Hanwha has long pursued the development of clean energy sources that can help power our future and combat the effects of climate change. Building on our global technology leadership across our solar energy value chain, we are committed to creating a robust energy ecosystem with a portfolio that expands to hydrogen and wind power, while using LNG as a bridge solution to help ensure a secure energy transition. Our solar energy business uses sophisticated information technology to provide high value–added services and solar financing, expanding beyond cell and module production.

In the arena of hydrogen energy, we are advancing our developments in hydrogen gas turbine technology, which reduces carbon emissions by producing carbon–free hydrogen via renewable energy such as solar and wind power and then co–firing hydrogen and LNG in gas turbines. As a key player in onshore and offshore wind power infrastructure in South Korea, Hanwha has embarked on a path toward global expansion, particularly in the U.S. and Europe. In addition, by leveraging our cutting–edge technology in LNG carriers and offshore plants, we are expanding our LNG value chain to provide optimized energy solutions for LNG production, storage, transportation, and power generation.

Hanwha Solutions’ Qcells Division (Qcells) is creating a sustainable future with leading technology and best–in–class quality. We have established ourselves as a comprehensive renewable energy solutions provider, spanning from the production of solar cells, modules, and supporting materials to the development, construction, and operation of power plants, as well as provision of power retail and solar financing services. Additionally, we are at the forefront of developing next–generation perovskite–based tandem solar cells and have set new standards of efficiency in the industry.

We continue to maintain the number one market share in both residential and commercial solar modules in the U.S. — one of the leading markets for renewable energy adoption. We launched full–scale module production at our Solar Hub, North America’s first and largest integrated solar manufacturing facility, in 2024, and by 2025, we will be producing ingots and wafers, the raw materials for solar products. In January 2023, we forged a strategic partnership with Microsoft to create a global solar alliance, which in January 2024 led to a large–scale module and engineering, procurement, and construction (EPC) contract, the largest on record in the U.S. By diversifying our business models and developing future technology, we will continue to play a leading role in clean energy solutions and work to combat the climate crisis worldwide.

Following our advancements in the solar industry, Hanwha is working to expand its expertise in eco–friendly technologies by developing other clean energy sources such as hydrogen. We aim to provide eco–friendly energy solutions for carbon neutrality in various sectors of the hydrogen economy. This includes using renewable energy and ammonia for carbon–free hydrogen production, as well as advancing water electrolysis technology, hydrogen storage, delivery, and utilization.

Our hydrogen energy business is gaining global recognition, exemplified by our supply of hydrogen tanks to Shell, a global energy company, to expand its hydrogen refueling network across California. With an optimal energy generation solution designed to support a carbon–neutral society, we are harnessing the remarkable potential of hydrogen energy.

Hanwha is strengthening its competitiveness as a green infrastructure developer to spearhead the transition toward carbon neutrality. Hanwha Ocean has established its presence in the wind power business with the completion of the 76 MW Yeongyang and 25 MW Jeju Sumang wind farms in South Korea. By 2027, we plan to complete the Yangyang Suri wind farm, which will generate 90 MW of clean energy. Expanding to offshore wind power, we are overseeing the development of the 390 MW Shinan Ui offshore wind power project. We are diversifying our portfolio to oversee development, operation, and investment based on our longstanding experience in engineering, procurement, and construction (EPC).

Hanwha Ocean is committed to expanding wind power infrastructure, aiming to develop domestic onshore and offshore projects with a total capacity of 3 GW domestically by 2030. Additionally, Hanwha Ocean is actively pursuing the construction of wind turbine installation vessels (WTIVs), aiming to secure dominance in the rapidly growing market of offshore wind. Currently, Hanwha Solutions Q ENERGY Division is constructing a 150 MW wind farm in France, which will help accelerate the diversification of our business portfolio in Europe.

Using our proprietary technology and experience, Hanwha Ocean is contributing to the global economy and supporting exports worldwide through shipbuilding, as 90% of the world’s trade volume is transported via ships. We are also playing a central role in supplying energy, participating in maritime energy production, storage, and transportation. By leveraging the synergy among our affiliates, we are growing our presence across the clean energy value chain to include wind power, ammonia, and hydrogen.

While building out the clean energy value chain, Hanwha Ocean will continue to develop sustainable and innovative digital technologies beyond decarbonization in pursuit of achieving net–zero carbon emissions. We aim to lead the global shipbuilding market by proactively ensuring strengthened environmental regulations are met through a diverse portfolio of eco–friendly products and technologies, such as our world–class LNG and ammonia carriers, various offshore plants, green ship solutions, and low–carbon solutions like onboard carbon capture and storage (OCCS) technology and rotor sails. We successfully delivered the world’s first floating liquefied natural gas (FLNG) platform by utilizing our advanced facilities and platform development capabilities. Through innovations such as digital smart yards and smart ships, and by securing orders for the construction of wind turbine installation vessels (WTIVs), we will transform the ocean’s infinite potential to create new value and foster a sustainable marine energy ecosystem.

To advance the global energy transition and realize net zero, Hanwha is helping to bridge present–day energy gaps with our hydrogen gas turbine technology and LNG business. These bridge solutions are expected to accelerate the transition to clean energy and play a critical role in combating climate change and building sustainable energy infrastructure. We are leveraging our advanced LNG–related technologies to build an integrated value chain that spans production to storage, transportation, and power generation. In South Korea, we aim to help provide affordable electricity in the cities of Yeosu and Tongyeong. On the global front, starting in Vietnam, we will expand our business portfolio overseas through the construction of LNG power plants and storage tank terminals.

In the field of hydrogen gas turbine technology, Hanwha is working to secure global market dominance, including in the U.S. and Europe, using proprietary technology to power gas turbines and produce electricity. Hydrogen co–firing will help bridge the gap for producers until carbon–free hydrogen gas turbines are brought to market. By leveraging our unique technology and commercialization capabilities, we have successfully entered the co–firing hydrogen gas turbine retrofit business in the U.S. and Europe and demonstrated the world’s first and largest 60% hydrogen co–firing rate in 80 MW or larger gas turbines. With our commitment to continuous R&D, Hanwha will work to expedite the development of technology for 100% hydrogen–fueled clean power production.

Hanwha is also promoting future business in fine chemicals and inorganic chemistry by upgrading its existing business models and improving its fundamentals. Hanwha Corporation Global Division continues to discover and create high value–added businesses such as hydrogen and ammonia that can act as energy sources, as well as eco–friendly energy and materials required to make semiconductors and secondary battery processes. By investing in REC Silicon, which operates plants in the U.S. that produce special gas for semiconductors as well as polysilicon, we are expanding our business into high value–added core industrial materials.

Through such efforts, we will continue to focus on developing high value–added material technologies, such as silicon in the energy and semiconductor sectors, which are essential for a sustainable future.

One of the world’s most pressing priorities is to create and adopt an eco–friendly global circular economy that facilitates efficient and sustainable use of the Earth’s limited resources. By leveraging superior technological capabilities, we have successfully commercialized Eco–DEHCH, an eco–friendly premium plasticizer. Moreover, we have also enhanced the competitiveness and status of domestic material technology by producing high–value–added materials such as extra–high voltage cable (XLPE) materials and high–performance optical (XDI) materials domestically for the first time. We continuously engage in R&D efforts focused on competitive eco–friendly materials including plastic recycling technology, eco–friendly PVC, and carbon molecular sieve (CMS).

As of the end of 2023, along with existing products like EVA and PVC, we have obtained International Sustainability & Carbon Certification (ISCC) PLUS recognition for ten products, including caustic soda (NaOH) and chlorine (Cl2). Through these efforts, we are working to secure certifications for key products, which are aligned with low–carbon policies in major markets such as the U.S. and the EU.