We operate cogeneration plants to provide a stable supply of high–quality electricity and ultra–high–pressure steam to companies in national industrial complexes across South Korea. By providing readily available power, our plants improve the competitive advantage of our off–takers. Our energy solutions consistently comply with South Korean government requirements for energy efficiency and the reduction of greenhouse gas emissions. Our relentless pursuit of advances in technology continually improves our existing solutions while we also seek new ones.

To build sustainable growth, we are diversifying and building businesses overseas in solar power generation, retail energy and more. We also operate solar power plants in the US, Mexico, Japan, Vietnam, Malaysia and India, and are building additional solar power plants in Spain and Italy. In the US, we are the first South Korean company to successfully implement a business model that links solar power generation with a retail energy business. In Spain, we are operating retail solar energy and distributed energy solutions businesses for business and consumer customers. We are also developing solar projects in Australia. Since our entry into the solar power generation and retail energy markets, we are expanding into distributed energy solutions services.

At the same time, we are actively promoting an energy solutions business that suits each value chain of the electric power industry based on ESS. We are conducting solar energy–connected ESS businesses in the US and Mexico, and we plan to steadily expand solar businesses, beginning with ESS operation for frequency regulation (FR) in Ireland.

We are also pursuing the clean energy source of LNG as we look to future growth engines and new opportunities. In South Korea, we are building a plant in Tongyeong city—a 1GW LNG power plant. Once complete, we will supply the LNG needed to power the plant and launch LNG terminal rental businesses. Overseas, we’re entering the gas–to–power market in Vietnam. To this end, we’ve formed a Hydrogen fuel cell power plant Yeosu cogeneration plant consortium with Korea Gas Corporation and Korea Southern Power Company to build LNG plants and LNG terminal businesses in Vietnam.

We aim to become the world’s leading renewable energy developer as we strengthen profitability in our cogeneration business, expand LNG business and sharpen competitiveness of solar and ESS businesses. In retail energy, we will provide differentiated services based on distributed energy solutions for each region. In addition, we will develop energy conversion technology, upgrade ESS and solar power technologies and secure digital and AI–based platform capabilities. Our diversified efforts will lead us to become the No. 1 global energy solutions provider.

We are strengthening competitiveness by preemptively investing in technologies and companies. Our eco–friendly energy business continues to discover technologies and to perform demonstration projects that can be applied across the value chains of the hydrogen industry. In convergent technology, the combination of biotechnology—such as genetic engineering—with data utilization technology clearly shows breakthrough progress. By harnessing such technologies, we expect to enter or grow into promising businesses that create disruptive innovations in various industries. Our key investments currently include Inari Agriculture, a plant breeding technology company with gene editing technology; Catalog Technology, a DNA–based data storage solutions provider; and Tessera Therapeutics, a genome engineering technology company.

In the meantime, Hanwha’s PTA business is a continuous profit center for the company. PTA was developed as a base material for polyester to replace natural cotton. It is now used as the primary component in many types of polyester owing to its superior resistance to heat, mechanical strength, water resistance, wear resistance and insulation compared to other products. The applications for PTA are expanding into uses other than clothing, such as PET resin, film, paint and industrial fibers. We will further strengthen our competitiveness by improving our PTA–related technologies and continuing to develop related businesses in the value chain.

Supported by our professional investment system and talent, we will expand investments in innovative technologies, businesses and companies that have a positive impact on humanity and the planet. We will create a sustainable future by developing technologies that accelerate the transition to a carbon neutral and eco–friendly energy society as we invest in forward–looking convergence technologies, such as biotechnology, AI and next–generation computing.

In the compressor business, we utilized 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 won the contract to supply the world's first marine Vapor Recovery Unit (VRU) steam recovery turbo compressor. We also won the contract to provide compressors for Floating Storage Regasification Units (FSRU) and LNG carriers. These machines 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 is 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 Daewoo Shipbuilding & Marine Engineering, which led to being selected as the standard for NRS specifications and listed on the maker list.

We continue to grow in the power generation solutions market by developing eco–friendly and high–efficiency power generation systems, such as TEG (Turbo Expander Generator) and sCO2 Power Systems (Supercritical CO2). In 2021, we successfully completed the sCO2 Power Systems development project for the US Department of Energy (DOE) and passed tests for commercialization, preemptively securing solutions that can replace existing steam turbines in the distributed power generation.

With the goal of accelerating the transition to clean energy across our society and industry, we acquired hydrogen combustion technology companies. We now provide customers in the US and the Netherlands with solutions that retrofit the gas turbines of LNG–fired power plants so they run on up to 65 percent hydrogen fuel. Following the 2021 project for the Linden Cogeneration Plant in New Jersey, in the US, we won the order in 2022 from Uniper, one of the world’s largest power producers, to retrofit their LNG gas turbines in Rotterdam, in the Netherlands. This transformational approach will help us move to a carbon neutral society. Recently, we teamed with Korea Western Power to develop technology that ramps up hydrogen content in gas turbines. We are working closely together to win the government’s demonstration project for F–class gas turbine hydrogen combustion.

We are intent on building long–term partnerships as we rapidly expand sales, customer service and R&D networks around the world. We’re strengthening our partnerships so we can provide better local customer service for our expanded product line. For example, we are working on securing vendor approvals from Saudi Aramco and other major clients in the Middle East and Asia. At the same time, our Houston R&D Center in the US is accelerating co–development efforts for innovative projects on a global scale. One of these joint development projects is to build a sCO2 Power Systems with the Southwest Research Institute (SwRI), an independent R&D nonprofit group based in Texas, in the US. Looking ahead, we plan to further strengthen the competitiveness of our existing businesses and expand into new areas, such as developing a product lineup for eco–friendly ships and successfully implementing the sCO2 projects. In addition, we will become a global leader in power and energy solutions by using future engineering technology that helps the green environment.

Our product portfolio includes monomers, such as ethylene, propylene and butadiene. We also produce base chemicals like styrene monomer, paraxylene and ethylene glycol. With 20 plant units in the Daesan Petrochemical Complex, we can produce a wide range of products needed for energy, from gasoline, diesel, jet fuel and liquefied petroleum gas to polymers such as polyethylene, propylene and EVA.

We are the first company in South Korea to operate a naphtha–cracking center (a core facility in our petrochemical plant), a condensate fractionation unit (a refining facility) and an aromatics plant, all in a single complex. This complex represents a successfully organized vertical integration system—from sourcing to producing to distributing final products. The efficiency we’ve achieved with this system allows us to diversify our business portfolio and pursue stable growth.

Annually, we now produce 1.53 million tons of ethylene, 2 million tons of paraxylene, 1.04 million tons of styrene monomer and 1.12 million tons of polypropylene. In 2020, as part of expanding our high value–added products, we built an additional plant for ultra–high molecular weight polyethylene used as a secondary battery separator, which secured an annual production capacity of 140,000 tons.

Our market dominance is built on a solid foundation. Globally, we hold the No. 1 market share in numerous markets, including solar grade EVA; HDPE used in bottle caps; EVA used in extrusion coating; flow mark free polypropylene (FMF PP) used in automotive composite materials; high isotactic polypropylene (HIPP) used in electronic applications; and protective polypropylene films for display products. These products have been recognized as World Class Products by South Korea’s Ministry of Trade, Industry and Energy.

To grow into a global leader in the material and energy industries, we plan to optimize operations by diversifying our raw materials while strengthening high value–added products and expanding markets. We will also strengthen high value-added products as we focus on expanding markets in the energy business. We expect to realize our vision by increasing sales of high value-added products and diversifying in the polymer business while boosting eco–friendly businesses by developing eco–friendly materials and technologies. Moving forward, in order to enhance our global competitiveness, we remain committed to leveraging synergies between our company and Hanwha Group's chemical and energy affiliates.

Since entering the automotive materials business in 1986, we have launched a diverse portfolio of products for automobile structures and interiors. We now utilize original technologies to build high–strength, super–lightweight materials and parts. Our product line includes: StrongLite (Glass fiber Mat reinforced Thermoplastics), SuperLite (Lightweight Reinforced Thermoplastics), Expanded Polypropylene (EPP), Sheet Molding Compound (SMC), Long Fiber Reinforced Thermoplastics (LFT) and Continuous Fiber Reinforced Thermoplastics (CFRTPC). As the only company in the industry that produces multiple types of materials and molded products, we are well prepared to provide various components and solutions.

Being a global supplier, we have manufacturing factories in Alabama and Virginia in the US; in Beijing, Shanghai and Chongqing in China; in the Czech Republic in Europe; and in Mexico in North America. We are a major supplier to global automakers, including Hyundai, Kia, BMW, Daimler, Volkswagen, GM, Ford and Toyota. With superior technology and quality, our StrongLite and SuperLite materials claim to have the highest market shares worldwide in their respective categories.

To lead the changing industry as the automotive market emphasizes the lightweight trend, Hanwha Advanced Materials is continuously strengthening our R&D system. We are focused on researching thermoplastic and thermosetting composite materials, as well as designing and developing new applications. We are also developing new materials and manufacturing methods to offer improved functionality and innovative plastic hybrids that represent the latest technologies in the market. Currently, we are tracking the transition in the automotive market as smart cars and electric vehicles take larger roles. With specialized technology capable of designing various physical properties, such as high strength, ultralight weight and eco–friendliness, we are in strong position to expand into new businesses.

In solar materials, we have secured a stable market chain in the supply of raw materials sales with our vertical integration and Hanwha’s solar value chain. With production knowhow gained from three decades of experience, we have developed independent technology to produce EVA sheets and backsheets for modules as we expand our market into Europe, America and Southeast Asia. Being the only company capable of producing large–scale products using the Calender and T–Die method, we are demonstrating outstanding performance in the global market.

Hanwha Advanced Materials will expand businesses by growing in the North American market and becoming an inimitable global No. 1 company in the high–performance lightweight composite materials business.

Our technologically advanced facility has large–scale production capacities that annually produce 2.29 million tons of ethylene, 1.29 million tons of propylene and 6.20 million tons of various base chemicals, including benzene, toluene, xylene, styrene monomer and butadiene. With fully automated and optimized processes producing high–purity feedstocks, this state–of–the–art facility gives Hanwha affiliates a competitive edge in producing high–quality downstream petrochemical products.

We attribute our improvements and growth each year to loyal customers, a sophisticated management system and a sound financial structure. Additionally, our professional and highly skilled employees effectively combine industry expertise with cutting–edge technology, truly making our workforce a key differentiator. We are extremely focused. As we continue to improve our capabilities, expansion will propel us around the globe.