MZ Generation Owners Joining the 'Hydrogen One Team'

Directly Leading the Hydrogen Business
Stepping onto the Stage for Management Capability Evaluation

[Asia Economy Reporter Choi Dae-yeol] At the launch ceremony of the ‘Korea H2 Business Summit’ held on the 8th, several young owner-managers born in the 1980s made appearances. The main figures included Kim Dong-kwan, President of Hanwha Solutions (38), Jung Ki-sun, Vice President of Hyundai Heavy Industries (39), Koo Dong-hwi, CEO of E1 (39), and Lee Kyu-ho, Vice President of Kolon Global (37).

This council, often referred to as the ‘Korean Hydrogen Council,’ was formed with the intention of uniting several large domestic companies that have just begun to establish sizable hydrogen businesses to jointly promote the industry. These young executives, known as the MZ generation (Millennials + Generation Z), are leading the hydrogen business, considered the next-generation energy source, and have stepped onto a stage where their management capabilities can be properly evaluated. Since the energy industry and market based on hydrogen are just beginning to form both domestically and internationally, creating a market that did not previously exist, it is a formidable challenge.

At the launch ceremony, President Kim, who has focused on renewable energy centered on solar power at his company, was present. Hanwha Group has identified renewable energy and space business as future growth engines and is concentrating efforts there. Kim is leading new businesses in the strategic division of Hanwha Solutions, the group’s core affiliate.

Regarding hydrogen, he is focusing on securing technology by acquiring US-based PSM and Netherlands-based ATH. His company was the first to develop hydrogen co-firing technology, which utilizes existing technology while reducing carbon emissions, and is expected to serve as an intermediate stage before transitioning fully to the renewable energy era. At the Seoul P4G Summit keynote speech held in May, he introduced this technology and emphasized, "We must prioritize adopting practical solutions to achieve tangible results."

Jung Ki-sun, Vice President of Hyundai Heavy Industries (left in the photo), Lee Kyu-ho, Vice President of Kolon Global, and Cho Hyun-sang, Vice Chairman of Hyosung Group, are touring the venue after the launch ceremony of the Korea H2 Business Summit held on the 8th.

Vice President Jung is also at the forefront, leading the group’s hydrogen business. Hyundai Heavy Industries Group, which is centered on shipbuilding and refining, has emphasized that it is the only domestic company capable of conducting hydrogen business both on land and at sea.

Hyundai Global Service, where Vice President Jung serves as CEO, is preparing services to replace existing fossil fuel ships with hydrogen fuel ships. In line with the Hydrogen Mobility+ Show held that day, they signed a memorandum of understanding (MOU) with AVL, the world’s largest powertrain developer, to develop hydrogen fuel cells for ships by 2025. Vice President Jung stated, "We will do our best to revitalize the hydrogen economy by leveraging the group affiliates’ infrastructure and creating synergy with domestic companies."

CEO Koo, son of Koo Ja-yeol, Chairman of LS Group, was appointed as the company’s CEO this year. After working at a securities firm, he joined LS Group and became CEO in about eight years. E1 has operated a single business based on liquefied petroleum gas (LPG), making it vulnerable to sudden variables like COVID-19 last year and this year. Since LPG demand in the transportation sector is expected to decline further, there is a strong need for new businesses.

Lee, Vice President of Kolon Global and a fourth-generation member of the Kolon Group, also faces significant challenges. His father, former Chairman Lee Woong-yeol, suddenly announced his retirement in 2018 and stepped away from company management, placing a heavy burden on Lee as an owner-manager. Lee joined the core affiliate Kolon Industries in 2012 and has worked at Kolon Global and the holding company.

Since this year, he has been in charge of the automotive division at Kolon Global. He made his first public appearance at an external official event at the launch ceremony. Vice President Lee said, "Since the early 2000s, Kolon has been steadily preparing by anticipating the future of Korea’s hydrogen industry, developing core materials, and expanding the base of the hydrogen economy. We will focus our capabilities on building the entire value chain of the hydrogen economy and becoming a hydrogen solution provider with ‘one and only’ material technology."