs for related facilities and transportation. It is also stored at atmospheric pressure with higher stability. On top of this, charging is more convenient and easier as it doesn’t ascertain levels of pressure during charging – the same way as you would fuel a gasoline vehicle in a gas station. As such, liquid hydrogen is the key to a rapid transition to hydrogen energy. Hyosung has partnered with a global gas leader Linde Gas to build a liquid hydrogen plant to equip it with the liquid hydrogen production and charging network enabling large-scale storage and transportation. The plant, once built, is expected to kick off its operation by May 2023 in Ulsan, Korea, with a capacity of over 13,000 tons of liquid hydrogen. Upon launching the facility, Hyosung plans to invest KRW 1 trillion over five years to expand it to a capacity of 39,000 tons per annum. Once the distribution of liquid hydrogen grows, it will naturally be followed by a rapid establishment of related infrastructure. As the cost of building charging stations gets cut, the saved-up funds can be funneled to build more stations. Hyosung is to establish a 30 liquid hydrogen charging station nationwide with the planned launch of the liquid hydrogen plant. A greener hydrogen eco-system It would be difficult to call hydrogen a true clean energy resource if its production process had entailed carbon dioxide emissions. Hyosung strives to develop the CCUS (Carbon Capture Utilization Storage) technology that captures carbon dioxide emissions at production. The company is also leading the influx of the green hydrogen supply, produced by an electrolyzer based on renewable energy. It does not emit any carbon dioxide during the production process, and thus it is called the ‘ultimate green hydrogen.’ As the first Korean company to develop a 750kw wind turbine, Hyosung is also planning to build an 8MW wind farm. When it comes to new and renewable energy, storage of produced energy is critical as it is vulnerable to surrounding environments such as climate. Hyosung is also a leading player in ESS or Energy Storage System in Korea. A new era ushered in by hydrogen The Hydrogen Council, a global initiative of leading companies, estimates up to 546 million tons of global hydrogen consumption by 2050, which will replace 13.26 billion barrels of crude oil and account for nearly 20 percent of the global energy demand. Hydrogen stands to determine the future of humanity and the environment, and Hyosung has played and will continue to play a key role in our transition to a hydrogen society. As a holistic supplier responsible for the whole value chain encompassing production, transportation, and charging, Hyosung has been trailblazing the global industry. Please stay tuned with us while we at Hyosung continue to march into a new era of hydrogen!
2022-10-25
Hyosung’s Leading Action to Climate Change
Hyosung Group expanded its ESG Management Committee in April 2021 and has long committed to research and development efforts and prompt sustainability decision-making. As part of this, it has also announced ‘Green Management Vision 2030’, designed to lead a better life for humanity. One might wonder what has driven Hyosung’s commitment to the issue of climate change. Last July, the oldest glacier in Switzerland, Rhone Glacier, was covered with blankets. The glacier has lost around 40 meters in ice thickness in the past decade due to climate change, and thus Swiss authorities decided to halt the ice melt by covering the glacier with white blankets. Switzerland is not the only country to suffer from climate change. It has affected every bit of the world. The US has been afflicted by heat waves, flooding, and bushfires, while Europe has witnessed the frequency of heat waves jumping 3 to 4 times over the past 42 years. The UN Secretary-General Antonio Guterres warns that humanity is facing ‘collective suicide’ without prompt action on climate change. Corporates with a global footprint should take the lead Since the Industrial Revolution, corporates have seen their production volume grow exponentially while humanity, in turn, can purchase things whenever in need. However, we have not paid enough attention to carbon dioxide emissions in the manufacturing, shipping, and development process, being indifferent. Situations have changed, governments worldwide are scrambling to strengthen environmental regulations, and consumers are more conscious of the carbon footprint of the products they purchase. Multinational companies are thus faced with this imminent challenge of shifting their technology focus from convenience to the survival of humanity and the environment. Hyosung’s response to climate change: Green Management Vision 2030 Hyosung’s Green Management Vision 2030 has four objectives: greenhouse gas cut, development of green technology and expanding the subsequent market, building green corporate culture, and enhancing stakeholder trust. The following plans for each objective are established respectively to pursue and implement climate change strategies at the corporate level. Hyosung aims to reduce its carbon emission by 14.5% compared to 2018 by 2030. To achieve this goal, the company has been transitioning to green fuels. Hyosung TNC, for example, has been implementing a low-carbon energy policy for its assembly lines. It uses heat waste from nearby incineration plants and taps into biogas from anaerobic digesters within its assembly lines. Each factory sets up its annual environment investment plan, making efforts toward saving energy. Hyosung has also been pouring efforts into building a green corporate culture. Green procurement practices and in-house chemical management systems are pursued, and air and water pollutant management system have been advanced to minimize carbon footprint. Also, working closely with its vendors and partners, Hyosung supports its energy-saving efforts, mutually benefiting through growth and development. Hyosung has been forthcoming in disclosing related information as part of its efforts to enhance stakeholder trust. In line with the Task Force on Climate-related Financial Disclosures (TCFD) created by the Financial Stability Board, Hyosung issues sustainability reports annually and has been building a green management system by obtaining green certifications across its production sites. Hyosung Advanced Materials has acquired the ISO 50001 certification for the energy management system, while Hyosung Chemical’s Yongyeon Plant has obtained ISO 14001 certification for its environmental management system. A green society built on our green portfolio As a responsible global corporate, Hyosung has been making tangible contributions to building a green environment with its products while continuing to develop related technologies to transition itself into a truly green business. Hyosung TNC offers the fiber ‘regen polyester’ made from recycled PET bottles and ‘regen ocean nylon’ on recycled fishing nets from the ocean. In the meantime, Hyosung Advanced Materials pursues green management on three pillars zero emission, zero waste, and zero impact. Its tire cord product is made with lyocell extracted from wood, emitting 30% less carbon dioxide than existing rayon and nylon-based tire cords. It also supplies ‘TANSOME®,’ the carbon fiber used for green energy sectors such as hydrogen and car light-weighting. Hyosung Heavy Industries has pursued various renewable energy businesses, including hydrogen stations, liquefied hydrogen, wind turbine, and energy storage system. It has also been very active in research and development on transitioning existing products, including transformers, into greener products. Additionally, it has adopted green construction technologies while obtaining green construction certifications and sustainable landscape design. Hyosung Chemical has continued R&D efforts to expand its green business portfolio. Based on proprietary technologies developed in 2013, it has acquired the green engineering plastic Polyketone, which is widely applied to various sectors such as automobiles and everyday goods. Hyosung continues its research efforts to use the material across our daily lives broadly. Sustainability creates business opportunities Our collective understanding of the environment has increased going through the pandemic and climate change. Multinational companies have a new homework to solve since consumer preferences have changed, ‘Greensumers’ who prefer eco-friendly products that consider the environment is increasing. With these changes, Hyosung has been agile in exploring and creating business opportunities in green markets and fulfilling its corporate responsibility. Hyosung will relentlessly make efforts to make a better planet, from its manufacturing processes to finished goods, across its entire business value chain. By advancing the green management system, developing green products, and actively communicating with stakeholders, Hyosung will continue focusing on creating a society where humanity, our business partners, nature, and the environment can harmoniously coexist and prosper altogether.
2022-10-21
Hyosung Leads Sustainability and ESG with Innovation, Introducing Its Growth Engines
For over six decades, Hyosung has opened up new horizons in numerous technological developments aimed at improving people’s lives. In doing so, Hyosung has come to stand shoulder to shoulder with global companies in technology and product quality. Hyosung's wish for a better life for humanity has led to concrete achievements in various fields. Hyosung has been leading the circular economy, producing eco-friendly B2B products, and taking the lead in protecting the global environment by reducing greenhouse gas emissions. Today, Hyosung is relentless in innovations to achieve a greener planet, utilizing hydrogen to make a net-zero environment for our future generation. Hyosung has continued its efforts toward environmental, social, and governance (ESG) issues, such as circular economy, sustainability, and carbon neutrality. Let’s take a look at Hyosung’s Five Management Principles. These principles, the basis for all Hyosung-affiliated businesses, provide a glimpse of its future initiatives. Here are the detailed descriptions of the five principles that have been the backbone of Hyosung's business. 1) People-oriented business: Valuable relationship with people always comes first Hyosung’s first and far most crucial management principle is putting people at the front line of business. The engine for success is all about people. Suppose Hyosung is a large ship sailing the sea of the economic market. In that case, a navigator must establish a destination, a helmsperson who steers the ship, and a captain to direct the crew. In other words, Hyosung can only arrive at its destination with the collective power of talented individuals as a team, using their skills in various fields to sail the ship. Hyosung has grown into an international corporation leading the global market trend thanks to the efforts and passion of its executives and employees in various fields. Hyosung exists because of its employees. This principle is proven by their various employee education programs, fostering next-generation leaders. Hyosung provides training for all employees of all duty and position. In addition, the company annually selects employees above the manager level to conduct an interview with executives, and run mentoring programs. They also operate motivational programs encouraging employees to learn a new language. A short-term executive MBA course is also in place for executives to share the professional knowledge necessary for business division management. In addition, the Hyosung Talent Award and Outstanding Employee Award celebrate individuals in all Hyosung affiliations who have achieved personal growth and excellent business performance in their areas. These awards strengthen loyalty and provide valuable experiences for employees to feel rewarded, motivated and pride in their work. 2) Customer-oriented Management: We listen to the Voice of the Customer (VOC) Hyosung's management principal goal is to satisfy its clients. Under the belief that all answers in the market lie with the customers, Hyosung has concentrated its management on identifying and discovering the needs of consumers and providing good value. By listening to the voices of customers, Hyosung understands what they desire more quickly and accurately than anyone else. This approach has become the foundation for Hyosung in developing new technologies and products in the market, discovering new global supply chains, and building a worldwide network. Hyosung developed a project coined ‘C-Cube,’ a big data based on customers' feedback, opinions and market situations, and has been utilized across all affiliations. This project has been developed to satisfy Hyosung's B2B customers. The big data is based on the voices of our customers and competition. Based on this data, Hyosung is consistently connecting with the Voice of Customer (VOC) and is striving to improve customer satisfaction. In addition, Hyosung has been seeking a win-win growth strategy with small and medium-sized enterprise (SMEs) customers by supporting them to enter overseas markets. Also, The Company is installing booths and seeking marketing opportunities with SMEs at various global exhibitions. 3) AGILE Management: Quick response to change Hyosung has experienced dramatic economic growth from the 70s to the 80s, when manufacturing was the dominant industry, to the blooming of the IT industry in the 2000s. Hyosung is now facing the 4th industrial revolution and understands the importance of organizational agility. It is critical to efficiently adopt new technologies and trends in this time of transformation. AGILE management principle aims to increase the speed and efficiency of the organization and quickly grasp the flow of market changes that lead to the trends. With AGILE management, Hyosung expects to create new business opportunities and quickly grasp the opportunity. Hyosung's development of eco-friendly B2B products is a typical example. From the early 2000s, Hyosung began paying attention to sustainability and environmental issues. At that time, interests in the global environment were less fervent. Leading eco-friendly innovation, Hyosung developed regen® ocean nylon, the world's first recycled yarn produced from fishing net waste, one of the main culprits of marine pollution. In addition, the company developed regen® polyester made from 100% plastic bottle wastes for the first time in Korea, and is supplying the recycled yarn to global apparel brands. By developing post-consumer recycled (PCR) products, Hyosung has successfully introduced an economic cycle in the textile industry and creating consumption value for environmentally conscious consumers. Furthermore, Hyosung is actively developing new businesses that can contribute to solving global warming. Specifically, the company has built a liquefied hydrogen plant for hydrogen vehicles to reduce greenhouse gas emissions and become carbon neutral. Hyosung has also been working to produce green hydrogen by developing carbon fibers essential for high-pressure hydrogen transportation. 4) Exceed Expectations: Offer the best quality Since the 1960s, Hyosung has been leading the synthetic fiber industries, heavy industries, advanced material, and chemical industries. Hyosung has been concentrating on technology development and product innovation to produce high-quality products that exceed the expectations of customers. Its achievements are evident through numerous domestic and overseas patents - 548 domestic and foreign textile-related patents, 708 advanced materials-related patents, 1,037 chemical-related patents, and 692 heavy industries-related patents. Multiple patented technologies created by Hyosung's researchers and technicians are truly the foundation for the company's sustainable growth and customers' better future. Hyosung succeeded in developing recycled nylon yarn for the first time in the world, leading the production of environmentally friendly fibers and accelerating the economic cycle in the textile market. Through constant technological development, Hyosung is being recognized in many fields, including the global spandex and tire cord, where Hyosung boasts global no. 1 market share. Hyosung has been continuously developing new materials, including spandex creora®, and carbon fiber TANSOME®, the primary material for hydrogen storage containers. Polyketone, FDA-approved eco-friendly plastic using carbon monoxide as raw material, is the world’s first of its kind. Hyosung's best technology permeates every aspect of our daily lives with these new materials. In addition, Hyosung has continued R&D and investments to take lead in the high-technology industry and is continuously developing technologies with new materials, big data, and artificial intelligence. 5) Data Utilization: Think and prove based on systematic, scientific data Hyosung's customers are not limited to specific regions as they are distributed worldwide. They are diversified around multiple industries, value chains and roles, including production, sales, management, and R&D. Hyosung's branches and corporations worldwide collect VOC and vast information regarding customers, competitors, and markets. Hyosung intends to utilize such data through systematic and scientific database management based on VOC collection. Data-based management has the advantage of being able to identify and collect data to lead the market trend. Hyosung uses VOC in various ways, from customer strategy to product and technology development, investment-related strategy establishment, and decision-making. For B2B clients who have been our clients for a long time, Hyosung considers trust crucial in business relationships. The data Hyosung accumulates from the customers enables to build a long-term relationship by predicting future market changes and identifying the correlation between our customers’ competition and the market. Hyosung is also building an intelligent factory as digital transformation (DX) in the 4th industrial revolution will increase the competitiveness of the manufacturing industry. Hence, Hyosung is innovating the production process by introducing smart factories domestically in the Changwon plant and overseas locations, including China, Vietnam, and India. Hyosung's Five Management Principles for Sustainable Growth to Protect the Future of Mankind Hyosung's Five Management Principles outline the company's present and future directions. Each of these principles is closely related to ESG and sustainability. Based on the philosophy of placing people first, Hyosung listens to customers, responds flexibly and with agility to the changing markets, develops high-technology quality products, and carries out scientific management. Through mission-driven management toward ESG, Hyosung has developed eco-friendly products ahead of the times. Hyosung makes an enterprise-wide effort to operate its company considering even the small details, with the intention to create an environment where people can lead a comfortable, safe and eco-friendly life. Hyosung's multifaceted efforts illuminate the company's successful future by enabling rapid change ahead of the era of constant development and revolution.
2022-10-20