Hanwha Power Systems

Hanwha Power Systems launched its energy equipment business, building on our reliable technology and longstanding experience in gas turbine engines. Since then, we’ve become a global powerhouse and have delivered more than 8,000 air and gas compressor units worldwide. In 2017, we relaunched as an independent company, setting the foundation for stable growth. In 2022, we were acquired by Hanwha Impact.

In the compressor business, we utilize our proprietary design, production, and testing capabilities to develop technology-intensive products, including industrial air compressors for various manufacturing processes; fuel gas compressors for power plants; and boil-off gas compressors and expanders for LNG carriers, terminals, and plants. We offer these products domestically and internationally.

We won a contract to supply the world’s first turbo compressor for marine vapor recovery units (VRUs). We also won a contract to provide compressors for floating storage regasification units (FSRU) and LNG carriers. These machines have allowed us to demonstrate our outstanding technology in the global market. Our compressors and expanders use core components developed in-house that permit them to operate with shorter lead times and better performance. Their high efficiency offers a competitive advantage for our customers. In 2021, we were awarded a nitrogen refrigerant system (NRS) project for a liquefied natural gas floating storage unit (LNG-FSU) from Hanwha Ocean, which led to our selection as the standard for NRS specifications. In February 2025, in collaboration with Hanwha Ocean, we signed an agreement with global energy technology company Baker Hughes to jointly develop the world’s first ammonia-powered gas turbine propulsion system. This marks a significant step forward in advancing next-generation eco-friendly technologies. Through this collaboration, we aim to complete the development of ammonia-powered LNG carriers and container ships by 2028, playing a key role in leading the decarbonization of the shipbuilding industry.

We operate comprehensive after-sales services to ensure that our customers’ facilities continue to run at optimal efficiency even after product delivery. Through our Smart Care service, which combines high-quality genuine parts with proven technical expertise, we support the stable maintenance and operation of compressors. We are continuously improving customer satisfaction through on-site installation, commissioning, inspection, and maintenance services, as well as monitoring systems and long-term maintenance contracts. We also provide energy-saving solutions based on on-site energy diagnostics, helping customers reduce operational costs and contributing to the realization of sustainable, eco-friendly value. We operate service centers in major locations in six countries worldwide and have established a global service network with more than 40 service agents.

In the power generation business, we are pioneering the market for sustainable energy solutions by developing eco-friendly, high-efficiency power generation systems such as supercritical CO₂ (sCO₂) power systems and turbo expander generators (TEG). In 2021, we successfully completed a U.S. Department of Energy (DOE)-commissioned project to develop an sCO₂ power system, passing all commercialization testing. The TEG system converts pressure energy lost during decompression into electricity and is used to enhance energy efficiency across a wide range of industrial settings, including gas pressure regulation stations, power plants, and chemical facilities. In 2023, Hanwha Power Systems installed a TEG at the Korea Gas Corporation (KOGAS) integrated energy hub, which is now fully operational.

We are also developing a hydrogen gas turbine retrofit business to accelerate the global transition to clean energy. We now provide customers in the U.S. and the Netherlands with solutions that retrofit the gas turbines of existing LNG-fired power plants, so they run on hydrogen fuel. Following the 2021 project for the Linden Cogeneration Plant in New Jersey, U.S., we won an order in 2022 from Uniper, one of the world’s largest power producers, to retrofit their LNG gas turbines in Rotterdam, Netherlands. In 2023, we successfully demonstrated hydrogen co-firing and hydrogen fuel-based power generation of up to 60% at our South Korean plant together with Hanwha Impact. We are strengthening our eco-friendly power generation business by signing technical cooperation agreements with related companies such as Korea Western Power Company and Korea District Heating Corporation, supporting the transition to carbon-free power generation by retrofitting gas turbines for hydrogen co-firing. In 2023, we opened the Busan Business Center and entered the eco-friendly ship retrofit, maintenance, and operation business. We are also renovating a boil-off gas system for LNG carriers for the British shipping company BW and increasing the container ship capacity for SFL Corporation, Ltd. Additionally, we are actively carrying out conservation projects for floating storage regasification units (FSRU) with global energy companies in response to increasing demand for LNG.

Looking ahead, while we continue to strengthen our existing competitiveness, we plan to expand our business scope through advancements in eco-friendly gas turbines, ship retrofitting, and our service businesses. These include field services (installation, inspection, diagnostics, and maintenance), genuine service parts and kits, performance upgrades, remote monitoring systems, and long-term maintenance contracts (LTSA/LTPA). Additionally, we will grow as a global leader in power and energy solutions by using future engineering technology that supports the environment.